Eamon Gilmore (Dún Laoghaire, Labour)
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Question 107: To ask the Minister for Finance his plans to increase the limit, under section 19(1) of the Building Societies Act 1989, which applies to the amount of funds that the personal representative of a deceased shareholder or depositor may be paid without representation within the meaning of the Succession Act 1965; when this limit was last reviewed; and if he will make a statement on the matter. [24237/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I should first explain that the Financial Regulator is responsible for implementing Section 19(1) of the Building Societies Act 1989, although the Financial Regulator is obliged to consult with my Department regarding the fixing of a limit. Under the Building Societies Act, 1976 the Registrar of Building Societies set a limit of IR£3,000 on the amount which a Society could pay to the representatives of a deceased shareholder, without Grants of Probate or Representation being extracted. On 16 May 1991 the Central Bank specified, with immediate effect, a revised limit of IR£5,000 after consultation with my Department. This limit was reviewed and amended in June 2002 from IR£5,000 to €10,000. It is understood from the Financial Regulator that the limit is scheduled to be reviewed again in 2007.