Ms Anne Marie McKiernan:

I would describe this as a pre-emptive measure to ensure that the financial stability of the sector is best protected by removing the vulnerability that any members may lose funds over €100,000. It does not make any statement about expectations or probabilities of any credit union getting into resolution difficulties. Clearly, we cannot also see the future in terms of what might evolve with the sector, but it is our job to look to where the vulnerabilities are and to take the pre-emptive actions that best protect the sector. If we are able to take a measure that at the same does not compromise the business model and the development of the sector, then that seems to us like a reasonable risk response.