Small savers who invested in the Presbyterian Mutual Society have been issued cheques, almost three years after it collapsed.

The Belfast-based society, which had 10,000 investors and savers, was forced into administration in November 2008 following a run on its funds. Its collapse left some smaller investors and savers, with investments of less than £20,000 (€22,700) in dire financial difficulties.

"Today's payments will come as a great relief to members of the Presbyterian Mutual Society who have been without their money for nearly three years and have endured the resulting distress, anxiety and uncertainty with great patience," said former moderator Dr Stafford Carson.

Many of the society's small investors are elderly and had committed their life savings to the society. Over the last three years, they have been unable to access their money.

Current Moderator Dr Ivan Patterson thanked those who had chosen to leave an extra amount in the PMS so that smaller savers could be paid off first.

"It is evidence that there is a spirit of kindness and generosity and compassion within our Church. It's been heart warming to see that those who could have left money in the society so that the small savers could get all their money back," he said.

In May the society's administrator confirmed a rescue scheme could be put in place.

The scheme was developed by the administrator, Arthur Boyd, as a vehicle to take advantage of a £225 million financial assistance package put together by the UK Treasury and Northern Ireland Executive to help stricken savers.

At the annoucnement of the scheme, the Presbyterian Church in Ireland also said it would contribute £1 million to the scheme. A further £6 million was also to be made available from the society's current investment portfolio.