Published Monday, 18 January 2010
Chairman of the Westminster Treasury Select Committee John McFall gathered evidence about the crisis-hit society at Stormont, where he grilled politicians on whether enough was being done to solve the crisis.
Read Jamie Delargy's blog: PMS ordeal goes on
Mr McFall also met Presbyterian Church Moderator Dr Stafford Carson and heard from savers.
"I feel that John McFall understands the situation much more clearly today and that now it is the responsibility of the Treasury and the Stormont Executive to put their heads together and bring this to a successful solution as soon as possible", PMS saver Gwen Smyth told UTV.
The collapse of the society was not covered by the government savings guarantee brought in as a result of the financial crisis.
With the society now under administration, efforts are under way to find a bank to take it over, while Stormont ministers continue to lobby central government to come to the aid of the society's savers.
Mr McFall quizzed Assembly Ministers Arlene Foster and Sammy Wilson.
"There should be a political will between Westminster and yourselves to try and fill this gap to give reassurance to banks or others to come in to get this over with, rather than what some people would say is a pass the parcel exercise at the moment," he said.
Mr McFall said: "There is a feeling from people that they have been forgotten about. This matter is going on for months and months and months."
Finance Sammy Wilson said concerted efforts were under way to resolve the issue, while Acting First Minister and Enterprise Minister Arlene Foster repeated her determination to find a resolution.
"I am very confident that everything has been done according to the legislation", Mrs Foster said.
She called for a focus on finding a solution.
"We are both very much focused, Sammy and myself, to finding that solution."
The committee heard that the PMS assets shot from £24m in 2003 to £300m by 2008.
Committee members asked why savers were unaware of the growing commercial wing of the organisation's assets.
Asked if the Church felt responsible to the savers, the Moderator Dr Stafford Carson said: "We are very aware that as a Church we need to look into our own hearts and we need to examine again what led to this situation and make the necessary adjustments and the necessary repentance."
He added: "But by the same token I think we have to understand that the specific problem has been caused by the greater global financial crisis that afflicted every financial institution."
He called for the government to offer the same protections offered to other savers in the UK.