Foster meets with PMS Savers Coalition

Enterprise Minister Arlene Foster met with the Presbyterian Mutual Society (PMS) Savers Coalition, today, to hear the views and experiences of PMS members.

The Minister took the opportunity to reinforce her commitment to seeking a resolution to the situation.

Arlene Foster said: The establishment of the Prime Minister’s Working Group was a welcome move. As members of the group, I and my Executive colleagues are keen to see a resolution to the financial worries of those savers with the Presbyterian Mutual Society.

Members’ losses, and particularly those hardest hit, is an express term of reference for the Group’s deliberations and officials have been in regular dialogue, meeting on a weekly basis, to try and reach a resolution to the situation. Our Terms of Reference require us to consider what, if any, action can be taken to mitigate these losses.”

The Ministerial Group, which includes the Chief Secretary to the Treasury and the Economic Secretary to the Treasury, will submit a draft report to the Prime Minister in September.

The Minister continued: In the Executive we are striving to achieve the same support for members who deposited their savings in the PMS as was given to those who saved with other financial institutions in Great Britain, which also faced difficulty.

Since I passed the necessary legislation to allow the Society to go into administration to protect members’ funds, I and the Executive have done, and are continuing to do, all that we can to help achieve a positive outcome and bring comfort to members of the Presbyterian Mutual Society who find themselves in dire financial straits.”

Notes to Editors:

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