THE NORTH’S First and Deputy First Ministers Peter Robinson and Martin McGuinness have approached British prime minister Gordon Brown for help for those affected by the crisis at the Presbyterian Mutual Society.
It was placed in administration in November and thousands of savers and Presbyterian congregations have been told it is unlikely all their money will be returned in full. The society has about £300 million (€318 million) from 9,500 accounts.
Mr Robinson and Mr McGuinness have written to the prime minister asking him to consider intervening.
This was revealed by way of a response from Mr McGuinness during Question Time in the Assembly yesterday. The Deputy First Minister told Ulster Unionist MLA David Burnside an approach to Downing Street had been made.
This follows an appeal by Presbyterian Moderator the Rev Dr Donald Patton, read out at church services on Sunday, calling for the prime minister to come to the aid of savers with the mutual society.
Mr McGuinness told the Assembly: “Obviously there is a very difficult situation facing many people who invested in the Presbyterian Mutual Society and we in the Executive are very sympathetic to their plight at this time.
“And we do believe there is a responsibility on Gordon Brown and the British government . . . to ensure that those people do not incur losses to what for many are their life savings.”
Earlier this month Arthur Boyd, the society’s administrator, contacted members to advise them of an “orderly run-down” of its business.
He referred to the decline in UK property market values in which the society had invested.
“It is too early in the process for me to say how much of the investment will be paid out and when repayments will be made,” he said.