News story

Paterson welcomes PMS Payments

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Secretary of State Owen Paterson has welcomed the news that Presbyterian Mutual Society Members are to receive payments.

Secretary of State Owen Paterson has welcomed the news that Presbyterian Mutual Society Members are to receive payments.

Secretary of State for Northern Ireland, Rt Hon Owen Paterson MP, said:

“I very much welcome the news that cheques are now being issued to those people affected by the collapse of the Presbyterian Mutual Society in 2008.

“This has been a very stressful and worrying time for a great many people, particularly the elderly who thought that their savings were gone forever.

“Over the past two and a half years, after Reg Empeyfirst involved me in this, I have met a number of savers and heard at first hand many tales of very real hardship.

“I am especially pleased that smaller investors will be able to access 100 per cent of their savings.

“I would like to pay tribute to my colleagues in the Treasury, the Presbyterian Church and ministers in the Northern Ireland Executive who worked together to find a solution to the PMS crisis.

“In particular, however, I would like to thank the Prime Minister for his personal involvement and support.

“Under the previous administration this issue was frankly going nowhere, this government provided £25m and a loan of £175m.

“David Cameron made a just and fair resolution to the crisis in the PMS a key election manifesto pledge for Northern Ireland and he delivered.”