Ms Anne Marie McKiernan:

Our statutory mandate is to protect members' funds in the credit union sector and ensure the financial stability and well-being of credit unions generally. We have not been mandated to direct the business model development of the sector. We put the regulatory framework in place and supervise it. We are mindful of the fact that the sector needs to change part of its business model to stay relevant and thrive into the future. We work closely with it to see where our regulatory framework may need to be adapted now or in the future to accommodate such development. To ensure there is an appropriate focus in the sector on the need to transform the business model appropriately, we initiated engagement with it on that very theme. We brought all of the key stakeholders together with the focus on understanding their agreed priorities and various options for business model development. We also focused on understanding where we could help them to help themselves and where our regulatory framework might need to be attuned to that development. It is not our role to run credit union businesses or drive future business development and strategy, but we are certainly facilitative of that process.