Vol. 470 No. 4
17 Miss Flaherty asked the Minister for Enterprise and Employment the plans, if any, he has to increase the lending limits on loans and deposits to loan companies in order to allow them to compete with credit unions and similar institutions; and if so, if he will extend this facility to a company (details supplied) in Dublin 2. [19112/96]
The company concerned is a specially authorised loan society which is registered by the Registrar of Friendly Societies under the Friendly Societies Act, 1896. The Friendly Societies Regulations, 1992 (S. I. No. 59 of 1992) currently apply to each member of such a society maximum limits of £5,000 and £2,500 for deposits and loans respectively.
In response to earlier inquiries from the Deputy, I sought the advice of the Registrar on the question of a possible increase in these deposits and loan limits. He has indicated to me very recently that he does not propose to seek an increase in these limits at present.
The Deputy will be aware that the Government proposes to update loan and deposits limits for credit unions in the forthcoming Credit Union Bill. While no decisions have yet been taken by the Government on this issue it is my intention, when the Credit Union Bill is enacted, to ask the Registrar to reconsider if new limits should apply to other friendly societies by way of an amendment to the Friendly Societies Regulations.
