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This sort of rumour-spreading is equivalent to a virus contaminating a computer network.

That is assuming that the PMS is financially sound.

In the past 18 months we have seen so many malicious practices in the finance world, that this incident probably only scores 3.5 on the Richter Scale.

The other possibility is that Mr Donaldson is in need of some positive political spin to enhance his own status.

It was me! I'm Spartacus!

Seems a bit more than a rumour.

The Minister with responsibility, Arlene Foster, has gone on record to make the same point;-



“The crisis facing the Presbyterian Mutual Society was brought about as a direct consequence of the decisions taken by the government. When the Chancellor guaranteed the customer savings of Financial Services Authority-regulated institutions like Northern Rock it placed a strain on the mutual society with many customers engaging in panic withdrawals of money. Indeed over recent weeks I have heard numerous stories about how bank managers who knew that their customers had money in the Mutual Society contacted them directly urging them to withdraw their money and put it into the banks instead. The result was that the society was brought to the brink of collapse....."