Mr. Kevin Johnson:

Mr. Corr is referring to me when he mentions those limits. At the moment, as Mr. Corr has said, there is certainly not an issue of liquidity. The average liquidity level is 37% across all credit unions. We are trying to future proof all the time and make sure mechanisms are in place. Other jurisdictions, such as Canada, have central liquidity mechanisms and that is a formal structure whereby credit unions can access liquidity should there be a short-term demand. Our concern would be that inter-credit union lending and borrowing limits are very low so it does not provide a back-up line of credit. A number of credit unions are having to put those in place with banks and are paying for that privilege. It is good, prudent management to have such a facility even if the credit unions are not using them. It is good that the Senator has highlighted that because that is something we certainly would like to see in place. It will require some sort of mechanism or indeed a revision of those limits.