Vol. 354 No. 12
asked the Minister for the Environment if he will detail the progress made to date with regard to the commitment which he gave to Dáil Éireann pertaining to the mutualising of the Irish Civil Service Building Society; and if he will make a statement on the matter.
548.
asked the Minister for the Environment the present position regarding the proposed take-over of the Irish Civil Service Building Society by the Bank of Ireland, Limited; and the effect the recent action of the Registrar of Building Societies will have on the matter.
I propose to take Questions Nos. 547 and 548 together. Following my statement in Dáil Éireann on 3 April last about the Irish Civil Service Building Society, the Bank of Ireland sought discussions with my Department. Arising from these discussions which took place over a period of several months, the bank made certain proposals to me in a letter of 15 August on the future structure and operation of the society as a means of obviating the need for the legislation. The bank proposed changes in the rules of the society, which among other items, gave voting rights to ordinary shareholders and effectively extended the principle of mutuality to the society which has not hitherto operated on this basis. Additionally, the bank gave undertakings of a policy nature on the future running of the society. I have placed a copy of the bank's letter in the Library. The bank's proposals were acceptable to the Government. The Minister for Industry, Trade, Commerce and Tourism made an Order on 16 August under the Mergers, TakeOvers and Monopolies (Control) Act, 1978, permitting the takeover subject to the implementation of the rule changes proposed. The society has gone ahead with the proposed changes to the rules but I understand that the Registrar of Building Societies, in exercise of his statutory functions, has refused to register the altered rules. The society has a right of appeal to the High Court against the Registrar's refusal under Section 12 of the Building Societies Act, 1976.
In the circumstances it would not be appropriate for me to make any further comment in this matter.
