John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

No, because the current regulation affects their ability to take in savings because of the costs on that. The current discussion with the regulator refers to the age profile of credit union members and so on and the need to bring in newer members. However, there is a slow approach to sanctioning new types of business and new ways of doing business. One will not get young members in if one has not got the range of packages to sell to them or the technology to manage their affairs. In the example of the €700 million of credit union funds that was recently sanctioned to go into the voluntary housing sector, does the Central Bank recommend the special purpose vehicle on that or is it the Department of Finance?