Presbyterian Mutual Society
Philip Dunne condemns the Government for failing to act to help the 100,000 savers of the Presbyterian Mutual Society in Northern Ireland.
Mr. Philip Dunne (Ludlow) (Con): What recent discussions he has had with the Chancellor of the Exchequer on the effect on savers in Northern Ireland of the collapse of the Presbyterian mutual society. [322974]
The Minister of State, Northern Ireland Office (Paul Goggins): The Chief Secretary to the Treasury and my right hon. Friend the Secretary of State are both members of the ministerial working group established by the Prime Minister. They, along with Ministers from the Northern Ireland Executive, are in regular contact in an effort to assist members of the PMS whose investments were affected by the society's entry into administration.
Mr. Dunne: The Financial Services Authority warned of a problem with the PMS almost a year ago, the Prime Minister set up his working group last summer, the Treasury Committee issued a scathing report this February saying that nothing would be resolved unless a political lead was given and this morning the relevant Minister in another place gave no lead whatsoever and no clue as to what might happen. Is this not a classic example of a Government who are incapable of taking a decision and who are letting down 100,000 savers in Northern Ireland?
Paul Goggins: No, it is not, because the Prime Minister established the working group and I hope that it will very shortly be able to consider a proposition-a paper-from the Executive in Northern Ireland, which will put forward a range of options. The commercial option is, of course, one that we would all wish to see taken, if it is possible to do so. The Executive have also been working on specific ideas. We need to hear those ideas, consider them and look for solutions.
