asked the Minister for Industry and Commerce whether he is aware that it is the practice of one building society in the City of Dublin to raise the loan charges during the currency of its outstanding loans; whether there is any machinery available to him to investigate whether such increases may be justified; and, if not, if he will establish such machinery.
Ceisteanna—Questions. Oral Answers. - Charges on Outstanding Building Loans.
15.
I understand that some building societies have embodied a provision in contracts for loans on house purchase which enables them to vary the rate of interest chargeable on advances.
The rate of interest paid to a building society is a matter between the borrower and the society. The Building Societies Acts do not provide any means by which I can investigate the rates of interest charged, and I do not propose to introduce amending legislation to enable me to do so.