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Groups interested in PMS buy-out PMS working group is agreed by PM
(about 2 hours later)
Two parties are interested in a buy-out of the Presbyterian Mutual Society, according to a progress report from its administrators. The Prime Minister has agreed to set up a working group aimed at saving the collapsed Presbyterian Mutual Society.
Neither is named in the report. However, previously the Ulster Bank has been linked to a possible purchase. It include representatives from the Treasury and two Stormont departments.
Meanwhile, the first and deputy first ministers have gone into a meeting with the Prime Minister to discuss the plight of PMS savers. The group is expected to bring forward a series of proposals by this September.
They will urge Gordon Brown to compensate society members. The plan was unveiled during a meeting Gordon Brown had with the first and deputy first ministers at Downing Street on Wednesday.
The Stormont departments to be involved in the working group are the Department of Finance and Personnel and the Department of Enterprise and Trade.
First Minister Peter Robinson said the government now accepted it had to act to help PMS savers, describing the working group as a "great step forward".
Earlier on Wednesday a progress report from administrators PricewaterhouseCoopers indicated two parties were interested in a PMS buy-out.
Neither was 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 understood to be close to completion.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.
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. Also on Wednesday, 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.