Mr. Ed Farrell:

The same lending rules apply to every credit union. We are pleased that the consultation, the review of the rules for long-term lending, is out there. The closing date was early in the new year. We are not necessarily happy with every suggestion, and I think we have all made submissions to the Central Bank. I understand approximately 50 submissions were made. There is light at the end of tunnel in that there will be more facilities or headroom for individual credit unions to do more in the area of mortgages. This will mean providing loans to people in reasonable jobs who are buying houses.

On social housing, as Mr. Johnson outlined, we have half of the equation. The rules were changed by the Central Bank to allow credit union involvement with some slight restrictions, but the concept is there via the fund into tier 3. It was a pilot, and if it worked well, tier 3 would be broadened, as would the opportunities. The disappointing element is that the vehicle does not seem to be in place. It has been hard enough even to get to the point of figuring out whether the vehicle is in place. We were told earlier last year that it would be by September of 2018. Then the vehicle changed we are not sure now if that vehicle is in place, even one with a different status such that we could perhaps complement it or bolt on a regulated piece. This has been frustrating because it has been hard to figure out where the social housing structure is in development. As I said, we thought we were there a year ago but we are not there now.