Mr. Des Carville:

I take the Senator's point. As I mentioned, the implementation group will look at tiered regulation. The regulator in various speeches has talked quite a lot about proportionate regulation. I believe there is the ability to perhaps find common ground between the two concepts that balances the need for appropriate regulation but also protects members' savings on the other side.

I am glad the Senator mentioned ReBo and the work it has done, particularly on merging smaller credit unions that could then benefit from economies of scale and shared services, thereby reducing the monetary cost of regulation on an asset percentage basis.