I move: "That the Bill be now read a Second Time".
There are five trustee savings banks operating in the State—in Dublin, Cork, Waterford, Monaghan and Limerick. They were all founded between 1816 and 1820 and though they are private bodies the Trustee Savings Banks Acts provide for their supervision by the State and set out how they should conduct their business.
The Trustee Savings Banks Act, 1863, which was a consolidating Act, is with certain amending Acts the governing statute. In the amending Act passed in 1958 the legislation was brought up to date in such respects as then seemed necessary.
Since then there have been further discussions and correspondence with the Banks and I am satisfied that certain further improvements can now be made which do not in any way reduce the security of depositors and which should facilitate the Savings Banks in carrying on their business. These form the subject of the present Bill. They are described in detail in the Explanatory Memorandum and include such matters as payments to third parties, payments on production of passbook, the provision of home safes, the admission of boys' clubs as customers, and so on. I need hardly go into them further at this stage except to say that none of them involves any departure from the principles of the basic legislation.
I would like to take this opportunity of paying a tribute to the contribution of the Savings Banks to the development of thrift. Their net deposits have increased from £12 million in 1958 to £19½ million today. I hope that the administrative improvements in organisation which this Bill will permit will allow of their further development in the interests of the community generally.
