UK Treasury urged to aid Presbyterian Mutual Society depositors

- Rapport -

The Celtic League has renewed calls for action from the UK Treasury to alleviate the plight of depositors in the (Northern Ireland) Presbyterian Mutual Society. Recently a court ruled that depositors with less than £20,000 could not receive a payout.

Cathal Ó Luain Par Celtic League le 17/02/10 8:03

The Celtic League has renewed calls for action from the UK Treasury to alleviate the plight of depositors in the (Northern Ireland) Presbyterian Mutual Society.

Recently a court ruled that depositors with less than £20,000 could not receive a payout. Many PMS depositors fall into this category.

The Celtic League have contrasted the attitude of the UK treasury in supporting high worth investors who speculated in high interest accounts in foreign banks to the lack of action to depositors of modest means in PMS. (See below):

"Chancellor of the Exchequer Rt Hon Alistair Darling MP HM Treasury Horse Guards Road London SW1A 2HQ

13/02/10

Dear Minister,

Ref: (Northern Ireland) Presbyterian Mutual Society.

We wrote to you in May 2009 to express concern about the plight of those people who had (in most instances) modest amounts of money deposited in the failed Presbyterian Mutual Society (PMS).

You will be aware of the developments over the past few days in which legal proceedings related to PMS have resulted in a ruling which disenfranchises those with small savings who by implication are the most vulnerable in this sorry saga.

I am aware of the comments you made in response to our earlier letter in which you said that the:

"Government sympathises with the extremely difficult situation faced by members"

However, in the intervening period little appears to have been done to assist PMS members and alleviate their distress.

We note that the UK government and treasury has taken swift action to alleviate the plight of savers in other institutions, including those who in some instances had risked substantial funds in foreign banks because of the attraction of high interest rates.

It is shameful that little UK government or treasury support has been applied to resolving the PMS crisis which, as indicated above, involves decent people with very modest investments.

The UK government makes a great play of supporting hard-working families and investing in communities and yet their inertia in the PMS debacle sends out a quite different message.

The UK government should cease utilising legislative mechanisms which sustain its unwillingness to act decisively and apply the same principles applied to other crises

We look forward to a positive response.

Yours sincerely,

J B Moffatt Director of Information Celtic League"

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