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Presbyterian Mutual Society

Volume 518: debated on Wednesday 10 November 2010

8. When the Government plan to disburse their proposed financial assistance to savers with the Presbyterian Mutual Society. (22154)

In the spending review announcement, my right hon. Friend the Chancellor of the Exchequer announced that the Government would meet in full a £175 million loan and £25 million in cash to fund the Northern Ireland Executive’s proposal to resolve the PMS crisis.

I thank the Minister for that response, but given that the Government’s proposals are a carbon copy of what my right hon. Friend the former Prime Minister announced, why did the Secretary of State delay the announcement by six months, causing unnecessary suffering and misunderstanding for the people who had lost money in the PMS?

There is a fundamental difference between what the previous Government did and what the current Government have done about the problems connected with the PMS: we have actually done something. We have responded to the request from the Executive in full. We stand by the Prime Minister’s commitment, and we are very pleased that we were able to act so swiftly—unlike some others.