Presbyterian Mutual is a 'sorry saga'- Alexander

CORRESPONDENCE is to be sent by Ballymena Borough Council to the Office of the First and Deputy First Minister to find out what can and is being done for local people and others elsewhere who have been caught up in the Presbyterian Mutual Society (PMS) crisis.

The PMS was forced into administration in November 2008 after a run on deposits when many members realised the society was not covered by new government deposit guarantees.

The issue was brought up at last Wednesday night’s monthly meeting of Ballymena Council by the Mayor, Councillor James Currie who said he had been spoken to by a number of people over the past couple of weeks who he said had been left feeling “very downhearted”.

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Cllr Currie, who stressed that he had no personal interest in the PMS, said: “People feel they are being treated as second class citizens, they just want equality and can’t see why the British Government has treated one financial institution differently”.

Supporting those remarks, Cllr Declan O’Loan said: “It is outrageous that the same protection wasn’t offered by Government as it was to other financial institutions that got into difficulties”.

Alderman James Alexander added: “It is a very sad, sorry saga” and suggested that Council should also write to the Chairman of the Financial Services Authority on the issue.