The credit union movement is now being brought in under the umbrella of the new agency, the Irish Financial Services Regulatory Authority, which will be under the thumb of the Central Bank. It is important to monitor how the new legislation will affect the credit union movement. The Government has moved away from its original intention to create an independent statutory regulatory body to deal specifically with the credit union movement. It has decided to subsume this body into the new authority. Reports from the credit movement union will come directly to the Central Bank and not to the Oireachtas, as was the original intention.