asked the Minister for Finance if he will arrange to have deposits lodged with building societies recognised as a trustee security.
Ceisteanna—Questions. Oral Answers. - Building Societies' Deposits.
23.
The question of whether and to what extent deposits with building societies might be recognised as trustee securities is being examined as part of my Department's general review of the law relating to the investment of trust funds. Because of heavy work pressure in the Department, it will be some time before this review can be completed.
Can the Minister state for how long this matter has been under consideration in his Department and how long ago the building societies first made this request?
I could not say that offhand but I can tell the Deputy that it is not merely building societies that are involved in this review. Quite a number of other organisations are involved and the questions that arise are quite complex. It will not be dealt with very quickly.
In view of the great importance of getting more money for housing, is this not one way in which we will get more money for housing?
It is a possible way but it does not follow automatically that trustee status for building societies would necessarily produce more money for housing. In any event, the matter is not a simple one of making a decision that building societies will qualify as trustee investments.
How long does the Minister anticipate it will take to reach a decision?
I could not put a date on it but it will be some time. It is a complex matter.