Dáil Éireann Debate, Wednesday - 29 September 2004
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Demutualisation of Building Societies.
1215 Mr. F. McGrath asked the Minister for the Environment, Heritage and Local Government that the interests of all widows and second named persons in joint accounts in building societies are protected in any future legislation in relation to demutualisation; and if he will make a statement on the matter. [21795/04]
Amharc ar fhreagra
The Central Bank Act 1997 amended provisions of the Building Societies' Act 1989 to allow the second named person on a qualifying joint account to receive any entitlements, such as free shares resulting from demutualisation in certain circumstances, such as where the first named person pre-deceased the second named person. Further amendments were made to these provisions in the Housing (Miscellaneous Provisions) Act 2002 to ensure that where all members of a joint account are alive, all members of the account would have equal rights to any free shares arising from any future demutualisation. There are no current plans to further amend these provisions.
