Mr. Patrick Casey:

We are planning to consult the sector. As members are aware, the deputy governor has indicated that previously and I mentioned it earlier but I will reiterate what has been said. We are proposing to remove the current five and ten-year maturity limits that are expressed as a percentage of loans, and that is connected with rigidities that are well understood within the credit union sector. From a prudential perspective we see a degree of procyclicality connected with low loan to asset ratios in credit unions being prevented from lending long term because they do not have significant short-term loans outstanding, and replacing those with tiered concentration limits for both house and commercial lending. We are planning to consult in relation to that in the coming days, so we will be sending out a consultation paper and seeking the views of the sector and sector representatives and we will share a copy of that consultation paper with members. I think that is what the deputy governor was referring to in Trinity College recently.