Written question asked by Lord Trimble (Conservative), in the House of Lords. It was answered by Lord Myners (Labour) on Tuesday, 24 February 2009.

Presbyterian Mutual Society

Question: To ask Her Majesty's Government what measures they are considering with regard to the protection of depositors in the Presbyterian Mutual Society.

Answer: The Presbyterian Mutual Society (PMS) is an industrial and provident society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969. The Department of Enterprise, Trade and Investment in Northern Ireland is the registrar. The administrator of PMS has said that it is helping the FSA with its inquiries into activities carried out by the firm in relation to the Financial Services and Markets Act 2000. The Government are also carrying out a review of the regulatory framework for credit unions and industrial and provident societies in Northern Ireland in association with the Department of Enterprise, Trade and Investment in Northern Ireland, which is the department with responsibility for these matters within the devolved Administration. This review was announced at PBR 2008. Both inquiries are at an early stage and consequently it would be premature for the Government or the FSA to offer further comment at this stage.

Secondary information