Ms Anne Marie McKiernan:

On the point of no equivalent cap in other financial institutions such as the banks, I would point out that banks are subject to a very different type of regulatory framework. It is enormously more complex than that applying to credit unions. The framework for credit unions has developed to be proportionate to the type of sector we have in Ireland. While there may not be a cap in place for the banks, there are many other requirements put in place to ensure that the risk of loss of members' funds, in the case of banks, are covered by many other safety nets. Banks are also now subject to the bank recovery and resolution directive which requires for bail in; in other words a significant number, a waterfall of safeguards to reduce the chance that some bailing of depositors funds over €100,000 will ever be needed. There is such a different regime applicable there that it is not really possible to compare across to the credit union. Also the average deposit in banks is in a different scale from what one finds in the credit union sector. We are very mindful that the core business of credit unions - coming back to Deputy Tom Barry's point - has been small scale lending and small scale deposits and that putting a very high cap in place, albeit linked in with the DGS limit is a very good risk management response at this time and it safeguards members in credit unions from losing any funds. There is not a queue of depositors going into credit unions seeking to deposit volumes over €100,000.