asked the Minister for the Environment when the review on the working of building societies, which was promised in the Fine Gael-Labour programme for government, will be commenced; what its terms of reference will be; and when it will be expected to report.
Ceisteanna—Questions. Oral Answers. - Review of Building Societies.
16.
A number of matters directly relating to the working of the societies are being examined at present both by my Department and by the Registrar of Building Societies, but I have not yet come to a definite conclusion as to whether there is a need for a formalised review to deal with these and other matters that may require attention.
Will the Minister agree that there are many areas of concern to people who are depending on building societies for loans, particularly in regard to legal fees, bridging finance and the heavy advertising compaigns which the societies engage in? Will the Minister give an indication of when a review of the activities the societies are involved in will be completed?
It is difficult to put a time limit on the review but I should like to tell the Deputy that it is pressing ahead with haste. There have not been any delays, and I hope that early next year we will be in a position to give some indication of progress.
Taking into consideration the inflow of funds to the societies for last month does the Minister accept that the decisions made by the Government concerning trustee deposit sums of up to £30,000 have drastically affected the inflow of funds to the societies?
I do not accept that.