AQW 19025/17-22

Mr Stewart Dickson
Alliance Party
East Antrim

Tabled Date: 18/05/2021
Answered On Date: 27/05/2021
Priority Written: No

Question:
To ask the Minister for the Economy for an update on repayments of the loan provided to Presbyterian Mutual Society by the NI Executive.

Answer:

As at 31 March 2021 £131.5m has been repaid from the £175m loan provided to the Presbyterian Mutual Society leaving a balance outstanding of £43.5m.

Current forecasts indicate there will potentially be a shortfall of £18.5m and an Expected Credit Loss provision, with budget cover, has been recognised to cover this in the Department for the Economy’s 2020/21 accounts.

In addition, due to the order of repayment of the various loans, a £50m loan provided under the Mutual Access Fund is now considered unrecoverable, however this had been written down to nil in previous years.