Thursday, 15 June 2000
Dáil Eireann Debate
84. Mr. Gregory asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on the submission from the friendly society (details supplied) to increase the lending and deposit limits for the society; and if she will make a statement on the matter. [17043/00]
Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy): I am currently considering a submission from the friendly society which seeks an increase in the financial limits applying to friendly societies. This society is one of 11 specially authorised loan societies registered under the Friendly Societies Acts, 1896 to 1977, only seven of which are now believed to be operational.
Since the introduction of the Friendly Societies Regulations, 1988 (S.I. No. 74 of 1988), the maximum financial limit applicable to such societies is £5,000 per member in the case of any deposits and £2,500 per member in the case of a loan. While I accept that these limits require to be increased, I have been in discussions with the registrar of friendly societies on the size of increase and on the class of societies which should benefit. I intend to conclude my deliberations in the months ahead, and I hope to make the necessary regulations later this year.
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