Seán Sherlock (Cork East, Labour) | Oireachtas source

I do not understand why we have not moved from that point to having tiered regulation under way at this stage in the first quarter of 2017. Many credit unions have done the necessary hard graft and paid thousands of euro in consultancy fees to go through the process. The hub and spoke model was developed in which the bigger entities took on the smaller ones. We have a lot of work to do to ensure there will be a proper throughput in a clearly defined timeline.