Mr. Tim Molan:

I thank the Chairman for his invitation. We will certainly take him up on that. There are areas that need to be addressed. There also has to be a realisation that we are independent businesses. We have a different business model, in that we are owned by our members. The level playing field was referred to earlier. There is a less than level playing field here. We play against the hill in this regard, as the way in which regulations apply to other financial institutions, non-financial institutions and credit unions is different. There are practical elements of the Credit Union Act about which we will revert to the committee. Not only do the bodies here share the committee's frustration but members share it too. The Chairman mentioned digital banks such as N26, Revolut and so on. If one wants to sign up for that type of service, one can do it online. Many credit unions have that technical capability but the local anti-money laundering, AML, regulations and such seem to be very different when applied to credit unions compared with N26.