The decline in the UK commercial property market has taken its toll on Northern Ireland’s beleaguered Presbyterian Mutual Society which is facing liquidation.
Robin Newton, a Democratic Unionist member of the Northern Ireland assembly, urged British prime minister Gordon Brown to save the church mutual.
The society invested in properties in England and Scotland bought for rental income to be distributed to members as dividends. The loan book is believed to include a large portion of loans to Presbyterian property developers involved in buy-to-let investment.
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