Page last updated at 11:39 GMT, Thursday, 22 January 2009

MP in appeal over society savings

Presbyterian Mutual Society door
The administrator recommended an orderly run down

Lagan Valley MP Jeffrey Donaldson has met the Presbyterian Moderator following the collapse of the Presbyterian Mutual Society.

The PMS administrator, Arthur Boyd, had recommended investors accept a proposal which he said would give them some of their money back.

He added if this was rejected the PMS would have to go into liquidation and members were likely to receive less.

Mr Donaldson said PMS members needed more information to make a decision.

"I think it is just not good enough to send letters out to people and say here are the decisions," he said.

"There is a lot of complexity involved in all of this.

"I think a lot more clarity needs to be brought to the situation.

"I think we need more information so that investors who have to make decisions about their investments can do so on an informed basis and get answers."

A spokesman for the Presbyterian Church said the moderator shared with Mr Donaldson "the real concerns for those people that are caught up in the midst of this with a lack of information".

"People are saying there is not enough information," said the spokesman.

"They can't get to the facts and this has to be related back to the mutual society."

Mr Boyd wrote to 9,500 of the society's members last week recommending "an orderly run down" of its business over time.

More than 50% have to back the plans, with a vote deadline of noon on 30 January, for them to go ahead.

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