I propose to take Questions Nos. 5 and 9 together.
The Central Bank supervises the building societies under the Building Societies Act, 1989. The Central Bank wrote to all the building societies on Thursday, 29 April 1993 requesting that they forward to the bank reports on their compliance with the provisions of the Building Societies Act, 1989, concerning transactions by, and interests of, directors and their disclosure. They were also asked to have these reports confirmed by their auditors.
Following receipt of the reports, the bank will decide whether further action is warranted. The bank is also examining whether the provisions regulating building societies under the 1989 Act could not be improved in the light of recent developments.
In the meantime, my officials are continuing to monitor the situation with due regard, of course, to the statutory independent role of the bank. I am awaiting the results of the bank's investigation.
If, in the light of these results further action is necessary in this regard, the Government will consider the necessary changes. Legislation in relation to building societies is a matter for the Minister for the Environment.
Finally, let me say that the Central Bank has stressed that it has no concerns about the financial stability or soundness of any of the societies.