Gerry Horkan (Fianna Fail) | Oireachtas source

I will wrap up with a final couple of small points. Does Ms McKiernan wish to refute any of the issues that were alluded to on Tuesday? Does she wish to say that any of them were not correct and are not what her office wanted?

My final point, separate to that, is on an argument that was being put forward, which I was trying to tease out. Nobody was saying that the regulation was excessive but some were complaining about its cost. They were saying it was excessive without saying that it was excessive. I know that there is an aspect of tiered regulation that can be developed over time. Does the Registrar feel that the regulation currently in place is appropriate for all sizes of credit union or are excessive regulations being put on some of the smaller credit unions that will ultimately, over time, have to deal with it? Proportionality is mentioned in her speech, but we certainly got the feeling on Tuesday that there were complaints about all this extra regulation, not so much that it was there, but that it was costly. As we move forward, is that just the way it has to be?