John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Let us consider the speech given on 8 March. Would Ms McKiernan not accept that, on the basis of the speech, anyone listening would run a mile from the credit unions? Without an explanation for the numbers involved, we do not know the scale of the issues she is describing to us. I would have far preferred if she had answered in numbers by saying that the Central Bank has concerns about a given number of credit unions relative to a particular aspect of regulation, and concerns about another number of credit unions in terms of another aspect in order that we can get a picture of what is going on. I think the members of credit unions throughout the country deserve at least that much from the Central Bank. It would put the minds of those involved at ease. They could rest assured that it is not a basket case scenario. Ms McKiernan's speech gave the impression that there is a huge gap between Central Bank expectations and where the credit unions are at. If the Central Bank outlines where they are at, the question moves on to the number that are at that point. How many have to get over the line before the Central Bank would be satisfied with credit union acceptance of the new regime of regulation?