Mr. Tim Molan:

I do not wish to repeat the points made already. To address some of Senator Kieran O'Donnell's concerns, one of the key areas is the creation of secondary markets. These are key and practical and they operate in the USA and Canada. Within the very restricted terms of reference the committee was given, one of the practical advances we are proposing is to enable credit unions to recommend business to other credit unions. That still does not get away from the issue raised by Senator Conway-Walsh, namely, the need to have effective and collective lending mechanisms. Such mechanisms are particularly worthwhile. I echo Mr. Johnson's earlier point on the levels of restrictions proposed in consultation paper No. 125, including restrictions on lending to people who have no property. This is an area that merits careful consideration.