Mr. Tim Molan:

First, I would like to offer Deputy Pearse Doherty some reassurance. It is five years, almost to the day, since the commencement of the 2012 Act. It was actually commenced in October 2013. That was the most significant and revolutionary change in Irish credit unions since the Credit Union Act 1966, which was introduced by the late Jack Lynch. In those five short years, the capacity for change in the credit union movement has been absolutely staggering. We had complete change in our governance structures and the introduction of some of the things Mr. Johnson and Mr. Farrell mentioned. For example, one of the ways in which we could address commercial lending would be on an A1 product basis. We have seen that in the agriculture sector whereby four credit unions began offering what are termed "Cultivate" farm loans. A significant number of credit unions, probably 50, are now offering such loans. Under this model, a product was created and an approach was adopted in respect of underwriting, etc. If this can be done for agricultural lending - the small businesses in this area are much complex in nature - then it can certainly be done on a commercial level.

Certain credit unions have also moved into the area of offering current accounts. There are, essentially, two current account offerings. Some credit unions have begun offering plastic cards to customers. For the past five years, as well as getting restrictions lifted and engaging in a really vigorous and challenging regulatory regime, we have managed to do those particular things quietly and under the radar. I am much more optimistic about the capacity of my colleagues and the capacity of the directors, who come from the members' communities and all of the other communities around here, to actually change and deliver. I assure the Deputy that we will not be found wanting in those areas.