Blessed relief as PMS savers get cash back

Reverend Robert Bell
Reverend Robert Bell

MINISTERS at several local churches have welcomed the return of money to Presbyterian Mutual Society (PMS) savers.

Hundreds of people across the borough lost access to their savings when the PMS entered administration in 2008.

However, following a major push by cash-strapped savers, backed by local politicians and senior clergy, a rescue package underwritten by the Westminster government and the Northern Ireland Executive was agreed in May.

It allowed for smaller savers, who invested less than £20,000 with the PMS, to get all of their money back.

Larger investors will receive 85 per cent now with the remaining 15 per cent dependent on the disposal of PMS properties and other assets.

The Department of Enterprise, Trade and Investment has been working closely with the rescue package supervisors to put in place the necessary arrangements to enable the payments to be made, and cheques were issued to savers on Tuesday (August 2).

Rev Robert Bell, Minister at Ballyclare Presbyterian Church, said he knew of a number of people within his congregation who had been affected by the collapse of the PMS.

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