asked the Minister for Industry and Commerce if he will state (a) what number of credit societies was operating in the area of Saorstát Eireann in 1920; (b) what number is operating at the present time; (c) how many of such societies have failed during the period 1920-1930; (d) the number of depositors in societies that failed; (e) the amount on deposit in societies that failed; (f) what percentage of deposit was lost thereby; (g) whether he will take any steps to compensate depositors, or, if he has done so, what is their nature.
Ceisteanna—Questions. Oral Answers. - Financial Position of Agricultural Credit Societies.
I assume this question relates to Agricultural Cooperative Credit Societies registered under the Friendly Societies Acts. (a) The number of such societies registered at the end of 1921 was 112. Figures in respect of Saorstát Eireann for 1920 are not available. (b) The number of such societies registered at the end of 1929 was 119. (c) In the interval the registry of 53 of these societies was cancelled and one other society was ordered by the Court to be wound up. It is probable that a considerable proportion of the societies whose registry was cancelled had failed, but precise information is not available, (d), (e), (f) Figures are not available to enable me to answer these parts of the question. (g) I have no statutory power or duty to compensate depositors in societies of this character which have not been successful in their operations, and I am not aware of any reason why exceptional treatment should be accorded by way of compensation to them.
As this is a very important national question—there are many national implications involved—and as the Minister's answer is unsatisfactory, I would like to have an opportunity of raising the subject on the adjournment at the convenience of the Chair.