Unfair

Northern Irish politicians are asking Gordon Brown to compensate nine and a half thousand people who lost their savings after promising to protect savers when any UK financial institution got into trouble.

However, seven months ago Presbyterian Mutual Society collapses and none of its savers have received their money back because the government insists they were not ‘savers’, but rather ‘investors’.

MP Jeffery Donaldson, a member of the Northern Ireland Legislative Assembly and assistant to the First Minister Peter Robinson said that he doesn’t accept that view.

He says: “We believe a mutual society like Presbyterian Mutual Society is on a par with building societies who have been helped by the government.

!If you are living in Northern Ireland as a British citizen and you hear your prime minister say that all savers will have their money protected and yet a UK financial institution like Presbyterian Mutual can’t have savings protected, we think that is unfair.”

Fighting For What’s Theirs

The First and Deputy Ministers will be meeting with Prime Minister Gordon Brown to discuss the Presbyterians collapse, with the main objective of the meeting being that the Prime Minister has not met his promise to make sure that no UK savers lose out if their financial institution get into difficulties.

Representative of the Presbyterian, Ian McGimpsey, said that the situation was a great hardship. “Some people have sold a business and put their money into the Presbyterian Mutual Society and they haven’t got the money to pay their income tax. They are having to borrow it.

 “People in care homes – their savings are frozen, they are in terrible difficulties and are so worried,” he added.

Jefferey Donaldson insists that it is the governments responsibility to compensate the money and not the Northern Ireland Assembly.

He says: “Our legal advice is that it is not a devolved matter in relation to government intervention. Although Presbyterian is registered with the Department for Enterprise in Northern Ireland, financial service is not a devolved matter and banking is not a devolved matter.

“The Secretary of State [Shaun Woodward] did say in the House of Commons that he was prepared to intervene. We are now waiting to see what that intervention will be.”

What Do You Think?

Is the government letting down Northern Irish savers? Who is responsible for paying savers back? We would love to know your thoughts and opinions. Leave your comments here.