Mr. Seamus Boland:

We have had many talks with the Irish League of Credit Unions and the credit unions. In fact, we held a successful public conference in the RDS last year that was attended by members of the credit union. We see this as being complementary and our proposal is all around ensuring that it is complementary. For example in Germany – perhaps Mr. Bergmann can deal with this point – what we call the co-operative institutions work hand-in-hand. We are not designing something that will in any way inhibit or prohibit the credit unions' success. In fact, it will be in their interest.