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Presbyterian Mutual Society

I join right hon. and hon. Members in saying what a pleasure it is to serve under your chairmanship in the last debate in Westminster Hall over which you will preside, Sir Nicholas. The hon. Member for Southport (Dr. Pugh) suggested that you have an almost permanently sunny disposition, but I remember an occasion—the final sitting of the Finance Bill 2008 Committee—when that was tested to the extreme—[Laughter.] Your laughter now is a good sign that we did not push you too far on that occasion. It is an honour to take part in the debate today. I congratulate the hon. Member for South Antrim (Dr. McCrea) on securing the debate. This is an important matter and it is not only hon. Members from Northern Ireland who have received correspondence about it. In my role as part of the Conservative Treasury team I have received a number of letters from people in Northern Ireland who are savers with the Presbyterian mutual society. They have expressed concerns about their financial plight and are looking for a solution. One of the points that came across strongly in all contributions made this morning is that we cannot forget the personal circumstances of those who have put money into the Presbyterian mutual society and are suffering as a consequence. Although there are legal distinctions between those who put in less than £20,000 and those who put in more, everyone is suffering hardship as a consequence of what has happened. The hon. Member for Foyle (Mark Durkan) gave an example, and the right hon. Member for Belfast, East (Mr. Robinson) made a similar point about people who have locked up significant sums of money for their long-term needs and are suffering as a consequence. The distinction about whether someone is a shareholder, a saver or a creditor reminds us of the importance of ensuring that people are aware of their rights in the event of a financial problem. We saw that in the financial crisis more generally, and we must ensure that people are aware of the limits and guarantees of the Financial Services Compensation Scheme. When people invest or save with organisations, they should be aware of their rights. It is the duty of those who run such organisations to ensure that their customers, members and shareholders know what their rights are in the event of a financial crisis and can take decisions about the appropriate amount of exposure to a particular entity. As the hon. Member for Foyle said, the Treasury Committee has published its report on the Presbyterian mutual society. It raises important issues about the regulatory structure and the need to make progress in resolving the crisis facing members of the Presbyterian mutual society. It is helpful that we have present two members of the ministerial working group: the right hon. Member for Belfast, East and, of course, the Economic Secretary to the Treasury. I had hoped that we might get more of an insight into the workings of that group. The right hon. Gentleman set out four options for resolution. I hope that the Minister will go further and set out more clearly the Government's position. The right hon. Gentleman was right to stress the urgency of resolving the issue. It is important to resolve it before the general election. People have been waiting quite some time for a proper outcome. I hope that the Minister will make some positive remarks on what the solution might be, because in the absence of that, there will be a hiatus before a new Government are formed and are able to consider the matter. However, I am sure that if the present Government do not resolve it, the Government formed after the election will deal with it as a matter of urgency to bring about some resolution.