Ms Anne Marie McKiernan:

No, that is not what I said. What I said about the current approach that is in place, which is non-risk-weighted, as is generally advocated, is in line with the World Council of Credit Unions advice on this matter. I quoted what the World Council of Credit Unions advocates in terms of applying a risk-weighted rather than flat rate approach. It referred to situations in which credit unions were operating significantly like banks and applying the Basel approach, which would require the calculation of capital in the same way as it is done under the pillar 1 approach. Credit unions in Ireland still have a less complex business model than one tends to find in other jurisdictions. We believe that it still remains appropriate to have a flat rate 10% required reserve ratio in that light. If the model is to change significantly, that can be revisited. Of course, we are open to doing that, but we do not think that now is the time.