Ms Anne Marie McKiernan:

We are very clear that it is the role and responsibility of the sector to develop its business model proposals. We have identified issues that we may have with proposals as they are being developed such as a lack of clarity or specificity, or the lack of a full demonstration of an understanding of risks and rewards. There may be the lack of a demonstration of the capabilities or competence that may be required to manage the risks involved in a new business model into the future or how to deal with the financial impact on a credit union, etc. Our role is to carry out our statutory remit which is to protect, through credit unions, the stability of members' funds and the financial stability of the sector in general. With business models, we translate it as challenging proposals in order that they become better and fit for purpose, giving guidelines and guidance, with extensive engagement both on a bilateral and a multilateral and sector-wide basis and making it clear what our expectations are. It is not our job to design. When stakeholders come to us with design outlines, we make ourselves available to help them to turn them into something that can be successful. That falls well below telling them what to do.