Mr. John Hogan:

Mr. Carville is right. The limits are imposed on credit unions and, indeed, the banks by the regulator. As Mr. Carville has outlined, we are also mindful that there is an opportunity for the credit union movement to play a greater role in this area. Depending on the credit union, there may be an appetite to do that. That is why the Minister of State commissioned the policy review. He has had much engagement and interaction with different stakeholders around the credit union movement on this.

The public consultation exercise is now closed but if we are thinking about how to move forward, it could come down to legislative amendments to allow for more collaborative work between credit unions and other partners. It could allow for widening of products that credit unions have the opportunity to offer. In that environment there could also be more focused governance. All of that is in play.