Let me reiterate that the CBSI takes the role the credit unions play in the financial system as very vital. While they remain pivotal to the informal financial sector, credit unions play a very vital link with the formal banking sector, not to mention the important place they have in promoting and encouraging development of financial services in this country.
Therefore, should the procyclical impact of the AQR be significant, then monetary policy would be able to act – without hesitation and being reassured that the side effects of a liquidity injection that we have seen for the 2011–2012 operations would be minimised. So how would you assess whether the AQR was procyclical?