Mr. Ed Sibley:

It is a Central Bank competency, not an ECB one. We are responsible for the regulation of the credit unions. We have recently consulted on credit union investment rules with a view to expanding somewhat those entities in which they can invest. Subject to certain criteria, for instance credit rating and the type of investment they are making, there is a degree to which we are loosening a little bit to allow them to invest in other financial entities other than bank bonds or bank deposits in which they are currently heavily concentrated. We are reviewing the feedback we have had and we will issue a policy statement in due course.