asked the Minister for Industry and Commerce if he is satisfied that building societies are lending moneys in accordance with their rules; and what control, if any, exists to ensure that no breaches of the regulations occur.
Ceisteanna—Questions. Oral Answers. - Building Society Loans.
66.
The rules of building societies must conform with the requirements of the Building Societies Acts 1874 to 1942, and I am satisfied from the examination of the statutory returns required to be furnished under these Acts that building societies are not lending moneys otherwise than in accordance with their rules.
The requirement on building societies to submit detailed annual returns is, in my opinion, adequate to ensure that building societies are operating in accordance with their rules and the provisions of the building societies legislation.