Gay Mitchell (Dublin South Central, Fine Gael)
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Question 223: To ask the Minister for the Environment, Heritage and Local Government when the proposed legislation on demutalisation of building societies will be announced; and if he will make a statement on the matter. [33660/05]

Noel Ahern (Dublin North West, Fianna Fail)
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The option of demutualisation is already available to any building society under existing legislation and two building societies have demutualised using these provisions. Current legislation includes protective provisions precluding 15% or more of the shares in a successor company being held by any individual or institution for five years after demutualisation unless the Central Bank directs, in accordance with legislation, that these protective provisions should not apply.

Work in connection with updating of building societies legislation, having regard to proposals from the existing societies including proposals relating to demutualisation provisions, is proceeding. The content and timing of legislation in this area will be a matter for decision by Government.