Ms Anne Marie McKiernan:

The regulation-making powers for the registrar came into effect on 31 December 2016. We will shortly undertake our first consultation in line with this position. I refer to the consultation I have already mentioned on broadening the available investment asset classes for credit unions to invest in. To be clear, it is in the requirements for setting the regulations and was also our intention in any case that we would consult with the sector on any proposed changes. This is an appropriate belt-and-braces approach in the case that we, as registrar, however unlikely it might be, might make changes that the sector thinks inappropriate. We have a consultation protocol which we will use in the forthcoming consultation, as we do in all others. The regulation-making powers are a more efficient and flexible instrument than legislation tends to be, but we will operate the use of it in an appropriately prudent and engaged way.