THE COLLAPSE of the Presbyterian Mutual Society (PMS) is expected to dominate the annual Assembly of the Presbyterian Church in Ireland which opens in Belfast this evening with the formal installation of new moderator, the Rev Stafford Carson.
First Minister Peter Robinson said ahead of the Assembly that he has secured a meeting with British prime minister Gordon Brown this month to discuss whether anything can be done to assist those investors who lost millions of pounds as a result of the collapse of the PMS. Thousands of people face financial loss because of the crisis. The society suffered a run on its funds as savers withdrew money because it was not covered by the financial guarantee provided for those who had invested with the banks. It was also prompted by concerns the society invested too heavily in commercial property, which had lost a considerable portion of its value because of the building slump.
People affected by the collapse are expected to protest at this week’s Assembly. The leaders of the Catholic Church of Ireland and Methodist churches have also issued a statement of support on behalf of the investors. The Catholic and Church of Ireland Primates, Cardinal Seán Brady and Archbishop Alan Harper and the head of the Methodist Church Rev Aian Ferguson said assistance should be provided for some 10,000 savers who have been affected by the PMS being put into administration last November.
“Since assistance has been offered to others, it is our hope that the Northern Ireland Executive and the UK government will take urgent action to resolve these difficulties,” they said.
The outgoing moderator, Dr Donald Patton, welcomed the support.
