Second, in respect of the potential conflict between two regulators it is important to make a distinction between the regulatory role of the Commissioner of Cooperatives and that of the Central Bank. The Commissioner will continue to look after registration, membership, education and training and development of credit unions.
Nevertheless, we cannot continue to expand the Council without limit. However, the problem is, in my view, largely one of perception. There are concerns that we will be unable to take decisions efficiently and that enlargement may lead to a focus on national developments, rather than on the euro area as a whole.