Will Crawley spots the latest victim of the global credit crunch, the Presbyterian Mutual Society. And, as he also notes, the Presbyterian Moderator “has written a letter to the Prime Minister encouraging a positive response to the request that the guarantee offered to savers be extended to apply in these circumstances.” More from the BBC report.
[Enterprise Minister Arlene Foster] said her department was “looking at the options available to the society” and would do all they could to help.
And what can you do, Minister?Adds From the BBC report
The society has assets of £300m and about 9,500 shareholder accounts.
Its activities consist of receiving money from shareholders – on which it pays a divided – making loans to churches and private individuals, and making investments in commercial property in England and Scotland from which it derives a rental income.
The society is not covered by the Financial Services Compensation Scheme, but has made approaches to Government seeking to have it extended to its shareholders.