HL Deb 10 May 1993 vol 545 c49WA
Lord Gallacher

asked Her Majesty's Government:

Why the maximum shareholding per member in an industrial and provident society in Northern Ireland is £20,000 whereas in Great Britain it is £10,000 per member.

The Earl of Caithness

The Northern Ireland Registrar of Friendly Societies increased the limit on shareholdings in industrial and provident societies to £20,000 in 1991. He did so in order that Northern Irish societies would not be disadvantaged in the face of competitive pressures particular to the Province, such as competition from societies based in the Republic or from Northern Irish co-operatives who had converted to limited companies. Similar conditions did not apply elsewhere in the UK.