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Treasury to hear savers' plight | Treasury to hear savers' plight |
(about 4 hours later) | |
The plight of 10,000 savers in the collapsed Presbyterian Mutual Society will be set out for Treasury Select Committee chairman John McFall later. | The plight of 10,000 savers in the collapsed Presbyterian Mutual Society will be set out for Treasury Select Committee chairman John McFall later. |
The Westminster committee will listen to their stories at Stormont. | The Westminster committee will listen to their stories at Stormont. |
Thousands of people found they could not get access to their savings after a "run" on the PMS in 2008. | Thousands of people found they could not get access to their savings after a "run" on the PMS in 2008. |
Enterprise Minister Arlene Foster, Finance Minister Sammy Wilson and Presbyterian Moderator Stafford Carson are to attend the session. | Enterprise Minister Arlene Foster, Finance Minister Sammy Wilson and Presbyterian Moderator Stafford Carson are to attend the session. |
Also attending will be SDLP leader Mark Durkan, who said he hoped it would "highlight the reality of the scale and nature of the plight of PMS savers". | Also attending will be SDLP leader Mark Durkan, who said he hoped it would "highlight the reality of the scale and nature of the plight of PMS savers". |
"There is a need for greater clarity, especially for the families and congregations that are hardest hit - they are all understandably very frustrated at this stage," he said. | "There is a need for greater clarity, especially for the families and congregations that are hardest hit - they are all understandably very frustrated at this stage," he said. |
The society ran out of cash when investors withdrew money because the PMS was not covered by a government savings guarantee, introduced at the height of the financial crisis. | The society ran out of cash when investors withdrew money because the PMS was not covered by a government savings guarantee, introduced at the height of the financial crisis. |
The society went into administration in November 2008. | |
Last week a high court judge said he might allow an administrator to run the PMS until 2015, if a buyer is not found. | |
In December it was reported that a bank was interested in taking over the PMS and that talks were at "an advanced stage", however no further progress has been reported since. | |
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