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MSE News: £50 million emergency fund for Northern Ireland savers
Former_MSE_Guy
Former MSE 1.7K Posts
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 ..."
"The Stormont Executive has agreed the bail-out after the Presbyterian Mutual Society went into administration in 2008 ..."
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There was no official lobby group website set up and for MSE.com many of us are grateful.
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?)
guarantee.
Safe enough not to panic ....... which is what led to the downfall of the institution that's the subject of this thread!