Mr. Gerald McConville:

We do not like the term "pre-approve". We would not pre-approve anybody. There would be modest limits of €1,500 to maybe €3,000. We would have no objection to that limit being set in the legislation, at perhaps the discretion of the Minister or the Central Bank. We see it very much in terms of day-to-day expenditure. One of the issues credit unions have had is that because they have only offered one loan, big ticket items, such as home improvements and car loans, have got mixed in with the day-to-day borrowing requirements. The consequence of that is that if one borrows for a car loan and six months later one requires a small Christmas loan, a holiday loan or whatever, that all gets mixed into the one loan so, effectively, one is putting short term credit over a longer period of time. We would see this as a safeguard for people that they are separating out their short term needs from their long-term needs. The safeguard would be that there would have to be a limit which could only be increased if one did a full review of the account. There would be an annual review so that one would re-establish the person's ability to repay on an annual basis. Those are the sorts of safeguards we would have in place.