Discussions are taking place with a major bank about the possibility of buying over the Presbyterian Mutual Society, bringing fresh hope to thousands of savers.
The Belfast-based society had its assets frozen when it went into administration over a year ago, causing investors to lose millions.
While the government guaranteed deposits up to £50,000 in banks caught up in the global meltdown, it made no such undertaking to the PMS because it was not regulated by the Financial Services Authority.
DUP MLA Jeffrey Donaldson has been involved in trying to secure help for savers and has said these latest talks are at an advanced stage.
"There's been some progress made in terms of trying to identify a financial institution that might be prepared to acquire the PMS - and of course that would be the preferred outcome, with government support," he said.
"I understand that there have been discussions with a number of banks and there's one bank in particular that is continuing to pursue those discussions."
According to Mr Donaldson, discussions with the bank in question are continuing and it is hoped a positive conclusion will be reached early in the New Year.
He added: "It would be an absolute lifeline for members because, as things stand at the moment, they are unable to access their savings and the prospects are pretty bleak."
© UTV News