Vol. 530 No. 2
46 Mr. R. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment her plans to make orders which are necessary to increase the lending and deposit limits for friendly societies; and if she will make a statement on the matter. [3392/01]
I am currently considering submissions from two friendly societies, seeking an increase in various financial limits applying to friendly societies. Financial limits cannot be increased for one society alone and increases would have to apply equally to all societies within a particular category of society. Therefore, before any increases are approved, I must be satisfied that all the friendly societies in each category would be in a position to finance such increased limits. To this end, I have been in discussion with the Registrar of Friendly Societies and, in response to a request from me, he has already undertaken a detailed financial inspection of a particular category of friendly society to assess the implications for them of the proposed increases. A similar financial analysis of other categories of friendly societies can be considered.
In tandem with increased financial limits, I must also consider for prudential and solvency reasons extending the powers and regulatory authority of the registrar in respect of the affected societies. This would be achieved through a supervisory agreement to which each society would be required to give their assent. If these various aspects are satisfactorily concluded, I would then be in a position to make the necessary regulations.
