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MSE News: £50 million emergency fund for Northern Ireland savers

This is the discussion thread for the following MSE News Story:

"The Stormont Executive has agreed the bail-out after the Presbyterian Mutual Society went into administration in 2008 ..."


    358 Posts
    The PMS forum on was a great help in allowing many PMS members to keep in touch for the last 18 months of hell.

    There was no official lobby group website set up and for many of us are grateful.
  • stphnsteveystphnstevey Forumite
    3.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    How safe are other Irish Savings Accounts?
  • edited 16 April 2010 at 9:03PM
    358 Posts
    edited 16 April 2010 at 9:03PM
    Republic of Ireland like England and Wales had their Credit Unions and Mutual Societies Regulated with an opportunity to join a Compensation Scheme.

    In N Ireland Direct Rule Ministers and our fledgling Assembly had not introduced the necessary legislation.
    We were under 1969 Industrial Provident Society Legislation.
    The 2000 Financial Services and Marketing Act brought in in England did not mention N. I.

    New legislation would have been brought in sometime but when the economic downturn
    came we were left exposed.

    As far as I am aware savings with other Building Societies and Banks in NI have the 50K (67K in UK?)
  • MikeyorksMikeyorks Forumite
    10.4K Posts
    Part of the Furniture Combo Breaker
    How safe are other Irish Savings Accounts?

    Safe enough not to panic ....... which is what led to the downfall of the institution that's the subject of this thread!
    If you want to test the depth of the water .........don't use both feet !
This discussion has been closed.
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