In fact, when I closed consultations last July, I made several concessions on our negotiating positions in the spirit of compromise and consensus building. By my count, the Central Bank made more than ten substantial concessions spanning governance, prudential requirements, non-financial services and penalties affecting credit unions.
Ladies and Gentlemen, I must indicate that the Draft Credit Union Bill recognizes the cooperative principles, democratic structure, service to members and social goals of credit unions. In developing the legislation, the Central Bank considered it important that many of the current services and practices of credit unions be maintained.