It is important to note that there have been detailed discussions between the Minister, his officers and the credit union movement. The Bill as initiated provided that the functions of the registrar of friendly societies, under the Credit Union Act, should be carried out independently by a registrar of credit unions loosely within the overall framework of the regulatory authority. Both the members of the interim regulatory authority, which was established in April 2002 on a non-statutory basis to manage the transition to the new arrangements, and the Governor of the Central Bank expressed reservations about the reporting arrangements for the registrar of credit unions within the proposed authority and the fact that the level of independence proposed for the registrar appeared to contradict principles of good governance.