Mr. Kieron Brennan:

I should perhaps clarify it. Credit unions do not borrow on the inter-bank markets. They were not exposed to that type of risk taking. The only source of capital for credit unions derives from member savings. Currently, less than half those savings are out on loan, which the Deputy will agree is a safe position for credit unions to be in. I refer the Deputy to the point made earlier in regard to additional capital.

The Deputy will forgive me if I respond to the questions raised in the wrong order. The issues of stabilisation and the league's savings protection scheme were raised. There is a proposal in the Bill regarding the establishment of a State-run stabilisation scheme. This means that league members will, when this is implemented, need to reflect on the future of their savings protection schemes. Up to this point, stabilisation has been provided by the credit unions. Members of the league took the initiative and put in place this safety blanket for credit unions, which has worked well over the years. It now appears, if the legislation as published is enacted, that a State stabilisation scheme will be put in place. The league and its members will need to reflect on this. Members of the league will make the decision in regard to what will happen to the savings protection schemes.