The administrator of the Presbyterian Mutual Society in Northern Ireland has said that savers will receive at least 77% of their money back.
Under the plans, the group's 10,000 creditors and members would receive more than £232m sterling by early July.
The society was placed in administration in November 2008. Since then, nothing has been paid to members with shares worth up to £20,000, while those with larger sums saved have received 12% back.
The scheme was proposed after £225m was provided in assistance from the British Government and £1m from the Presbyterian Church in Ireland. A further £6m has been made from income accrued by the society during the administration period.
In a letter to savers, administrator Arthur Boyd said while there were insufficient sums to pay everyone what they were owed by the society, the scheme should be adopted because it produced a better and quicker return to creditors and members than they could otherwise get.
