“At this stage, no action has been taken..”

I did ask what the Minister could do to help the Presbyterian Mutual Society. As Will Crawley notes, she can, apparently, expedite legislation to “give the society an administrative option it did not previously have” – go into administration or form a company voluntary arrangement. Although there doesn’t seem to be much more detail than that yet.. and the PMS seem to be waiting for the Prime Minister’s response to their request to guarantee members’ savings. BBC report

In a statement, the PMS said its directors were grateful for the assistance of the minister and her department in “expediting legislation”. “At this stage, no action has been taken. The society is continuing to take independent legal and financial advice and as soon as any action is taken the society will inform its members,” it said.