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The Presbyterian bailout

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William Crawley | 12:15 UK time, Friday, 26 November 2010

The Presbyterian Church says it expects to be asked by the Executive to contibute considerably more than it has already pledged to a Presbyterian Mutal Society bailout fund. Dr Stafford Carson told Good Morning Ulster that the church has not yet been formally invited to contribute more to the fund, but emphasised that the church would not "drag its feet in terms of getting to a good solution". It has been suggested by some that the church should contrinute more than the £1m it has already pledged to the rescue package. The UK government has pledged £25m in cash and a £175m loan to the PMS. The has also pledged £25m if agreement is reached.

The Presbyterian Church's current £5m refurbishment of its headquarters has angered some PMS savers who think the church has a moral responsibility to contribute more to the rescue package. The pressure on the church to find an additional £4m may now increase as the impact of the UK Treasury's cuts on the Northern Ireland Executive's budget begin to be seen. Stafford Carson's statement today -- that the church has not been formally asked to contribute more -- may prompt the Finance Minister to send a letter in the next few days or weeks thanking the Presbyterian Church for its willingness to be even more generous and asking how generous they are willing to be.

Comments

  • Comment number 1.

    Has a breakdown of the amounts savers have in the PMS ever been issued? What percentage of folk have under £5000, £10000, £20000, £50000, and so on?

    The reason I ask, is because it could well be that pensioners in the PCI, on a very tight budget, might be asked to contribute so that those with a million pounds or more invested, might be fully compensated. I do not think that is fair.

    Surely everyone under £50000 should be fully compensated, with those with the really big money invested taking the hit - after all the PMS was never really meant for them anyway.

  • Comment number 2.

    Contribute more to the *fun*??

  • Comment number 3.

    If the principle is established that the Presbyterian Church should contribute to the bailout, why should its contribution be limited to a maximum of £5 million when its assets far exceed this figure? It is not long ago that there was outrage at the cost to taxpayers of the Pope's visit to Britain - this is much worse.

    Taxpayers should be protected; not fleeced.

  • Comment number 4.

    I agree with robertrev -- the big money will continue to be recompensated as time goes on and the under 20,000s won't see a thing. I wonder if there isn't a way that the PCI monies can't go in a specifically targetted way to the little guy.

  • Comment number 5.

    I have been thinking about these figures and the situation is dire for taxpayers.

    If the Government's gift of £25 million is added to the Executive's gift of £25 million this makes £50 million. This figure divided by the total number of savers (10,000) gives a figure of £5,000 per saver!

  • Comment number 6.

    Is this same group of people whining about other global bank bailouts?

  • Comment number 7.

    RobertRev's suggestions make a lot of sense to me but perhaps that is because I fall into this category. The whole situation is one great bit mess and if I wasn't dedicated to the PCI I would be saying "Goodbye"

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