Mr. Ed Farrell:

We agree. It will be the middle of next year before there will be changes. As Mr. Johnson said, the engagement is better, but we must not underestimate the number of regulations there are for the credit unions. There has been no easing of regulation. A very heavy regulatory regime is still in place for directors and staff of credit unions. The consultation paper, about which we talked, is coming out tomorrow and a lot of work was done to get it through. On the other side, strategic business model development is being undertaken. The Central Bank has recently put together a group which comprises credit union CEOs only. There are no representative bodies or volunteer directors represented on it. The Irish League of Credit Unions believes the law charges directors with responsibility for strategy, while the CEO and staff implement it. Therefore, we do not see eye to eye with the bank on that issue, notwithstanding the fact that the relationship is improving each year.