Mr. Bernard Sheridan:

On creditworthiness assessments, as I stated, we agree that more needs to be done in this area and are examining this issue. The legislation requires an annual licensing process. While this is definitely a burden in terms of cost, it also imposes discipline on the sector. In terms of the powers of the Central Bank to intervene, we have used our powers to refuse licences. Firms are free to challenge such decisions through an appeals tribunal and some are doing so. The powers the Central Bank requires to impose discipline in the sector are, therefore, available.

In terms of restrictions on credit unions, it is a concern for us, in the context of the moneylender sector, that credit union loans are not available, if one likes, to borrowers. However, the Registrar of Credit Unions spoke as recently as last weekend on the issue of restrictions on credit unions. She is conscious of the issue. The restrictions are largely applied in the area of commercial lending, although I am aware of other restrictions on individual credit unions.