17 July 2009

Presbyterian Mutual Society working group

The Prime Minister recently announced that a working group of Ministers would be formed to look specifically at problems at the Presbyterian Mutual Society. The working group had its first meeting on 16 July and is scheduled to report back to the Prime Minister in the autumn.

The Administrator of PMS is also in parallel to this, progressing with his enquiries and is due to report back to members and creditors in September.

Membership

Chief Secretary to the Treasury
Economic Secretary to the Treasury
Secretary of State for Northern Ireland
Minister for Finance and Personnel, Northern Ireland
Minister for Enterprise, Trade and Investment, Northern Ireland
First Minister
Deputy First Minister

Terms of reference

To investigate the circumstances surrounding the collapse of the PMS.
To consider the losses incurred by PMS members
To consider what, if any, action can be taken to mitigate members' losses, particularly those hardest hit by the collapse of the PMS.

The Working Group will take account of the legislative framework under which PMS operates; the work of the Administrator; wider financial services policy, fairness and value for money.

The Group will submit a draft report to the Prime Minister in September.