29/04/2009

Treasury Boss Briefed On Mutual Society Funds

A high level meeting has taken place today to discuss developments relating to the winding-up of the Presbyterian Mutual Society, and the loss of funds by its many investors.

NI Finance Minister Nigel Dodds and Stormont Enterprise Minister Arlene Foster met with Chief Secretary to the Treasury Yvette Cooper (pictured here).

Speaking after the meeting, Minister Dodds said: "This is the latest in a number of representations that I have made to the Chief Secretary on this issue.

"Today I impressed upon Ms Cooper the need to ensure early resolution of this situation and to bring comfort to members of the Presbyterian Mutual Society," he said.

The Chancellor announced in his November 2008 Pre-Budget Report that he was establishing a review of the legislative framework for Credit Unions and Industrial and Provident Societies in Northern Ireland.

"My officials have been working closely with colleagues in the Department of Enterprise Trade and Investment and HM Treasury on this issue.
News Image
"There is a pressing need to bring greater clarity to the regulatory regime that applies in Northern Ireland.

"We need to ensure that all possible measures are in place to create confidence for members when making important financial decisions," he insisted.

Also commenting, Arlene Foster said: "The Northern Ireland Executive has taken all the action it can. It has legislated for the Presbyterian Mutual Society to enter into administration to allow depositors' assets to be maximised.

"In providing help to building societies like the Dunfermline and guaranteeing deposits for the Icelandic bank, Icesave, Her Majesty's Government's actions were designed to directly offset the potential effects on depositors.

"As UK tax payers, PMS members with deposits should be afforded the same treatment," she said.

"It is now up to the Government to honour the Prime Minister's commitment to do 'whatever it takes' to protect people's savings and not let any UK depositor lose out.

"It is important that Northern Ireland depositors in the PMS are treated no less fairly than their counterparts whose deposits in the Icelandic banks, for example, are being fully protected."

(BMcC/JM)

Related Northern Ireland News Stories
Click here for the latest headlines.

13 April 2010
Presbyterian Mutual Savers 'Saved'?
Cash from the NI Executive is to be used as part of a huge £225m rescue package for the collapsed Presbyterian Mutual Society. A deal is thought to be in an advanced stage with the Presbyterian Church set to hold a meeting of its General Assembly to discuss the bailout of the Presbyterian Mutual Society (PMS).
02 August 2011
Presbyterian Mutual 'Pay Day' Arrives
Savers in the failed Presbyterian Mutual Society (PMS) who lost money when the organisation went into administration are expecting to receive a cheque in the post today.
18 February 2010
PMS Report Slams DETI 'Inaction'
There's disagreement over the plight of savers in the failed Presbyterian Mutual Society (PMS) today. SDLP Foyle MP Mark Durkan (pictured) has welcomed a damning report of a Westminster Treasury Committee into the failure of the Society.
12 February 2010
Presbyterian Mutual: Not Creditors
There's more bad news today for savers in the failed Presbyterian Mutual Society as a court decision sets back their campaign to gain access to their 'frozen' savings.
21 August 2009
Hope Remains Over Presbyterian Mutual
Savers in the failed Presbyterian Mutual Society (PMS) remain hopeful they can recover their money. NI Enterprise Minister Arlene Foster met with the members pressure group, the Savers Coalition yesterday to hear the views and experiences.