Page last updated at 15:01 GMT, Wednesday, 29 April 2009 16:01 UK

'Comfort' call for PMS savers

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

Two Stormont ministers have met with a senior minister from the Treasury to discuss the winding up of the Presbyterian Mutual Society.

Arlene Foster and Nigel Dodds asked Yvette Cooper to "bring comfort to members" of the PMS.

Mrs Foster said the government had guaranteed deposits in Icelandic bank Icesave and also acted to protect troubled building societies.

"PMS members with deposits should be afforded the same treatment," she said.

"It is now up to the UK 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," she said.

"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."

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.

"There is a pressing need to bring greater clarity to the regulatory regime that applies in Northern Ireland," said Mr Dodds.

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

Last autumn the society, which had almost 10,000 savers, stopped paying out to investors after it ran out of cash.

The Financial Services Authority is now reviewing the activities of the PMS.



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