McClarty welcomes government help for PMS savers

EAST Londonderry MLA, David McClarty, has welcomed the Chancellor's announcement that the Government is to provide £25 million in cash and a £175 million loan to the Presbyterian Mutual Society in a bid to resolve the crisis caused by its collapse in November 2008.
By The Newsroom
Published 21st Oct 2010, 12:08 BST
Updated 25th Oct 2010, 17:50 BST

Mr McClarty said: “Today’s announcement by the Chancellor, George Osborne, will come as a great relief to the 10,000 savers affected by the collapse of the Presbyterian Mutual Society, especially those who had less than 20,000 saved.

“Whilst this announcement is not the end, it at least signals that real progress is at last being made and that smaller savers will at the very least be able to recover more of their money than would have been the case under the previous Labour Government.

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“I know that a great deal of lobbying was undertaken by the Ulster Unionist Party, particularly by our former Leader Sir Reg Empey, and indeed I myself raised the issue with Secretary of State Owen Patterson at the recent Portrush Air Show, where Mr Patterson remarked on Reg’s persistence.

“My Ulster Unionist colleague on Coleraine Council, David Barbour, also tabled a motion on the Presbyterian Mutual Society in Council a few weeks ago, which was supported by all UUP colleagues.

“Today’s announcement is good news for many people who were placed in financial distress through no fault of their own.”

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