Fergus O'Dowd (Louth, Fine Gael)

This is important legislation which will fundamentally alter the rights of mutual building societies to demutualise or to stay as mutual companies. This is rushed legislation and only one hour and 20 minutes remains to deal with all Stages of the Bill.

This Bill is supported by the collective wisdom of the building societies, the Financial Regulator and the Department of the Environment, Heritage and Local Government. Fine Gael is not opposed in principle to the Bill. The views of those who borrowed from the Irish Nationwide Building Society and have fought a campaign in the press and in the courts to win justice, equality and fairness before the law are strongly and sincerely held. These views have been reflected in some of the Fine Gael amendments to the Bill. I am concerned that there will not be sufficient time to discuss these amendments line by line. Proper legislation depends on proper scrutiny. Any error made at this stage will continue into the future. A rushed Bill is bad law. This Bill has been in preparation for many years. I suggest that the Bill should not be rushed through all Stages tonight.

Members of the Irish Nationwide Building Society have brought issues to my attention. Section 19 amends section 74 of the Building Societies Act 1989 to extend an existing exclusion of conversion resolutions from the scope of members' powers to proposed resolutions at an annual general meeting, and to include also any resolutions relating directly or indirectly to the conversion or restriction of access to membership. The Minister of State's amendment will not cause any change. He proposes to allow them discuss anything they wish except a resolution. They will not be allowed place a conversion resolution before the meeting. The Minister of State proposes that members may raise issues but they cannot legally propose a motion to mutualise or demutualise the society.

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