Mr. Ed Sibley:

I apologise if I have confused the Senator. He might be conflating two slightly different issues.

On his question on whether credit unions can invest in different entities, the answer, subject to the final policy decision we are making, is that there is a degree of opening up somewhat different options for credit union investments. With the consultation paper, we consulted on allowing them to invest in approved housing bodies, for instance, which they would not have been allowed to do previously. We are considering the feedback we got on that consultation paper. That will then become a policy statement, which will then issue. At that point, the policy and requirements change.

There is also a question around authorising or allowing a different type of firm to come into the State. In that circumstance, it would have to go through an authorisation process, presuming it would undertake regulatory activity. We have a clear, robust, transparent and well-tested authorisation process to deal with all manner of firms. If, in this particular circumstance, it had a well-thought through proposal, we would be happy to engage with the entity.