• March 22, 2010

There is still no relief for beleaguered depositors with the Northern Ireland based Presbyterian Mutual Society (PMS). Approximately 10,000 depositors lost their life savings when the PMS went into administration in 2008. Since that time whilst banks and other institutions have been bailed out by the UK Treasury the PMS depositors have had to wait.

Almost a year ago the UK Treasury said it had sympathy with the plight of the savers and was working to resolve the situation. Since that time the Celtic League have continued to press the UK government however in its latest communication the Treasury say they continue `to explore all options’.

Meanwhile the hard pressed PMS depositors continue to endure uncertainty which could be ended by decisive Treasury action.

The text of the latest correspondence from the Treasury is set out below:

“I would like to stress that the Government sympathises with the extremely difficult situation faced by members. As you know, the Prime Minister announced that a working group of Ministers would be formed to investigate the circumstances surrounding the collapse of 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 PMS.

The Ministerial Working Group continues to explore all options. In view of this we do not consider that it would be prudent to comment further or pre-empt the outcome of the ongoing deliberations.”

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