There has been a tendency by building societies in the past to look more favourably on city property for investment than on rural property. Indeed, it is only in recent times that it has been possible to get mortgages on rural property at all from building societies. This, again, is something that is looked upon by those in rural Ireland as a leaning towards the urban areas. Perhaps different building societies and finance companies generally used to look askance at country investment because they feared that if the need arose for a forced sale in order to realise guarantees, there was a certain neighbourliness in the country that sometimes tended to see that it did not happen. I do not think that applies anymore, but the fact remains that it is more difficult, in many cases not possible, to get a mortgage in rural areas. As I said, I had experience once of a loan from a building society and by the time I was finished I did not know whether it was they or myself that was getting the loan.
They must be brought into line to be a more oncoming institution such as the banks are. The banks are, by every test, yet the best means of borrowing. In the building societies there seems to be a complete conglomeration of vested interests, all seeking to have their own cut out of the cake before it is finally handed over to the borrowers. Unless they are brought into line with the commercial banks and made perform in a more businesslike manner, they will not be fulfilling the function they are really expected to fulfil in society. I would be in favour of anything the Minister does to bring them into line in that way. I know many of the things we have said and what I am saying now are not relevant to this Bill but we are anticipating legislation of a more comprehensive nature soon. On that basis I want to assure the Minister we are letting this Bill through all Stages today.