Mr. Sean Murray:

I thank the Deputy for his questions. In terms of stimulus, it is a fantastic opportunity for credit unions. Enormous trust has been built between members and their credit unions over the past number of years. By being co-operative in nature and by always making the right decision, credit unions ensure that trust is maintained. There is an incredible opportunity for credit unions now, and in time, with the right structures in place, I see no reason they could not be the first choice. It is the ambition of many credit unions to be the first choice in the community for personal finance. Given time, with a strong offering in the SME sector, there is also no reason they could not be the first choice in that respect.

There is always room for additional and much more coherent co-operation between credit unions to mitigate risk. Co-operation does not increase risk; in many ways it can reduce it. Model 2, which I presented earlier, is about co-operation. Credit unions co-operate together with a central body which has the necessary skills, experience and expertise at a much greater level than can be achieved in individual credit unions, and by enabling such a body to come together, that would allow credit unions to access that market and potentially be the number one in that space.