Page last updated at 10:10 GMT, Monday, 18 January 2010

Treasury to hear Presbyterian Mutual Society plight

Presbyterian Mutual Society door
The Presbyterian Mutual Society went into administration in November 2008

The plight of 10,000 savers in the collapsed Presbyterian Mutual Society will be set out for Treasury Select Committee chairman John McFall later.

The Westminster committee will listen to their stories at Stormont.

Thousands of people found they could not get access to their savings after a "run" on the PMS in 2008.

Enterprise Minister Arlene Foster, Finance Minister Sammy Wilson and Presbyterian Moderator Stafford Carson are to attend the session.

Also attending will be SDLP leader Mark Durkan, who said he hoped it would "highlight the reality of the scale and nature of the plight of PMS savers".

"There is a need for greater clarity, especially for the families and congregations that are hardest hit - they are all understandably very frustrated at this stage," he said.

The society ran out of cash when investors withdrew money because the PMS was not covered by a government savings guarantee, introduced at the height of the financial crisis.

The society went into administration in November 2008.

Last week a high court judge said he might allow an administrator to run the PMS until 2015, if a buyer is not found.

In December it was reported that a bank was interested in taking over the PMS and that talks were at "an advanced stage", however no further progress has been reported since.



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SEE ALSO
PMS administrator wants extension
07 Jan 10 |  Northern Ireland
Bank interested in mutual society
22 Dec 09 |  Northern Ireland
PMS auditors 'to be investigated'
06 Aug 09 |  Northern Ireland
Mutual society set to be run down
09 Feb 09 |  Northern Ireland
PM meeting sought to help society
26 Jan 09 |  Northern Ireland
Total savings 'refund unlikely'
15 Jan 09 |  Northern Ireland
Is salvation near for church society?
25 Nov 08 |  Northern Ireland
Administrator is appointed to PMS
17 Nov 08 |  N Ireland Politics


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