THE PRESBYTERIAN Assembly has passed unanimously a series of motions calling on the British government and the Stormont Assembly to take urgent action following the crisis at the Presbyterian Mutual Society (PMS).
The mutual society’s funds were frozen last October, leaving individual Presbyterian investors and congregations without access to their assets.
In a series of addresses to the general assembly senior clergy appealed for the church to maintain a united approach to the crisis.
Outgoing moderator Dr Donald Patton, who estimates the society’s deficit is as much as £100 million, referred to the presence of protesters outside the Assembly and claimed: “I am left in no doubt of the depth of their feelings. I share their anxiety.”
He continued: “I have focused my efforts on government, especially in London. The run on the liquidity of the mutual society followed directly on the announcement by the central government that it was increasing its guarantee to the banking system.”
He added: “Billions have been poured into failed financial institutions in the UK and beyond, in the past months, regardless of failures by those responsible.” Citing a claim by British prime minister Gordon Brown that all UK savers had been protected by his government’s guarantee scheme, Dr Patton said: “We have a right to expect equitable treatment from our government. We are your people, you are our prime minister.”
The Rev Alistair Bill, minister in Saintfield, Co Down, said that “the principle of mutuality has been lost somewhere along the way”.
Derek Wells, an elder from Castlecaulfield in Tyrone, claimed that the society had lent some £85 million to property developers and another £26 million to buy-to-let investors.
The Rev Shaw Thompson, from Dromore, Co Down, and a director of the society, told the Assembly he had received 367 threats to sue.
The Rev Derek McElvey from Fisherwick in Belfast, said no Christian should ever take another Christian to the civil court.
He said there was a biblical requirement for Christians to treat each other with respect in relation to disputes and he added: “Shame on us if that does not apply.”