Vol. 443 No. 6
22 Mr. Rabbitte asked the Minister for Finance in view of his statement to Dáil Éireann of 11 May 1993, that the Central Bank had requested reports from the building societies on their compliance with the provisions of the Building Societies Act, 1989, if the Bank has received their reports and if they have been forwarded to him; if so, the terms of the reports; and if he will make a statement on the matter.
On 29 April 1993 the Central Bank wrote to all building societies seeking reports on their compliance with the provisions of the Building Societies Act, 1989, concerning transactions and interests of directors and their disclosure. Each society was further requested to have its auditors confirm the report. These reports were subsequently received and considered by the bank.
Parallel to this exercise the Central Bank conducted a separate review of the provisions of the Building Societies Act. From the review the bank concluded that legislative change was not required. However, an indication of the bank's interpretation of certain provisions helps to ensure uniformity of standards among societies generally, and this is being done on a continuous basis. The bank is continuing to keep this area under review and has requested societies to complete similar compliance reports on an annual basis in the future.
The Central Bank is independent in its role as supervisor and is precluded from disclosing any supervisory matters relating to individual societies. However, I am assured by the bank that it is satisfied that the building societies are complying with the provisions of the Building Societies Act, 1989.
