Mr. Cormac Butler:

I will not get into the specific details because it is quite complicated. In essence, while a building society is not a bank, it can lend money, but it must not call itself a bank and must not engage in what is known as banking business or claim it is involved in banking business. The short answer to the Chairman's question is a building society, a friendly society or a credit union which is authorised as such may be allowed to lend money without a licence provided it does not call itself a bank or claim it is engaging in banking business, but I do not I think that applies to IIB Homeloans.