PMS moves welcomed

Mr Simpson said: “Only last week I again raised the plight of the PMS in the House of Commons.

“I said then and repeat now that this issue has hung like a dark cloud over the province for too long.

“Whatever the many complex and technical aspects to the problems surrounding the PMS we must never forget the severe impact it has had upon ordinary people.

“Suddenly, in October 2008, as a result of a dramatic run on its resources, caused by the Government's decision to guarantee deposits in conventional banks, the PMS collapsed and savers were plunged into a nightmare.

“I welcome this progress. I hope that the Treasury will respond positively and that it will do so quickly so that people can finally see some light at the end of what has been a very long and very dark tunnel.”