ALL OPTIONS to assist those affected by the collapse of the Presbyterian Mutual Society (PMS) must remain open, First Minister Peter Robinson said.
Speaking in Downing Street after he and Deputy First Minister Martin McGuinness met the British prime minister for talks, Mr Robinson said work would continue to try to help those affected.
These efforts could not be rushed, he said.
He and Mr McGuinness were in London to try to secure financial help for those hit by the PMS crisis, in line with the British bank guarantee scheme. “I have always had the support of the Deputy First Minister in making progress on this issue,” Mr Robinson said.
The Downing Street talks followed a Belfast court ruling which found that small savers with the PMS would not be in line for a possible dividend payment from the administrator. Former members of the PMS with £20,000 or less invested in the failed society are officially classified as shareholders while members whose investment exceeded this are described as loan capital holders.
Justice Deeney told the High Court that shareholders could not be classified as creditors under current UK insolvency law and as a result would not receive any interim cash payment.
Dr Stafford Carson, the Presbyterian Moderator, said many savers would be “disappointed” by the court’s judgement.
Dr Carson said the fact the judge also stated that “any redress must be found elsewhere ” highlighted the need for the UK government to find an urgent resolution to the PMS situation.