AQW 19025/17-22 Written question to the Minister for the Economy
To ask the Minister for the Economy for an update on repayments of the loan provided to Presbyterian Mutual Society by the NI Executive.
Asked by Stewart Dickson MLA on 18 May 2021
- Answered
- Written
- Tabled
- 18 May 2021
- Answer due by
- 3 June 2021
- Answered
- 27 May 20219 days after tabling
- Department
- Department for the Economy
- Priority question
- No
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.