Sean Barrett (Independent) | Oireachtas source

I move amendment No. 3:

In page 7, between lines 14 and 15, to insert the following:“(5) The powers, functions and duties of the registrar of friendly societies under sections 5 and 6 shall be transferred to the Central Bank of Ireland from the operative date.”.”.

Given the lack of interest and lack of appetite from the Registrar of Friendly Societies, the amendment suggests that the Central Bank takes over. This was the intention of the McDowell report in any case. We need financial regulation in the country and it is a matter for the banking inquiry. That is why I tabled the amendment. Friendly societies play a big role in other countries, particularly the United Kingdom, and the sector has not been developed here as I and the Minister of State would wish. Why shut it off rather than have comprehensive regulation of financial services? In the adjoining island, friendly societies have 4.5 million members and total funds of €15 billion. We have a very pessimistic view in the Bill about the possibility of such development. Would it develop better under regulation by the Central Bank? This is the reason behind the amendment.