The Gazette 1989

GAZETTE

FEBRUARY

1989

Younger Members Quiz Nights 7 March, 1989: Welcome Inn Hotel, Castlebar. 8.00 p.m. Contact Eva Tobin. Tel. (094) 21854. 14 March, 1989: Old Ground Hotel, Ennis. 8.00 p.m. Contact David Casey. Tel. (065) 28159. 29 March, 1989: Ardree Hotel, Waterford. 8.00 p.m. Contact Gabrielle Dalton. Tel. (051) 72934. 5 April, 1989: Royal Marine Hotel, Dun Laoghaire. 7.30 for 8.00 p.m. Contact John Larkin. Tel. (01) 613311. 21-23 April, 1989: Sys Weekend Conference. Limerick Inn Hotel. Speakers: Prof. Bryan McMahon and Robert Pierse.

Correspondence The Editor, Law Society Gazette, Blackhall Place, Dublin 7. 21st November, 1988 Dear Sir, As Conveyancers will be aware, the Building Societies' (Amend- ment) Act 1986 prohibits tiered interest rates with effect from the 1st April, 1987. Tiered rates are defined as meaning the rate of interest on a loan where such rate is determined by reference to the amount of the loan made and is greater than the lowest rate of interest applicable to borrowers generally. On a couple of occasions recently I have acted for clients borrowing from the EBS, where loan approval has been sanctioned "subject to interest rate being one quarter of a percent above home loan base rate". Being concerned as to whether such a condition could be construed as amounting to a tiered rate in contravention of the Act I made enquiries with the EBS, who justify such a condition on the grounds that this levy is charged to borrowers not having any savings record with them. I understand that the Irish Nationwide adopted a similar policy. In raising the matter with the Department of the Environment they advise me that they were aware of such conditions but they do not take the view that such a condition amounts to the re- imposition of a tiered rate couched in different terms. I have noted also that the EBS in their standard loan approval letter stipulates that approval is subject to insurance being effected with their nominated Insurers. Again, this is in clear contravention of the Act which gives the Borrower a choice in relation to Insurers. Again from enquiries that I have made with the EBS, they advise me that as long as an appropriate indemnity and transfer is obtained from the borrower he could insure with whomsoever he wished. If this is the case why do the Societies not stipulate such choice in their standard conditions. Re: Building Societies and Tiered Rates

Members may wish to note therefore that by imposing levies on borrowers the Building Societies appear to be side-stepping the pro- visions of the Act in disregard of its well-intentioned provisions. Yours faithfully, KEVIN O'HIGGINS Solicitor, T. F. O'Connell Rooney & Co., 34 Kildare Street, Dublin 2.

Irish Stenographers Limited

(Director: Sheila Kavanagh)

Qualified Experienced Stenographers. Fast, efficient service. Overnight Transcripts by arrangement

Contact: Secretary, "Hillcrest", Dargle Valley, Bray, Co. Wicklow. Telephone: 01-862184

PEOPLE . . . Ms. Laetitia Baker, Solicitor, of Skibbereen, Co. Cork, has been elected National President of Junior Chamber Ireland. Robert W. R. Johnston, Solicitor, has been elected President of the Confédération Fiscale Europeéne for a two year period commencing 1 January, 1989. Laurence Cullen, Solicitor, has been elected to the 1988/89 American Judicature Society Board of Directors.

Ken Murphy recently moved to Brussels to open a new branch office there for his firm A. & L. Goodbody. He is confident, however, that he will be able to fully maintain his contribution as a member of the Council of the Law Society and he is now ideally placed to fulfil his role as Chairman of the E.C. (1992) and International Affairs Committee. Ken Murphy.

32