James Bannon (Fine Gael)

I move amendment No. 1:

In page 12, between lines 9 and 10, to insert the following:

"(a) by substituting the following for subsection (2):

"(2) In order to convert into a company, a society must—

(a) approve a conversion scheme by a conversion resolution pursuant to section 71,

(b) obtain the confirmation of the Central Bank to the conversion scheme under section 104,

(c) obtain an order from a court under section A101A, and

(d) have the society registered as a company under the Companies Acts in accordance with the provisions of this Part and any regulations made thereunder.".".

I am disappointed the Government is pushing the Bill through all Stages today. I understand amendments were tabled in the Dáil yesterday but the Bill was guillotined, which was disappointing. Bills such as this, although we are in agreement on them, should be debated thoroughly. Rushed legislation results in bad Acts in the long run. We should consider this matter further. We had plenty of time to do so in that it was originally proposed to sit five days this week. I was not made aware Friday's business was to be condensed into today's business until the Order of Business today.

The Bill is being rushed in the mistaken belief that it is simply a tidying-up Bill. While I support the Bill in principle, it must be amended. Amendment No. 1 proposes to make a court order necessary for a building society to become a plc, which is important. Amendment No. 2 details the powers and duties of the courts in making the order and shows who has authority in this area, namely, the Minister for Finance, the Minister for the Environment, Heritage and Local Government and any person, including an employee of the society, who alleges that he or she would be adversely affected by the carrying out of the conversion.

One matter overlooked by the Minister is the position of retired employees of building societies. Does the Bill provide for such staff? If they hold shares in the building society, I hope they will not be hard done by. In the past a number of hospital sweepstakes staff were hard done by in the legislation doing away with the sweepstakes. I hope nobody who has given years of service will be left without compensation, which is an issue the Minister should address.

Amendment No. 3 seeks to appoint an independent actuary to audit the building societies' liabilities. It is important to investigate a society seeking conversion into a company and to report to it on any issues arising from such an investigation.

The three amendments are important. I am interested to hear the Minister's view and hope he can accept the amendments. To sum up, amendment No. 1 proposes to make a court order necessary for a building society to become a plc, amendment No. 2 details the powers and duties of the courts in making the order and amendment No. 3 seeks to appoint an independent actuary to audit the building societies' liabilities. This makes sense and should be taken on board.

With regard to a compensation fund for those who have been hard done by in the past we should look after staff. I hope nobody will be treated in a slipshod manner. I await the Minister's response.