Mr. Kieron Brennan:

Deputy Spring raised a number of issues, some of them connected to what Deputy Pearse Doherty said about the vision for the future and I will put them to our president. I will address the last point made by Deputy Spring, which concerned risk associated with credit union funds. A considerable time ago prior to the introduction of the recent capital requirements, which are very blunt instruments as everyone must have 9% at a certain point and 10% at a certain time, the Irish League of Credit Unions developed through great effort, time and expense a risk-based capital policy based upon the Basel rules which would allow for credit unions and their operations and capital content to be assessed on a risk-based basis. We supplied that to the Central Bank and have not yet had a positive response although we remain hopeful. I will pass the delegation over to our president who will deal with the larger issue raised by Deputies Spring and Pearse Doherty.