Mr. Bobby McVeigh:

I would suggest that at the end of our term this would be a discussion our board will have. The Chairman has made a suggestion based on what we have seen in the credit unions we have worked with. One is still getting some credit unions that basically are saying they do not know if they can do all these services or that they do not want to become a bank. There is still some selling to be done on that component of it, but the ones that have restructured see the benefits. The communities have not lost their credit unions. These credit unions have additional services that they did not have the month before the restructuring. It is a hand-in-glove situation we are in and a step-by-step process.

I would envision ReBo at the end of its term being able to provide a report to Government stating that the restructuring has been successful. The change of bond and enhancing services may require some legislative changes, which should be considered. There are many examples of legislation in various countries that can be tapped into.

I do not want to be accused here. I will give one example. I was asked to fly from Cork to Belfast to talk to some legislators about mortgages because some of the credit unions there had surplus funds with which they thought they could provide mortgages, which to me is a good thing, by the way. When the interview was all done and everything, the headline in the press the next day was: "McVeigh says credit unions are going to provide mortgages."

McVeigh did not say that. However, he did say it would be a good thing if legislation were to permit mortgages to be provided by credit unions that are in a position to do it.