Presbyterian Moderator Dr Stafford Carson has asked for an urgent meeting to be convened by the Treasury with senior representatives of any bank considered likely to be able to undertake a rescue operation of PMS.
The purpose of such a meeting would be to make clear the Government's desire to reach such a solution. It would also consider the nature and level of Government support that would be required to make the absorption of the PMS by a bank a viable commercial proposition.
Dr Carson made the request during discussions in London today, Tuesday 23 February with Economic Secretary to the Treasury Dr Ian Pearson
During the 80 minute meeting Dr Carson pressed Dr Pearson to ensure that the government treats the savers in the PMS in the same way as their peers in other failed financial institutions in the UK and have their monies returned to them in full.
Dr Carson added "There has been enough talk and what is needed now is swift, decisive action. I believe by getting key people around one table and showing that the political will is there to resolve this matter should result in reaching a fair and just solution without further delay."
However, the Moderator was disappointed at the lack of progress that has been made in resolving the crisis but was assured by Dr Pearson that he will make every effort to move the situation forward.
The full statement issued by Dr Carson after the meeting follows below.
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I welcome today's meeting with Dr Pearson and look forward to it producing tangible results and action to help savers in the PMS.
However, I am disappointed at the lack of progress that has been made in resolving the crisis but was assured by Dr Pearson that he will make every effort to move the situation forward.
I explained to Dr Pearson the continuing traumatic consequences of the collapse of the PMS for both individuals and congregations and that for savers to have been denied access to their savings for 16 months was appalling.
The recent High Court Ruling has now made a bad situation worse. Putting the Society into Administration has effectively demutualised it - a situation that presumably nobody intended - and in a bizarre twist the smallest savers go to the back of the queue.
In order to relieve the widespread anxiety and help stabilise the situation I pressed Dr Pearson to ensure the government treats the savers in the PMS in the same way as their peers in other failed financial institutions in the UK. They have not lost any money as a result of such failure and I reminded him of the Government's determined message in such cases. "We will do whatever needs to be done," and they did.
I restated the Church's proposal made to the Working Group last August and reiterated to the Rt. Hon. John McFall and the Treasury Committee. That was that the only solution which can produce (at least cost to Government) the same outcome as was achieved for other savers in the UK, is for the assets and liabilities of the PMS to be absorbed by a substantial existing financial institution, recently referred to as the 'commercial' solution.
I also firmly stated that the political will to resolve this matter must be clearly evident in the process of devising such a "commercial" solution involving a bank.
Reminding Dr Pearson of the Treasury Select Committee's comment that "there will not be a solution until political lead is given," I asked that a meeting be very urgently convened by the Treasury with senior representatives of any bank considered likely to be able to undertake a rescue operation of PMS.
The purpose of such a meeting would be to make clear the Government's desire to reach such a solution and consider the nature and level of Government support that would be required to make the absorption of the PMS by a bank a viable commercial proposition.
Throughout my meeting with Dr Pearson I made clear the need for immediate relief for PMS savers highlighting the Treasury Select Committee's belief that "a solution must be found and must be found quickly".
There has been enough talk and what is needed now, particularly in light of the recent High Court judgement, is swift, decisive action, which delivers justice for PMS savers.
Rt Rev Dr Stafford Carson
Presbyterian Moderator
Issued by Stephen Lynas, Presbyterian Information Services. Info@PresbyterianIreland.org
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