Vol. 395 No. 8
63 Miss Flaherty asked the Minister for Industry and Commerce the reason tontine societies were excluded from the new savings and lending regulations published in 1988; if he will include such societies in view of the fact that (a) the Registrar of Friendly Societies has no objection thereto, (b) the current limits imposed on such societies are outdated and (c) local friendly societies are infinitely preferable to commercial moneylenders.
I assume the Deputy is referring to the Friendly Societies Regulations, 1988, which allowed specially authorised loan societies (SALS) to increase loan and deposit limits and which laid down certain requirements in regard to the accounting procedures of all friendly societies. Loan and deposit limits for other types of friendly society, including tontines, were not increased because it was considered that the Registrar of Friendly Societies needed greater powers of supervision. I propose to review this matter as soon as possible taking account of the current views of the Registrar of Friendly Societies.
