asked the Minister for Industry and Commerce the proportion of accumulated funds of building societies provided for private house loans.
Ceisteanna — Questions. Oral Answers. - Private House Loan Funds.
72.
The statutory returns furnished by building societies to my Department do not include particulars of the proportion of existing mortgages which is provided for private house loans by these societies.
Would the Minister not agree that there is a need for this information to be made available in view of the fact that the statutory regulations under which these building societies were established provide that a very high proportion of their accumulated funds should be devoted to private house building and private house loans? In view of that fact it is vital that this information be made available.
I will pass on the Deputy's comments to the Minister.
Will the Minister say why the information is not available? Is it not necessary under the Building Societies Act that this information should be available.
As I have already stated, the statutory returns furnished by building societies to my Department do not include particulars of the proportion of existing mortgages which is provided for private house loans by these societies.
Would the Minister not agree that the purpose for which building societies were established was to provide moneys for private house loans and moneys for private house building? If this information is not available we do not know where this money is going and they could possibly be contravening the regulations under which they were established. It is most important that this information should be made available.