Dáil Éireann debate -
Thursday, 1 Apr 1993

Vol. 429 No. 1

Written Answers. - Building Society Controversy.

Ivan Yates

Question:

17 Mr. Yates asked the Minister for the Environment if his attention has been drawn to recent reports wherein the Central Bank has suggested there should be an independent inquiry into the recent controversy relating to the Irish Permanent Building Society; and the proposals, if any, he has to amend the Building Societies Act, 1989, in view of these developments.

Minister for the Environment (Mr. M. Smith)

I am aware of the reports referred to but the Central Bank have informed me that they are without foundation. I am satisfied that the bank has comprehensive powers available to it under the Building Societies Act, 1989 to investigate any aspect of the affairs of a building society. Accordingly, I do not consider it necessary to amend the Act.