asked the Minister for Industry and Commerce if he has any proposals to amend legislation so as to prevent a repetition of incidents in which depositors lose larger sums of money when Irish-owned, foreign based companies go into liquidation.
Written Answers. - Liquidation Implications.
101.
It is not clear from the Deputy's question what particular incidents he has in mind. However, in so far as my area of responsibility is concerned, the Industrial and Provident Societies (Amendment) Act, 1978, required investment societies to wind down their deposit taking activities within a period of five years. No such society may now accept deposits from the public.
I am, therefore, satisfied that current legislation in this area would not allow such incidents to occur.