asked the Minister for Industry, Commerce and Tourism if he will outline the degree of control exercised over the investment policies of building societies by the Registrar of Friendly Societies.

35.

asked the Minister for Industry, Commerce and Tourism the amount of time devoted to overseeing the affairs of the building societies in an average week by the Registrar of Friendly Societies; the numbers of office staff, and the grades of each assigned to the registrar generally.

With the permission of the Ceann Comhairle I propose to take Questions Nos. 34 and 35 together.

The Registrar of Friendly Societies is independent in law in the discharge of his functions and I am not, therefore, in a position to comment on his detailed activities. In general terms the Building Societies Act, 1976 confers powers on the registrar, in his capacity as Registrar of Building Societies, in relation to limits on investments in specified classes of security after consultation with the Minister for the Environment, the Minister for Finance and the Central Bank.

The Minister for Finance, after consultation with the Minister for the Environment and the Central Bank, may prescribe the investments in which a society may invest funds surplus to those immediately required for the purpose of the society.

Because of his independence in law it is a matter for the registrar alone to determine what amount of time he should devote to any one of his varied activities.

The present staff of the registrar is one Assistant Principal (part time), four Higher Executive Officers, six Executive Officers, one Staff Officer, one Clerical Officer and five Clerical Assistants.

Is the Minister aware that one building society, the Irish Permanent, recently invested £7½ million in an office block in the centre of Dublin? Was any permission necessary or sought for the investment of shareholders' funds in such a venture by the society concerned? Has the Minister any view on the matter?

I am not aware of the details given by the Deputy in the specific case. If he puts down a specific question about the case I will give him an answer.

Would the Minister not care to express an opinion?

No.

Has the Minister applied for a mortgage recently? Would he not agree that this is a most scandalous misuse of funds entrusted to a building society under the Building Societies Act?

It is no way relates to the question put down.

Is the Minister aware that the Registrar of Friendly Societies may not have sufficient staff to police the activities of some of these people?

I gave the Deputy the present staff situation of the registrar. As I said he has one assistant principal, four higher Executive officers, six executive officers, one staff officer, one clerical officer and five clerical assistants.

Is the Minister aware of any powers which the registrar may have to control the payment of directors' fees and emoluments to directors of building societies? Is he aware that in the last 12 months one particular building society increased directors fees and emoluments by 100 per cent?

As I suggested earlier, if the Deputy puts down a specific question on this specific point he will get an answer.

It would probably be ruled out of order.

The remaining questions will appear on tomorrow's Order Paper.