THE PRESBYTERIAN Assembly has called on the new British government to do all in its power to assist savers affected by the collapse of the Presbyterian Mutual Society (PMS).
The assembly was updated yesterday, receiving information on work completed since a special Assembly convened in April to discuss the plight of some 10,000 savers.
The assembly has also given backing to an agreement whereby church congregations and ministers would help raise £1 million in support for a rescue plan agreed by the Stormont Executive.
Delegates also called for “the new government at Westminster to consider the situation of PMS savers as a matter of utmost urgency”.
It also supported a plan formulated in April to contribute to a hardship fund proposed in a package of measures put forward by the Stormont Executive.
There was a detailed discussion of a measure which could require Presbyterian ministers to donate their central ministry fund “bonus” worth some £1,500 annually.
However, a compromise was eventually supported although not all delegates backed it.
Outgoing Moderator Dr Stafford Carson, who announced on Monday evening that, despite ending his term as Moderator said he will continue to lead the church’s response to the crisis. The Assembly also heard from Clerk of Assembly Dr Donald Watts.
Dr Carson reported he was “greatly encouraged” by the commitment of the new Northern Secretary Owen Paterson to finding a resolution to the issue.
He said Mr Paterson was determined to deliver on a pre-election pledge made by prime minister David Cameron to deal with the difficulties faced by the society’s investors and savers.
The society went into administration in 2008 after a run on its funds by savers and investors once it was established that the PMS was not covered by the British government’s bank guarantee scheme. Nearly 10,000 Presbyterians lost access to their savings.