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Presbyterian Mutual Society

I do not think that the number of meetings should be seen as a reflection of progress. I have met the moderator and representatives of the PMS and I have had discussions with officials. As the hon. Gentleman will be aware, the working group is chaired by the Chief Secretary to the Treasury. I sit on the group, and other members include the Secretary of State for Northern Ireland, the Northern Ireland Minister of Finance and Personnel, the Northern Ireland Minister of Enterprise, Trade and Investment and the right hon. Member for Belfast, East (Mr. Robinson). As the First Minister said in his helpful contribution to the debate, and as he has said on other occasions, a range of options is under consideration. One is a commercial solution, which would see another financial institution involved in the PMS's portfolio of assets and liabilities. While I recognise that that is the preferred solution for people in Northern Ireland, the fact that a commercial organisation has not so far come forward leads me to conclude that this option is starting to look more unlikely, although it is still being discussed. Clearly, as hon. Members will understand, discussions with commercial institutions must remain confidential. The Northern Ireland Executive have taken the lead in exploring the possible options, commercial and otherwise, and it is right for them to do so, because the legislation governing IPSs in Northern Ireland is a devolved matter. We need properly to take into account all the issues when working with the Northern Ireland Executive, to see whether we can come up with a solution. The right hon. Member for Belfast, East mentioned the other options that need to be considered, and there have been discussions about a Northern Ireland solution. A hardship fund for the hardest hit is also being actively looked at. We have reached a stage where, within a short period, the working group can, I hope, produce a report to go to the Prime Minister. There is a basis on which a solution can be found.