Minister issues pledge over savers
No effort spared over crisis facing savers in the Presbyterian Mutual Society, Finance Minister Sammy Wilson said
Tuesday March 16 2010
No effort is being spared to find a solution to the crisis facing savers in the Presbyterian Mutual Society (PMS), Finance Minister Sammy Wilson said.
He told an Assembly debate on the issue that ministers and senior civil servants were working with the Commercial sector and the Treasury to broker a deal to save the money invested by 10,000 people.
But he warned savers unable to access their cash since the society went into administration in October 2008 that he had to remain tight-lipped on talks for fear of upsetting potential progress.
There was cross-party support today for the search for a resolution to the crisis which was sparked when the international financial collapse saw a run on society funds as savers pulled their cash out of institutions.
Mr Wilson said he accepted that the public was keen to learn more about the efforts of the working group currently seeking a resolution.
The Westminster government said PMS savers were not eligible for the protection provided to banks and building societies, but Mr Wilson expressed hopes a deal can be secured.
And he repeated his criticism of a Treasury Committee report which accused Stormont authorities of failing to prevent the PMS crisis.
"There have been questions, and quite rightly questions, asked why has the working group not reported?" he said.
"This is where I do think the select Treasury Committee has been unfair - as if there was some lethargy within departments here in Northern Ireland and there was no action taken."
