Ms Anne Marie McKiernan:

We have extensive engagement with the sector regarding its view on how it wants to move forward. That would be with individual credit unions, with representative bodies, with the Department of Finance and with other stakeholders. In general we find those engagements constructive and productive but obviously we have differing views on what are the major challenges in the sector and how they need to be dealt with.

In our approach to regulation, where we are considering making changes or are looking to provide greater guidance or expectations on changes the sector might propose, we are always guided by our statutory mandate, which is to ensure that any such changes will ensure the safeguarding of members' funds and protect the future stability of the sector. We are always minded to ensure that the requirements in place for the current business of credit unions are fully met, respected and understood because they have been designed and put into regulations and legislation to safeguard members' funds. It is important for us to see that the current requirements are met before additional risks are taken on.