Sunday 23 July 2017

Building society laws must be reformed

THE research published by the National Institute for Regional and Spatial Analysis (NIRSA) (Irish Independent, July 30) highlights how ludicrous fiscal policy and reckless planning decisions resulted in thousands of uninhabited and unwanted exorbitantly priced houses being built in hundreds of estates at remote and poorly serviced locations across the country.

It is a pity that the report did not also shine a light on the toxic impact of building societies driven by the legislation governing them.

When environment minister Padraig Flynn was steering the Building Societies Bill 1989 through the Oireachtas in February of that year, he said that it would "set very few boundaries to the future and scope of societies".

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