Dáil Éireann debate -
Tuesday, 16 Dec 2003

Vol. 577 No. 3

Written Answers. - Company Law.

Ned O'Keeffe

Question:

145 Mr. N. O'Keeffe asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will request the Regulator of the Irish Financial Services Regulatory Authority, under the Industrial and Provident Societies Act 1893, to investigate the workings of a society (details supplied) for the years 1999, 2000, 2001 and 2002; the action she proposes to take to have the matter investigated; and if she proposes to bring the co-operative legislation into line with the Companies (Amendment) Act 1999 which is much more severe and restrictive than the workings of the friendly societies which co-operatives operate under at present. [31198/03]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. M. Ahern):

The Irish Financial Services Regulatory Authority has no function in relation to the oversight of co-operatives under the industrial and provident societies legislation. This function rests with the Registrar of Friendly Societies.

While I understand that the co-operative in question has had trading difficulties in recent times, I am not aware of any specific matters regarding the co-operative which would suggest the need for a regulatory investigation.

I presume the Deputy is referring to Companies (Amendment) (No. 2) Act 1999 and, in particular, the provisions relating to examinership. I am not aware that the co-operative concerned is in need of the protection of the court as would be available under the company law examinership provisions. My Department is in the process of reviewing the co-operative legislation to see what changes need to be made to bring it up to date.