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Groups interested in PMS buy-out Groups interested in PMS buy-out
(20 minutes later)
Two parties are interested in a buy-out of the Presbyterian Mutual Society, according to a progress report from its administrator. Two parties are interested in a buy-out of the Presbyterian Mutual Society, according to a progress report from its administrators.
Neither is named in the report. However, previously the Ulster Bank has been linked to a possible purchase.Neither is named in the report. However, previously the Ulster Bank has been linked to a possible purchase.
A report on the conduct of the society's directors is also understood to be close to completion. Meanwhile, the first and deputy first ministers have gone into a meeting with the Prime Minister to discuss the plight of PMS savers.
They will urge Gordon Brown to compensate society members.
A report on the conduct of the society's directors is understood to be close to completion.
It should be sent to the Department of Enterprise within the coming weeks.It should be sent to the Department of Enterprise within the coming weeks.
The administrator also revealed that the value of the society's property portfolio has slipped to £89m - 32% less than the original purchase price. Also on Wednesday, PMS administrators PricewaterhouseCoopers revealed that the value of the society's property portfolio has slipped to £89m - 32% less than the original purchase price.
The mutual's 9,500 members have already received the report by post.The mutual's 9,500 members have already received the report by post.
The potential sticking point for any buyer could be the level of toxic debt within the mutual. There have been no exact figures on what it might be, but the government could be asked to provide some type of guarantee for a buyer.The potential sticking point for any buyer could be the level of toxic debt within the mutual. There have been no exact figures on what it might be, but the government could be asked to provide some type of guarantee for a buyer.
A buy-out would provide savers with access to their savings which have been frozen since administration.A buy-out would provide savers with access to their savings which have been frozen since administration.