The former Moderator charged with leading the Presbyterian Church's efforts for proper redress for savers in the failed PMS, Dr Stafford Carson, has strongly called on the Ministerial Working Group looking into the matter to live up to the Prime Minister's pre election pledge "to ensure a just and fair resolution of the PMS issue."
In a statement issued just days before the Working Group is due to meet again to consider what steps can be taken to resolve the crisis, Dr Carson has forcefully reminded the Group's members of Mr Cameron's speech at LaMon Hotel in which the now Prime Minister not only made his pledge but re-emphasised it by adding "We're all in this together, you've done the right thing, and you deserve for that to be recognised and rewarded."
Dr Carson also highlighted the reassuring post election comments of the Secretary of State who chairs the Working Group. "I was greatly reassured when I met the Secretary of State on 7th June. As well as making clear to me that the take-over of PMS by a larger financial institution was still a possibility he encouraged me to quote Mr Cameron's pledge when I addressed the Opening Night of the General Assembly that evening. I was impressed by his sincerity and by his obvious commitment to bring the PMS issue urgently to a just and fair resolution."
And in calling the Working Group to fulfil Mr Cameron's pledge of a "just and fair resolution" Dr Carson and the Presbyterian Church are very clear that, "only an outcome which removes the discriminatory treatment suffered so far by PMS savers and gives all of them early access to 100% of their money can be regarded as just and fair."
In his statement the former Moderator reiterates his and the Church's opinion that the best way of obtaining full access to their savings for all PMS savers is the so-called Plan A. This would involve the take-over of the PMS by a substantial financial institution and was a plan the Church proposed to the previous Westminster Government over a year ago.
"The Church, having at that time taken expert advice, was satisfied and is still satisfied that the plan is feasible with Government support and could be implemented at considerably less cost and risk to Government than any alternative."
Dr Carson had praise for the Northern Ireland Executive ministers for all the "strenuous work" they have done and continue to do to find a resolution but he also recognised the need for the help of the Westminster Government.
"I appreciate the strenuous efforts which have been made by the NI Executive to devise a solution. A comprehensive solution can, however, only be secured for PMS savers when the UK government engages with financial institutions at the highest level. Our national Government took full responsibility for dealing speedily and generously with all the other financial institutions which were caught up in the crisis and must do the same for PMS savers.
In conclusion Dr Carson once again acknowledged that "PMS savers have been incredibly patient" and asked Presbyterians to continue in prayer " that the Government will be guided towards a just and fair solution which will speedily relieve PMS savers of the heavy burden of stress and anxiety which they have borne so patiently for so many months."
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Dr Carson's statement follows in full.
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The Ministerial Working Group on the PMS crisis, chaired by the Secretary of State, is expected to hold its next meeting on 8th September.
Ahead of that meeting, it is timely to remind the Working Group and call on them to fulfil David Cameron's pledge, that if he became Prime Minister, he would ensure a just and fair resolution of the PMS issue.
In his pre-election address at LaMon House Mr Cameron also referred to the former Prime Minister Gordon Brown as having "betrayed" PMS savers when he, Mr Brown, boasted that not one British saver had lost a single penny in the banking crisis but then failed to put PMS savers into the same position.
Mr Cameron re-emphasised his own pledge very eloquently when he added, "We're all in this together, you've done the right thing, and you deserve for that to be recognised and rewarded."
Following the general election I was greatly reassured when I met the Secretary of State on 7th June. As well as making clear to me that the take-over of PMS by a larger financial institution was still a possibility he encouraged me to quote Mr Cameron's pledge when I addressed the Opening Night of the General Assembly that evening. I was impressed by his sincerity and by his obvious commitment to bring the PMS issue urgently to a just and satisfactory conclusion.
In calling on the Ministerial Working Group to honour the Prime Minister's pledge I am in no doubt that only an outcome which removes the discriminatory treatment suffered so far by PMS savers and gives all of them early access to 100% of their money can be regarded as just and fair.
As to the best way of obtaining this outcome the Church proposed to the previous Westminster Government, over a year ago, the so-called Plan A which would involve the take-over of the PMS by a substantial financial institution.
The Church, having at that time taken expert advice, was satisfied and is still satisfied that the plan is not only feasible with Government support but could also be implemented at considerably less cost and risk to Government than any alternative. Regretfully, we believe it was never seriously explored by the previous Westminister Government.
The commercial solution, or Plan A, not only delivers the desired just and fair outcome, but makes sense for any acquiring financial institution and the Government. It offers the obvious route to the objective of giving all savers 100% of their savings.
However, if the Government is unable to deliver Plan A the responsibility still remains with it to devise an alternative scheme which has the same effect so far as all savers are concerned.
I appreciate the strenuous efforts which have been made by the NI Executive to devise a solution. A comprehensive solution can, however, only be secured for PMS savers when the UK government engages with financial institutions at the highest level. Our national Government took full responsibility for dealing speedily and generously with all the other financial institutions which were caught up in the crisis and must do the same for PMS savers.
PMS savers have been incredibly patient. Through many meetings and correspondence I am acutely aware of the distressing situation in which many savers find themselves.
So while I am calling on the Ministers Working Group to to reach a just and fair resolution I am also calling on all Presbyterians to continue to pray, especially over these next few days, that the Government will be guided towards a just and fair solution which will speedily relieve PMS savers of the heavy burden of stress and anxiety which they have borne so patiently for so many months.
Very Rev Dr Stafford Carson
Issued by Stephen Lynas, Presbyterian Information Services. Info@PresbyterianIreland.org
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