Rescue Package For PMS Savers On Way

A rescue package for the Presbyterian Mutual Society (PMS) has been announced.

First Minister Peter Robinson said the implementation of the £225m package would rest with the Administrator and be available to draw down from the beginning of April in the new financial year.

Mr Robinson said the news would come as an enormous relief to members of the Society who have had no access to their money for over two years.

The PMS collapsed in 2008.

Mr Robinson commented: "One of the last pieces of business carried out by the Executive before the Assembly dissolved was the signing of the regulations required for the rescue package. These regulations were made by DETI under the 2009 Financial Assistance Act. Given the nature of this package it required state-aid approval by the European Commission.

After consideration, the Commission has given a positive response to the scheme. This means the way is now clear for the Administrator to finalise the proposals and allow a vote by PMS members on the adoption of the scheme."

Arlene Foster said that under the new scheme, currently being finalised by the Administrator, all members with shareholdings of less than £20,000 should be able to receive all of their money and if the Executive did not provide this rescue package, they would have undoubtedly lost all their savings.

Ms Foster added: "Although the larger savers will not receive all of their money immediately, there is a good possibility they will be able to recoup the remaining money through an orderly wind down of the Society by the Administrator. This however will depend on what happens within the property market over the next 10 years."

Sammy Wilson commented: "Despite some suggestions that it could be Autumn before payments are made, this scheme, if approved, should allow payments to be made before the end of June. I trust this will bring some reassurance for the hundreds of families who have been affected by the PMS collapse. Having met many savers I am very much aware of the heartache this matter has caused all across Northern Ireland."

(JG)