N Ireland Executive helps depositors with Presbyterian Mutual Society

This shows what political pressure can do! Undoubtedly it has helped that members of the Presbyterian church were encouraged by some of their ministers to deposit money with the PMS and that there is a close political connection between this church and some of N Ireland's major political parties!
The PMS was a much smaller "bank" than KSFIOM and was unregulated. Their finances were in much worse condition than those of KSFIOM as they had extensively lent to property developers in N Ireland. The revised value of many of these loans is now <50% of the original book value. The NI Executive are giving small depositors £50m outright!
It is extremely likely that only a fraction of the £175m they are providing as a loan to the larger depositors will ever be fully paid back by the PMS administrator.
This contrasts with the despicable treatment we have received from the IOM government.
I am sure the N Ireland tax payers are unaware that they will end up footing most of the bill!
Brabander