In August 2000 I indicated my intention to increase the statutory financial limits on deposits with, and loans by, specially authorised loan societies, SALS, subject to each society agreeing to the terms of a supervisory agreement on a voluntary basis. The supervisory agreement was considered necessary given the limited regulatory powers available to the Registrar of Friendly Societies in regard to SALS and the proposed increase in the financial limits.
The delay in proceeding with the regulations giving effect to the increased limits is due to the delay in one of the registered SALS agreeing to the terms of the supervisory agreement and the heavy workload of the Parliamentary Counsel's office. The draft regulations increasing the statutory financial limits were sent to the Office of the Attorney General for settling in September 2001. I received the settled draft regulations from the Office of the Parliamentary Counsel last week.
The draft regulations were laid before each House of the Oireachtas earlier this week. Under the provisions of the Friendly Societies (Amendment) Act, 1977, each House must pass a resolution approving the regulations in draft form. It is my hope that the necessary resolution will be passed by each House before the Easter recess. When both Houses pass the resolution, I intend to sign the regulations bringing the increased limits into effect.