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| Version 3 | Version 4 |
|---|---|
| PMS working group is agreed by PM | PMS working group is agreed by PM |
| (9 minutes later) | |
| The Prime Minister has agreed to set up a working group aimed at saving the Presbyterian Mutual Society. | |
| It will include representatives from the Treasury and two Stormont departments. | |
| The group is expected to bring forward a series of proposals by this September. | The group is expected to bring forward a series of proposals by this September. |
| The plan was unveiled during a meeting Gordon Brown had with the first and deputy first ministers at Downing Street on Wednesday. | 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. | 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". | 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 PMS administrators PricewaterhouseCoopers indicated two parties were interested in a buy-out. | |
| Neither was named in the report. However, previously the Ulster Bank has been linked to a possible purchase. | 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, 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. |