Mr. Gerard McConville:

I am trying to outline that from different perspectives there are different motivations. From our perspective there is the administrative side; from a governance point of view, we can be confident the small lending is not high risk. By being able to automate that to an extent, we can spend more time on the bigger loans, making better assessments. We have limited resources so we must allocate them as best we can. From the members' point of view, it gives them the knowledge they have access to limited credit where they need it but they cannot get carried away in the manner the credit card companies allowed. From the regulator's point of view, it knows credit unions will not be constantly topping up loans and letting credit get out of hand. We see it as a comprehensive package.