Vol. 483 No. 1
24 Mr. D. Carey asked the Minister for Finance if he intends introducing changes to section 102 of the Building Societies Act, 1989 in the Finance Bill, 1998 or in another piece of legislation being proposed by him in 1998 arising from his recent meeting with representatives of the building societies; and if he will make a statement on the matter. [19644/97]
38 Mr. Rabbitte asked the Minister for Finance if he will list the building societies he has met in connection with representations they are making regarding possible amendments to section 102 of the Building Societies Act, 1989; the outcome, if any, of these discussions; and if he will make a statement on the matter. [19661/97]
44 Mr. Ferris asked the Minister for Finance the action, if any, he will recommend to the Government in relation to section 102 of the Building Societies Act, 1989 following the meeting which he had with representatives of certain building societies in the middle of October 1997; and if he will make a statement on the matter. [19697/97]
58 Mr. Quinn asked the Minister for Finance the action, if any, he will recommend to the Government in relation to section 102 of the Building Societies Act, 1989, following the meeting which he had with representatives of certain building societies in the middle of October 1997; and if he will make a statement on the matter. [19701/97]
I propose to take Questions Nos. 24, 38, 44 and 58 together.
I met representatives of First National Building Society and the EBS on 16 October 1997 and Irish Nationwide on 20 October 1997. Each of these societies had asked to meet me to discuss the question of possible amendment to section 102 of the Building Societies Act, 1989 which, as Deputies will be aware, prevents any single investor from holding more than 15 per cent of the shares of a newly-converted building society for a period of five years after conversion.
I informed the societies that I had no plans to initiate any change to section 102 and that I was not aware of any proposals from the Minister for the Environment and Local Government in this regard. This remains the position. I should add that any amendment of section 102 of the Building Societies Act, 1989 is primarily a matter for the Minister for the Environment and Local Government.
