Eamon Gilmore (Dún Laoghaire, Labour)

I am finding this a little difficult to understand. The Taoiseach stated that he had certain exchanges with the building society in the run up to the legislation, but reports of the Ombudsman, for example, drew attention to some of the practices going on in Irish Nationwide. At the time, they were described by the Ombudsman as being illegal. I believe that was the term used. They were certainly not good practice.

That building society had moved from being a normal building society lending mortgages to its members to buy houses into large-scale property speculation and lending for it.

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