The McKay correspondence says that for a finite group G acting on a variety M,a certain resolution of the quotient singularity M/G can be realised as a moduli space of G-equivariant objects on M.For instance,it is well-known that if G is a finite subgroup in SL(2,C),then the minimal resolution of C^2/G is a fine moduli space of a certain G-equivariant sheaves on C^2.This talk shows that for a 3-fold terminal quotient singularity C^3/G,the economic resolution of the singularity has a moduli interpretation in terms of G-equivariant sheaves on C^3.