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.