Fate Of Presbyterian Savers In Balance

A crunch meeting will take place today to attempt to save funds lodged with a crisis-hit saving mutual that is backed by the church.

The Stormont First Minister Peter Robinson is to meet the Presbyterian Moderator Dr Stafford Carson to discuss the crisis in the Presbyterian Mutual Society (PMS).

Mr Robinson, who is both an MLA and Westminster MP, has said that Gordon Brown, the Prime Minister (pictured here), "must end the uncertainty" surrounding the ill-fated organisation and make clear whether he intends to help the savers who face losing millions.

Yesterday, he again called on No 10 to offer the 10,000 people hit when the PMS collapsed last year the same deposit protections given to other investors caught up in the financial crisis.

Westminster guaranteed deposits up to £50,000 in all the banks that were hit by the global recesssion, but wouldn't made such an undertaking to the PMS because it was not regulated by the Financial Services Authority (FSA) and that those who put money into it were essentially 'investors' and not 'savers'.

But, earlier this week, the First Minister said that distinction was wrong. He addressed the Stormont Assembly ahead of his and Deputy First Minister Martin McGuinness's crunch meeting with the PM on the issue on Wednesday.

"I don't accept the distinction that he makes, certainly it wasn't the mindset of anybody who deposited funds in the Presbyterian Mutual Society that they were somehow speculators hoping to make a quick pound on the issue," he said, insisting "they were in every sense savers".

Earlier this month Westminster indicated some assistance might be offered to PMS investors when Northern Ireland Secretary of State Shaun Woodward told the House of Commons that he was prepared to "break the bureaucracy" to help them.

NI Enterprise Minister Arlene Foster, commenting on exchanges during Northern Ireland Questions, said: "It is very encouraging that so many MPs, from across party lines, recognised the need for PMS depositors to be treated fairly.

"I was particularly pleased that the Secretary of State, Shaun Woodward made a number of positive and encouraging statements."

The DUP Minister highlighted comments by him, such as "we all have a duty to do what we can to help them - and that goes for my right honourable Friend the Prime Minister" and also, that "I am prepared to work with the honourable gentleman and other colleagues to help those investors".

See: Commons Support For PMS Savers Welcomed

(BMcC/JM)