S.I. No. 186/1984 - Building Societies (Prescribed Investments) Regulations, 1984.

S.I. No. 186 of 1984.

BUILDING SOCIETIES (PRESCRIBED INVESTMENTS) REGULATIONS, 1984.

I, ALAN M. DUKES, Minister for Finance, in exercise of the powers conferred on me by section 38 (1) of the Building Societies Act, 1976 (No. 38 of 1976), hereby, after consultation with the Minister for the Environment and the Central Bank of Ireland, make the following regulations:

1. These Regulations may be cited as the Building Societies (Prescribed Investments) Regulations, 1984.

2. The following are the investments in which a society may invest such portion of its funds as are not immediately required by it for the purpose of the society, namely,

(a) securities of the Government (including Savings Certificates),

(b) securities guaranteed as to capital and interest by the Minister for Finance,

(c) the stock of the Bank of Ireland,

(d) securities of the Electricity Supply Board,

(e) securities of the Agricultural Credit Corporation Limited,

(f) securities of Bord na Móna,

(g) securities or mortgages of any of the following authorities in the State:

(i) the council of a county,

(ii) the corporation of a county borough,

(iii) the corporation of Dún Laoghaire,

(iv) the Dublin Port and Docks Board,

(v) the Cork Harbour Commissioners,

(vi) the Limerick Harbour Commissioners,

(vii) the Waterford Harbour Commissioners,

(h) debentures or debenture stock, quoted on a Stock Exchange, of any industrial or commercial company registered in the State, provided that the total of the debentures, debenture stock or debentures and debenture stock of the company does not exceed the paid-up share capital and that a dividend of not less than five per cent has been paid on the ordinary shares of the company in each of the five years last past before the date of investment,

(i) Bank of Ireland 7% Loan Stock 1986/91,

(j) shares of Allied Irish Banks Limited,

(k) Bank of Ireland 10% Loan Stock 1991/96,

(l) Allied Irish Banks Limited 10% Loan Stock 1985,

and

(m) Units of the Bank of Ireland Gilt Edged Unit Trust.

GIVEN under my Official Seal this 17th day of July, 1984.

ALAN M. DUKES,

Minister for Finance.

EXPLANATORY NOTE.

These regulations prescribe the investments in which a building society may invest its surplus funds.