Executive seeks Government's support for the Presbyterian Mutual Society

Enterprise Minister Arlene Foster raised concerns about the UK Government’s response to the Presbyterian Mutual Society, (PMS) at the Executive meeting today.

The Executive agreed that the UK Government must act to help the members of the PMS. The First Minister and Deputy First Minister will be seeking to raise the matter with the Prime Minister and impress upon him the need to provide support to the members of the Society.  

Arlene Foster said:  ““Following the reports of the financial difficulties in the PMS I acted swiftly to enact subordinate legislation which gave the Presbyterian Mutual Society the choice of entering a company voluntary arrangement or administration. The Executive agreed on this way forward as the best option available to it which would assist in seeking to protect people’s savings.

“The Executive has done everything it can within its powers to assist the Presbyterian Mutual Society.  It does not have the same options open to it as the UK Government in terms of depositor protection.

“The UK Government must act now to assist the members.”

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