PETER ROBINSON and Martin McGuinness have sent proposals on the stricken Presbyterian Mutual Society (PMS) to the Treasury in London for review.
Under their plan, details of which are being withheld, some 10,000 savers with less than £20,000 (€22,200) invested in the society would eventually get their money back.
The High Court in Belfast has ruled that such savers will not qualify for interim payments from a £20 million fund set up after the society’s collapse in late 2008.
Mr Robinson said yesterday: “The acquisition of the PMS by a financial institution had been our preferred option. We now, however, feel that this option has been fully exhausted given the absence of firm proposals from any financial institution after several months of investigation. We are therefore increasingly anxious to explore other options.
“The Deputy First Minister and I have formulated alternative proposals and submitted them to the prime minister and the Treasury. These proposals will form the basis of our meeting.”
Mr McGuinness said: “Our proposals to resolve the problems of PMS will call for more direct intervention from government to provide conditions that will satisfy the demands of creditors of PMS and respond with practical help to deal with hardship experienced by small savers. We are determined to move forward quickly and with more clarity to avoid any further delays.”
Mr Robinson said the joint approach was further evidence that devolution was delivering for the people of Northern Ireland.
