Ms Anne Marie McKiernan:

On the Deputy's point about restructuring, the mandate of the restructuring board which was due to come to an end at the end of 2015 has been extended into 2016 in recognition of the fact that many credit unions are stating mergers with other stronger credit unions would represent the best outcome for them. It would allow them to provide the different products or services their younger membership base requires to stay viable into the future. The restructuring board has been working very closely with these credit unions to ensure as many of these mergers as possible will be sustainable and that there are good partnerships between stronger and potentially weaker credit unions.

As to why more funds were used in the restructuring process, while funding was available, it came with terms and conditions, it was judged by many credit unions to be expensive for them or they did not want to leave themselves in a position where they would have to draw down funds and then repay them. It has been a process of self-selection by credit unions not to use the available funds, but that does not read that there has not been a need for more restructuring in the sector. My understanding is the restructuring board has seen a large number of credit unions express an interest in continue with restructuring proposals into next year.