Mr. Pat Owens:

We would not necessarily share the same opinion. We are operating from a smaller pool of potential directors. We have about 8,500 adult members in a total membership of 10,000. The legislation and other requirements set by the Central Bank impose high standards of fitness and probity for people who can serve on the board. We are concerned that over a number of years from a pool of 8,500 members we must continually renew the board with people who meet a standard set at a level that can be adjusted at any time. It takes time to bring people up to that standard. For a credit union to meet the fitness and probity standards, it must invest more heavily in training. We already invest heavily in training. Quite a number of our directors have met the current minimum competency requirements, even though they are not obliged to. The current minimum competency requirements refer more to insurance products than to financial institutions, but some of the directors have obtained these qualifications.