I accept that the Bill be passed at this stage, but I must say I am fearful of some of the conditions in it. While I take the Minister as being well intentioned in regard to some of them, there are others who would question his intentions. However, taking it on the basis of the Minister being well intentioned in regard to the abolition of redemption fees and the tiered interest rates, my fear about this legislation is that it will increase on existing mortgage holders the interest rates resulting from the decision which will have an effect of a loss of funding on the societies. Whether that is the Minister's intention or not, I fear that will be the effect of his proposals.
However, there is a need for major building society renewal legislation. The last Principal Act was in 1976 and there is need at this stage for the introduction of comprehensive building society legislation. The intention of the Fianna Fáil Party in Government will be to introduce such comprehensive legislation dealing with all of the operations of the building societies as they are at the moment and to allow our national building society movement to handle the competition which undoubtedly will come in here resulting from EC regulation changes and as a result of the changes in the British Parliament as they affect the societies in the UK.