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NI Executive agrees £50m bailout for PMS savers

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by Kay Mitchell

The 10,000 Presbyterian Mutual Society (PMS) members who lost their savings after the society collapsed will welcome the news that the Northern Ireland Executive has agreed a £50 million rescue package.

After a run on withdrawals, the PMS was forced into administration in 2008 and its members lost access to their savings.

The run began when some members realised the society was not covered by new Government deposit guarantees.

A spokesperson for the Executive said: “It is anticipated that the fund would be administered by a panel who will consider applications from PMS members and award payments based on individual circumstances.”

The recovery plan is that the fund would be administered by a group who will make payments depending on individual circumstances.

The Presbyterian Church has agreed to contribute £1 million to the hardship fund established by the Executive as part of the rescue plan for savers.

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News posted: April 16, 2010

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