PMS deal 'as good as it gets' for waiting savers
A former Presbyterian Moderator has told savers in the troubled Presbyterian Mutual Society that the recent settlement is as good as it gets.
The Rev Dr Stafford Carson assured savers that they would start to get money back soon.
He told the General Assembly in Belfast yesterday: "The rescue package which has been put in place and approved by the society is a good one, and in the current economic climate, it is the best we could have hoped for."
He added: "In the next few weeks all smaller savers will receive all their money back, and larger savers will receive a major portion of their savings, with the hope that the remainder will follow in years to come."
Creditors and shareholders in the PMS, which is in administration, will receive more than £232m in repayments. Some £225m in financial assistance has come from Government, while the Presbyterian Church has given £1m, and another £6m has become available from income accrued during administration.
The PMS was placed in administration in the autumn of 2008 and since then the Church and outside helpers have campaigned to get money back for savers.