Jim O'Keeffe (Cork South West, Fine Gael)
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Question 275: To ask the Minister for the Environment, Heritage and Local Government the reason for the delay in finalising the legislation to enable a building society (details supplied) to put into effect the overwhelming wish of the majority of its members in support of demutualising the society; and if he will make a statement on the matter. [12701/05]

Noel Ahern (Dublin North West, Fianna Fail)
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The option of demutualisation is available to any building society under existing legislation. Two building societies have demutualised using those provisions. Current provisions preclude 15% or more of the shares in a successor company being held by an individual or institution for five years after demutualisation, unless the Central Bank directs in accordance with legislation that the provisions should not apply. A substantial amount of work has been done in respect of the amendment of building societies legislation, based on the recommendations of the review group on building societies legislation, which involved the building societies and relevant Departments. Decisions about legislation in this area will be matters for the Government on completion of this work.