Pearse Doherty (Donegal South West, Sinn Fein)
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That time may have come. Surely not all of the 300 credit unions are going into ReBo. This crisis did not hit us just last month or last year. Surely the registrar knows that certain credit unions are sustainable, on a sound footing and with no questions over systemic risks, but measures are still in place which limit their potential and drive them into riskier lending. When will this review happen? The instruments seem very blunt and designed to hold back the water. The estimate was for a figure of €500 million but if we had come up with a similar miscalculation for the banks we would have estimated their cost at €1.6 trillion. The instruments do not seem to be connected to risk and are simply designed to hold back the dam and there does not seem to be an acknowledgement, other than what Ms McKiernan has just said, that some of this needs to be revisited.