Belfast Telegraph

Home Opinion Letters

Cameron keeps election promise to PMS savers

They say that success has many fathers and failure is an orphan. And, of course, all and sundry will try to claim credit for a successful resolution to the Presbyterian Mutual Society crisis (News, August 3).

Be under no misapprehension, though: this problem was solved by a government led by the Conservative prime minister, who kept his election promise to the people of Northern Ireland. I first drew the PMS's collapse to the attention of Owen Paterson, who was then the shadow secretary of state, back in April 2009. We subsequently included a commitment in our 2010 election manifesto to find a solution.

Since that election, he has worked tirelessly with David Cameron and other colleagues, finding a way to reimburse the 9,000 or so savers who lost their money when the society went out of business.

Under a Labour government, there was no prospect of investors getting their savings back.

Mr Cameron said he would resolve the issue if he became prime minister and now his government has provided £25m and a further loan of £175m to do just that. It's yet another example of the Conservative Party listening to people in Northern Ireland and delivering for them.

I'm delighted for all the PMS savers who received their cheques this week and, in particular, the smaller investors who recouped 100% of their monies.


Chairman, Northern Ireland Conservatives


From Belfast Telegraph