Credit crunch hits Northern Ireland
Updated on 30 January 2009
The collapse of a mutual society linked to the Presbyterian Church means thousands of savers in Northern Ireland may face ruin.
It was set up 25 years ago for the benefit of the Presbyterian Church in Northern Ireland, but the Presbyterian Mutual Society has become another victim of the credit crunch.
The Presbyterian Mutual Society's 9,000 members had deposited several hundred million pounds. But it was not a bank - it was registered as an industrial and provident society and that means the savings are not protected under the government's savings guarantee scheme.
Worried savers started pulling out their money at the end of last year, and when the society could not cope with the demand, administrators were called in.
Now investors and church leaders are calling on the British government to bail them out.
