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Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008

The Minister said that there were four bits of secondary legislation relating to building societies in this area, three of which were going through under the negative resolution arrangements while this one is under the affirmative procedure. It is not immediately obvious why this needed an affirmative resolution because it does not appear to have any major issues of principle within it and has no significant cost involvement. I was amused to see in the impact assessment that the cost of these provisions was estimated in the range of £14,080 to £44,600. Spread over the whole raft of building societies that will have to implement the legislation, that is as near to zero as makes no difference. Here we have a modest set of provisions that bring building societies, as the Minister says, into line with banks and other companies at a modest cost, so I am happy to support them.