§ MR. MACNEILLI beg to ask the Chief Secretary to the Lord Lieutenant if Ireland when the new rules suggested by the recent Commission of Inquiry into 108 the working of the Irish Loan Fund Board system will come into operation; what steps, if any, have been taken to carry out the recommendations of the Commission; and whether the Government intend, by legislation or otherwise, to remedy the abuses of the Irish Loan Fund system disclosed by the Report of the Commission?
§ MR. GERALD BALFOURThe new rules approved by the Loan Fund Board have been issued to Loan Fund societies for adoption within 28 days. These rules substantially embody most of the recommendations of the Committee of Inquiry. The Government are considering the question of the necessity of further legislation with a view to strengthen the administration and supervision of the Central Board.
§ MR. MACNEILLI bog to ask the Chief Secretary to the Lord Lieutenant of Ireland why the Irish Loan Fund Board, which is obliged, under provisions of the 6 and 7 Vic. c. 91, s. 7, to furnish an annual Report to Parliament on or before the 31st March in each year, has failed in this duty; when will this Report be presented; and whether, having regard to the numerous instances of abuse disclosed in the working of the Irish Loan Fund system, and admitted by the right lion. Gentleman, the Government will take immediate steps in the interests of the public for the reform of this system?
§ MR. GERALD BALFOURThe delay in furnishing the annual Report at the usual time has been caused by the additional labour falling upon the Loan Fund Board in connection with the late Committee of Inquiry. The Report, I am informed, will not be ready for presentation for some weeks to come. It will include statements concerning the new Rules, and steps taken, or decided upon, by the Board for the improved management of Loan Fund Societies.
§ MR. J. P. FARRELLIs it proposed to publish the evidence taken at the Inquiry?
§ MR. GERALD BALFOURNo; I do not think it will be necessary, in view of the fact that the Report is a very full Report.
§ MR. RICHARD M. DANE (Fermanagh, N.)I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland (1) if lie can now state what steps the Irish Government propose taking in respect of the 109 Report of the Commission appointed to inquire into the administration of the Irish Loan Funds; and (2) what means will be adopted to protect the debenture holders in the Loan Fund Societies from the serious threatened losses by reason of this maladministration?
§ MR. GERALD BALFOURThe first paragraph has already been answered by me in replying to the Questions of the lion. Member for South Donegal. With regard to the second paragraph, I am informed that a case raising the liability of borrowers of Loan Fund Societies, which affects, of course, the security of debenture holders, has recently been argued in the Queen's Bench Division and now awaits the decision of that Court.