Cyprian Brady (Fianna Fail)

The Minister stated in his speech that there are a number of safeguards in how the process operates, particularly with regard to the membership. Approval must be sought from the Central Bank initially, which will obviously examine the case rigorously. It must then be brought back to the membership and voted on before being subjected to further scrutiny by the Financial Regulator. Irrespective of what steps are taken to protect the members of the society, the Bill puts that process in place.

As the Minister stated, it is the choice of the membership. Four options are available to all societies. The measures in the Bill are adequate.