Presbyterian Mutual Society

Part of Office Of The First Minister And Deputy First Minister – in the Northern Ireland Assembly at 2:45 pm on 9th November 2009.

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Photo of Martin McGuinness Martin McGuinness Sinn Féin 2:45 pm, 9th November 2009

One of the options being explored involves the participation of a financial institution in a funding package. The Member will appreciate that the matter is complex and that, therefore, there is a number of challenging issues to deal with. It is vital that we ensure that any British Government backing for such a package does not breach EU state aid rules. However, I do not want to go into detail about the options under consideration because that might adversely prejudice or jeopardise the outcome that we hope will flow from them.

We hope that any solution for assisting the PMS will follow the precedents already set by interventions in other cases, including Bradford & Bingley, Dunfermline Building Society, and Equitable Life.