asked the Minister for Finance if the accounts of the Trustee Savings Bank are examined by his Department; and if any of the directors of this bank are appointed by him.
Written Answers. - Trustee Savings Bank.
609.
The accounts of the Trustee Savings Banks are examined by the Department of Finance on a weekly, monthly and annual basis. The monthly and annual accounts are audited by outside independent auditors before submission to the Department.
The Trustee Savings Banks have no directors. Each of the four banks, Dublin, Cork, Limerick, Waterford is managed by a board of trustees established to run the bank. I have no statutory powers in the appointment or removal of trustees. They may however derive no benefit from the produce of the bank except for actual expenses incurred for the purpose of the bank.
The banks are required to conduct their operations in accordance with statutory provisions laid down by me and in accordance with rules approved by the Registrar of Friendly Societies.