Pearse Doherty (Donegal, Sinn Fein)
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It would be useful for this committee to focus more on the credit union sector and have Mr. Casey come before us again to go through some of this in more detail. Mr. Casey gave the impression that credit unions should just be lending and that there are no restrictions or regulations preventing that. Obviously, we as a committee know that there are such restrictions. We prepared a very important report on the restrictions, particularly the fact that the amount of lending in a credit union should not exceed 15% of loans that have a maturity of ten years or more. We called for that restriction to be loosened. Mr. Sibley gave a lecture in Trinity College recently suggesting that it will be loosened. I ask Mr. Sibley to provide more details on the proposals that will be put out for consultation.

My other question is for Mr. Casey. Is it the case that one of the credit union movements has received all of the authorisations required from the Central Bank to involve itself in the housing sector? We understand that the Credit Union Development Association, CUDA, has passed all the tests and met all the requirements. The Minister of State, Deputy English, in response to questions on credit unions investing in social housing said that one of the credit union movements is ready, has gone through all of the processes and has the money available. I ask Mr. Casey to clarify whether it is CUDA or the Irish League of Credit Unions, ILCU, that has been through all of the processes, is ready and has the money available. Has the Central Bank authorised a structure, model or SPV?