Mr. Sean Hosford:

In our engagements with the regulator, particularly around the cap on savings, which has become the major issue, when I asked for a rationale I was told there was a concern that we would wake up some Monday morning and find that the deposit guarantee scheme had to be invoked because some credit union somewhere had got into difficulty and nobody knew about it, causing a member to lose money.

In our daily work in credit unions we have risk officers, risk committees and compliance officers. We have an internal auditor. An auditor from an external accountancy firm comes in to audit us four times per year. I have an external auditor who does interim and year-end audits