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About: Presbyterian Mutual     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:ThriftInstitution108422524, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: yago:WikicatBuildingSocietiesOfNorthernIrelandyago:Abstraction100002137yago:BuildingSociety108422930yago:DepositoryFinancialInstitution108420278yago:FinancialInstitution108054721yago:Group100031264yago:Institution108053576yago:Organization108008335yago:YagoLegalActoryago:YagoLegalActorGeoyago:YagoPermanentlyLocatedEntityorganisationyago:SavingsAndLoan108422714yago:SocialGroup107950920yago:ThriftInstitution108422524 New Facet based on Instances of this Class

The Presbyterian Mutual Society, also known as Presbyterian Mutual, is a Belfast-based mutual society with around 9.500 investors, most of whom are members of the Presbyterian Church in Ireland. The society has been put into administration after a run on the society in October 2008 when £21 million of its £25 million reserves were withdrawn. Presbyterian Mutual had lent heavily to the commercial property developers and the buy to let sector. The loss of funds was attributed to the fact that commercial banks had their deposits guaranteed, in contrast to the Mutual's unguaranteed status. The then Minister for , Sir Reg (now Lord) Empey, amongst others, called for the Treasury to compensate investors. The Treasury subsequently set up a Working Group to consider what action could be taken.