Mr. Brian Corr:

As a general point, since 2011, there has been a fundamental change in the regulatory position of credit unions and the role of the Central Bank. A large number of new regulations, legislation, etc., have been introduced and a large number of issues that have affected the credit union sector have been managed by the Department and Central Bank over that period. There has, therefore, been a great deal happening.

In terms of the investment regulations, if one considers the second route of investment being the easiest way to invest in social housing, the key in this regard are the investment regulations. As my colleagues or representatives from the Central Bank will confirm, these regulations were introduced on 1 January 2016 following an industry consultation process in 2015. More than 100 submissions were made as part of that consultation process, which was concerned with a wide range of issues, including investment regulations, and was, therefore, a substantial process. The investment regulations have been in place since 1 January 2016 and are being reviewed 18 months on as a part of a consultation. This time, however, they are being reviewed on their own. The investment in approved housing bodies is not the only issue in this consultation, which also addresses a range of other issues that are of great importance to credit unions and material for the Central Bank. The Central Bank will confirm that the consultation process will conclude this year and we expect some positive outcome from it.