Tom Shehan (Fine Gael)

Sections 91 and 92 provide that the Central Bank may direct an institution to prepare a recovery plan setting out actions that could be taken to facilitate its survival and recovery. Some credit unions are already in negotiations in regard to, to use Mr. O'Brien's term, "the mother ship" taking weaker credit unions under its wings. Will the recovery and resolution plans tool be used to address the problems of credit unions? We have been told that currently 27 credit unions require immediate attention. Have recovery plans in respect of these 27 credit institutions be drawn up or will it be a case of slash and burn? Will this facility be used to assist credit unions to survive?