Ms Anne Marie McKiernan:

Credit unions have had self-imposed limits on the inflow of deposits over a number of years. While they have received increased media attention in recent months, it is not a new phenomenon. Credit unions have tended to impose those limits on the inflow of deposits if that is in line with their risk appetite and where the credit union feels it is better for its financial resilience going forward. Credit unions are bound to protect the interests of their members and if that means having to turn away new deposits because they want to be able to give a greater return to existing depositors, then that is a financial decision for individual credit unions, and we do not intervene to that granularity with how they run their businesses. A broadening of opportunities for credit unions for where they invest their surplus funds will be coming in the form of our consultation with the sector on allowing a broader class of investments.