“The package aims to deliver £225m in total…”

According to the BBC report, the Presbyterian Church general assembly is to meet to discuss the details of the OFMDFM-proposed “alternative solution” for the troubled Presbyterian Mutual Society – although not necessarily alternative to the administrator’s solution. Apparently that solution would include a £1million contribution from the church – and some £225million from the general tax-payer. But the details, according to the News Letter, reveal a focus on larger creditors, not smaller savers investors. From the News Letter report

We understand that part one of the plan aims to advance a loan of £175m from the Northern Ireland Executive to the PMS administrator to enable him to make faster progress in getting larger savers (creditors) their money. The money would be financed through Reinvestment and Reform Initiative (RRI) borrowing by the Executive, authorised by HM Treasury. The second part of the plan, it is understood, aims to direct £50m from the Executive into a hardship fund for smaller savers, allowing applications for the ‘withdrawal’ of up to £20,000.


Discover more from Slugger O'Toole

Subscribe to get the latest posts sent to your email.

We are reader supported. Donate to keep Slugger lit!

For over 20 years, Slugger has been an independent place for debate and new ideas. We have published over 40,000 posts and over one and a half million comments on the site. Each month we have over 70,000 readers. All this we have accomplished with only volunteers we have never had any paid staff.

Slugger does not receive any funding, and we respect our readers, so we will never run intrusive ads or sponsored posts. Instead, we are reader-supported. Help us keep Slugger independent by becoming a friend of Slugger. While we run a tight ship and no one gets paid to write, we need money to help us cover our costs.

If you like what we do, we are asking you to consider giving a monthly donation of any amount, or you can give a one-off donation. Any amount is appreciated.