UK Tresury:PMS Announcement Welcomed

NEWS FROM THE CELTIC LEAGUE

UK TREASURY: PMS ANNOUNCEMENT WELCOMED

The Celtic League welcomes the pledge of £200 million in the form of a £175 million loan and £25 million access fund to aid investors in the failed Presbyterian Mutual Society (PMS).

The Celtic League have consistently raised the plight of the small investors in PMS who were not covered by financial savings guarantees similar to those provided to savers in UK banks and Building Societies which were affected by the banking collapse.

The League pressed the UK and Northern Ireland administration on the issue and at this years Celtic League AGM (held on the Isle of Man) a resolution reiterating our earlier calls for assistance to savers was adopted (text below):

“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.”

Whilst in terms of the recent government announcement `the devil will be in the detail’, at face value the £200 million pledged does seem to ensure that repayment of savings to depositors of modest means (precluded from payments to date) can now be made.

Related link on Celtic News:

https://groups.yahoo.com/group/celtic_league/message/3448

J B Moffatt (Mr)
Director of Information
Celtic League

22/10/10

The Celtic League has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a
broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on
socio-economic issues.

TEL (UK)01624 877918 MOBILE (UK)07624 491609

Internet site at:

https://celticleague.net
https://groups.yahoo.com/group/celtic_league/

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