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

We do recognise the gravity of the situation, which is why the Prime Minister, the Chief Secretary to the Treasury and I are keeping a close eye on it, and why the Prime Minister has been in correspondence and discussion with the First Minister and the Deputy First Minister, and looks forward to having further discussions with the First Minister later this month. We appreciate the gravity of the situation, but we equally have to recognise that, under the law, those people who put money into the PMS did so not as savers, but as investors, and that the regulation of this body in Northern Ireland is the responsibility of devolved government in Northern Ireland, not of Whitehall. Nevertheless, we do not intend to say simply that because the matter is the responsibility of the Department of Enterprise, Trade and Investment, we have no interest in seeing what we might be able to do to help. That is why my right hon. Friend the Prime Minister continues to take an active interest in the matter and will engage with Dr. McCrea and his colleagues about it.

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