Ms Anne Marie McKiernan:

There are a number of issues there. We have ongoing contact with the representative bodies and individual credit unions regarding business model proposals. Some of these consultations are by groups of credit unions and some are by representative bodies on behalf of the sector itself. We held preliminary meetings about our intent and objectives with the stakeholders dialogue and then held a formal meeting with stakeholders on how we would take it forward. We held a significant number of informal and regular engagements to discuss what we are seeking to achieve. The aim is to keep the focus on this big structural issue and to understand what the sector really needs from us around its business model development so we can consider how we need to change either our supervisory or regulatory framework accordingly. We continue to hold these meetings. We did not think it appropriate to hold off until after the regulations were signed. It will be a long road and a multi-step process to see significant business model change, and we should start on that road early.