Irish Permanent office-block investment
Horgan questioned whether permission was needed for Irish Permanent’s £7.5 million investment in a Dublin office block and called it a misuse of funds. Burke said he did not know the case details and would respond to a specific question, declining to offer an opinion.
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?
Comment on this
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.
Comment on this
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?