During the meeting, the Minister updated the church delegation on the operation of the PMS working group and the extensive work underway to produce a report for Ministerial consideration.
The Minister said: "This meeting provided me with the opportunity to advise the delegation on the state of deliberations within the PMS working group. I also listened to the views of the Presbyterian Church on this issue.
“Among all interested parties, there remains a strong desire to find a fair and reasonable resolution for PMS savers.”
The complex discussions on constructing a financial rescue of the PMS need to address a number of problems such as getting EU Commission State Aid clearance and ensuring that any rescue is compliant with UK Government rules on control of financial institutions and public expenditure.
The Minister continued: "There are undoubtedly many complex issues to sort out but these should not be insurmountable if there is the political will. PMS members are in dire need of a resolution and Ministers will need to take decisions within the coming days.”
Notes to editors:
- The Presbyterian Mutual Society Working Group consist of the Chief Secretary to the Treasury, First Minister and deputy First Minister, Secretary of State for Northern Ireland, Economic Secretary to the Treasury, Minister for Enterprise, Trade and Investment and the Finance and Personnel Minister. The terms of reference for the group are to: investigate the circumstances surrounding the collapse of the PMS; to consider the losses incurred by PMS members; and to consider what, if any, action can be taken to mitigate members’ losses, particularly those hardest hit by the collapse of the PMS. The ministerial working group is supporting by an officials working group.
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