There is significant stress on the credit union sector. We have had the failure of one major domestic insurance company, and a major IFSC banking subsidiary and significant reputational damage to Ireland, including the IFSC. I could go on at length – but you all know this story very well.
Internationally we have seen similar failures and in every case, and certainly in Ireland, supervisors relied too much on the market and on firms’ directors to ensure that their firms had sound and robust business models.