Ms Anne Marie McKiernan:

We carried out prism or on-site engagements throughout the credit union sector. These were appropriately steered and proportionate, depending on the size and scale of the credit unions. The nature of the risk mitigation programmes identified indicates a need in more credit unions to work on their systems and controls. Some of the failures that we have seen in the sector have been characterised by weak systems and controls, weak financial management and weak operation of the financial environment of the credit union. These have been factors in the failures of those credit unions. We work particularly hard to ensure that they do not give rise to the loss of any members' funds. We look closely to see whether such failings exist in other credit unions and, where they do, we work to ensure they are remediated.