Sean Barrett (Independent) | Oireachtas source

I note what the Minister of State has said. Presumably, it is possible for those who wish to set up a friendly society to apply to the Central Bank. I do not know why the Registrar of Friendly Societies does not want to perform the role any more. She does not want anybody to submit an application to her to set up a new friendly society. I know there has not been much demand. We will have to reconfigure financial services here and I hope that fact might influence the Minister. Of all the financial landscapes, I cannot imagine a sector that has done less harm to the economy than the friendly societies but there we are.

It echoes what we were discussing this morning in regard to banking. I will not press the amendment but I regret it was not accepted. The Parliament is shutting the door on the formation of friendly societies, the registrar does not want to do the task anymore and the Minister of State expressed the sentiment that the Central Bank of Ireland may take over the role. Having expressed my regret, I thank the Minister of State for his consideration but I will not press the amendment.