Page last updated at 10:06 GMT, Sunday, 15 February 2009

Mutual society 'was run openly'

Presbyterian Mutual Society door
The Presbyterian Mutual Society went into administration in November

The chairman of the Presbyterian Mutual Society's board of directors has spoken publicly for the first time about the collapse of the society.

Nearly 10,000 savers were hit by the collapse of the society, which was put into administration last November.

Mark Orr told Radio Ulster nothing had been hidden from investors in the mutual society prior to the collapse.

"Full sets of accounts were available. Last year nine investors asked for full sets of accounts out of 9,500" he said.

"If they had asked they would have found out. Our average attendance out of 9,500 shareholders at annual general meetings was about 50," he added.

"We did our business openly, we had marvelous staff - Colin Ferguson and the other staff in the office - they were approachable they had an open-door policy.

"If people wanted to know what the mutual society was doing they only need to have asked."

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