Presbyterian Mutual Society

Part of Oral Answers to Questions — Northern Ireland – in the House of Commons at 11:30 am on 3rd June 2009.

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Photo of Shaun Woodward Shaun Woodward The Secretary of State for Northern Ireland 11:30 am, 3rd June 2009

I absolutely understand the hon. Lady's concern for the 9,500 investors of the PMS, but it is important for her to recognise that there is a significant difference between the status of the PMS and that of the Dunfermline building society, which she has mentioned. It is critical that she understand that the individuals who invested money in the PMS were investors, not savers. She refers to panic withdrawals, but it is also significant to note that no other industrial and provident society has got into similar difficulties. That will not make life easier for the families involved, but I look forward to seeing the administrator's interim report.

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