Everything must be done for PMS savers

DUP MP for East Londonderry Gregory Campbell speaking ahead of a debate in Parliament today, March 24, says everything must be done to help stricken savers of the Presbyterian Mutual Society (PMS).

He said: "I am very aware of the difficulties being experienced by the many thousands of PMS savers since the Society had to be placed into administration.

"There has been a great deal of work put in by devolved Ministers in Northern Ireland and only yesterday in the Northern Ireland Assembly the First Minister outlined the ongoing efforts to ensure that a practical and workable solution can be found.

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"Departments in Northern Ireland need to continue working along with the Prime Minister's assistance to ensure that everything possible is done to help these savers, many of whom are suffering acutely as a result of the problems in the PMS.

"As a Party we will be raising this issue not just in the motion which I have tabled, but through the debate sponsored by my Party colleague William McCrea.

"This should ensure that the needs of savers with the PMS are heard in Parliament and the Government know exactly how important action is for these people."

Commenting on the announcement that people who invested more than 20,000 in the society, known as loan holders, will get a payout of 12p for every pound they invested over that sum, Mr Campbell's party colleague William McCrea said: "This payment is only a distribution of the money raised from the assets held by the PMS such as rental property.

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"To those who have a large amount of money in the PMS this will provide a crumb of comfort. However this provides absolutely no relief for smaller savers with less than 20,000 in the society.

"The DUP will continue to work towards a resolution that will see money paid to all savers both large and small."

Foyle MP Mark Durkan has called on Ministers in Stormont and London to give this matter long overdue priority.

Mr Durkan said: "After so much uncertainty, delay and frustration this is a welcome development for some PMS members.

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"While still only a fraction of the sums which they have entrusted, their release will provide some relief from personal and family stress.

"It will also mean that some congregations and charitable trusts will now have access to part of their money for their good purposes.

"However, it is quite invidious that all those with savings under 20,000 are still receiving nothing.

"These good people are hard-pressed with no good prospect of having their hard-earned savings guaranteed as so many others have had.

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"I know that many of them are distressed and depressed over the systematic political failure to resolve their predicament on a basis of sense and equity.

"These honest people deserve answers to their plight, not insult to their intelligence or motives from the Treasury or anyone else.

"They are fed up with the hand-wringing and finger-pointing which has passed for the public policy response to their situation. They want some justice, not gestures or poses.

"While recognising the concerns and circumstances of all PMS savers and lamenting the net failure of government to date to redress these, I want to acknowledge the constraints on the administrator and the commitment he offers."