Mr. Kevin Johnson:

I would also like to make an observation on that. When we talk about the credit union movement in Ireland, at times we can perceive it as being one single entity. The point Mr. Molan was making is that a comparison between it and the public banking model is not a simple direct one. We have 261 independently owned and independently regulated entities. As we started to broaden the offerings from the basic consumer loans to products such as home loans, we found that a degree of expertise and systems were needed to support that. Initially, we found that the limits that were referred to made it very difficult for any one credit union to do it in a sustainable way on its own. It has encouraged and enhanced much more collaboration. We certainly have seen that. There are some different approaches to how that might work but, overall, if it ends up offering a wider range of service and a better proposition for members and the wider community, it is a good thing.

Regarding the regulator, we have a job to do on the credit union side and the regulator has a job to do on its side. We have to extend the collaboration into that space also and ensure that we are not doing anything to the detriment of each other. Ironically, we both share the same vision, which is around protecting people's funds and using those savings in a productive manner. I would not like to think that it is all about confrontation with the regulators. It is about trying to find a way to work together.