Mr. Ed Farrell:

If we step back to the Chairman's opening observation, in the summer of 2015 the then Minister proposed to take 95% of the rule-setting away from the Minister, the Oireachtas and the Department and move it to the Central Bank. We fought that at the time, unsuccessfully, and these reviews came out of that. Since January 2016 some 90% to 95% of all the rules around credit unions are set by the Central Bank and policed by the Central Bank. That is why most of what is in these reports are recommendations or opinions, given it is the ultimate discretion of the regulator to act upon, not to act upon, to act upon quickly or not to act upon quickly.