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

Is it not the case that the very nature of credit unions means that the one-size regulations will not fit all? Each one responds to its own community in a way that feeds into that market. The fact they came through the financial crisis in the way they did and are now restructured in the way that they are shows that there is a willingness within the credit union sector to restructure and to repackage the products they put on the market, but that those products might differ because of the demand in each county or each credit union area itself. It is not as if one can achieve the same set of regulations as one would do with banks because it is a completely different movement. I often question whether the regulation of credit unions should be within the remit of the Central Bank.