Seán Sherlock (Cork East, Labour) | Oireachtas source

Going back to the regulation-making powers, Ms McKiernan spoke about the broad class of investments and the upcoming consultation. She also referred to expectations in respect of developing new business models. During our engagements on Tuesday, we heard from credit unions that they are undertaking digital and social media based marketing on a shared basis and that they are generating new business successfully.

We have heard about a shared approach to the mortgage support framework, notwithstanding the views articulated today. My understanding is the bodies do this without necessarily engaging with the Central Bank. How prescriptive does Ms McKiernan see the bank's role in the development of new business models? She indicated that the bank had a vision of a particular business model started in 2014 but which did not progress in 2017. I am trying to gain an understanding of the culture within the bank's organisation; it is quite difficult to understand it. She should correct me if I am wrong, but it seems that if I was to come to the bank with something I deem to be progressive for a credit union, it would state it would fly or it would not. It is a case of "Yes" or "No". Am I right in discerning that the bank will not come up with a business model or ideas for how something should progress? What is the process involved? Is it iterative or interactive? Does the bank engage positively? It seems that if an idea does not fly, that is it and a credit union must go back to the drawing board. I want to understand the Central Bank's powers in developing new business models and how deep is the engagement. How prescriptive is the bank it in developing new business models?