Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for his response. The interim commission report was a good day's work. There are a lot of sensible recommendations in it, many of which can be acted on in the short term. I understand the final report is due in March and that the Minister will come forward with the promised legislation to deal with the credit union sector. We need to give as much certainty as possible to those involved in the credit union sector that it has a strong role in the provision of financial services in this country going forward.

I have some concerns about the cost implications of some of the recommendations such as that each credit union would have an internal audit function, risk and compliance officers and so forth. Allied to that, when does the Minister expect to activate the resolution fund in terms of contributions going into it from credit unions and other regulated entities?

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