The plight of abandoned depositors in the failed Presbyterian Mutual Society was in focus at the 2010 Annual General Meeting of the Celtic League held this weekend on the Isle of Man
Delegates were told that the collapse of the PMS affected over 10,000 savers most of modest means. Although plans have been mooted to assist the savers so far PMS investors who had savings of less than £20,000 have been precluded from any assets realised by the administrators appointed at the time it failed.
The AGM was also told that the UK government’s failure to assist savers of modest means in PMS should be contrasted with the billions of pounds it has pored in to banking institutions in the UK a substantial portion of which was used to compensate tax dodgers who invested in questionable foreign banks with UK operations.
The text of a resolution set out below was unanimously adopted and both the UK and Northern Ireland authorities are to be pressed on the issue
“This AGM: Recognising the considerable financial support provided to UK corporate institutions and Banks over the past two years urges the United Kingdom to provide a similar financial support package to assist depositors in the Northern Ireland Presbyterian Mutual Society (PMS) who have suffered since that institution went into administration in 2008.”
J B Moffatt (Mr)
Director of Information