{"id":633,"date":"2009-03-31T19:16:00","date_gmt":"2009-04-01T02:16:00","guid":{"rendered":"https:\/\/blog.gajunkie.com\/?p=633"},"modified":"2009-03-31T19:16:00","modified_gmt":"2009-04-01T02:16:00","slug":"hope-for-the-presbyterian-mutual-society-stakeholders","status":"publish","type":"post","link":"https:\/\/blog.gajunkie.com\/?p=633","title":{"rendered":"Hope For The Presbyterian Mutual Society Stakeholders?"},"content":{"rendered":"

In the spirit of “All politics is local,” British Prime Minister Gordon Brown’s government has bailed out a Scottish building society in his previous district.  The government arranged for the failing Dunfermline Building Society<\/a>, a financial institution like an American Savings and Loan, to be taken over by The Nationwide Building Society<\/a> with an infusion of \u00a31.5bn from the Treasury.  (BBC Article<\/a>)<\/p>\n

While news in its own right, especially since Dunfermline was the largest Scottish building society, this raises the hopes of those invested in the failed<\/a> Presbyterian Mutual Society<\/a> in Ireland and might put added pressure on Mr. Brown.  As the article from the Belfast Telegraph<\/a> says:<\/p>\n

The [Ulster Unionist Party’s] deputy leader Danny Kennedy said Mr Brown will be accused of
\nfavouritism if he does nothing for the Mutual\u2019s investors after saving the
\nDunfermline Building Society, which is in his Kircaldy constituency in
\nScotland.
\n<\/p><\/blockquote>\n

And it goes on to quote Mr. Kennedy<\/p>\n

\u201cAn intervention of this scale for a local building society is a perfect
\ntemplate for action over the Presbyterian Mutual. What is sauce for the
\nDunfermline goose is also sauce for the Presbyterian Mutual gander,\u201d said Mr
\nKennedy. \u201cI now call on the Prime Minister to move quickly to protect the
\nsavings of Presbyterian Mutual investors.\u201d
\n<\/p><\/blockquote>\n

In another article from the Belfast Telegraph<\/a> a letter from the Treasury Minister Ian Pearson is quoted saying “The Government is keen to ensure a sucessful resolution to this matter.”  That, and a quote from Mr. Brown in the previously mentioned article, \u201cIt is important to recognise that throughout this whole crisis, everyone who
\nhas been saving in a UK institution has been protected,\u201d seem to give hope of Government help for the Mutual Society.  However, both articles note that at the present time it is only discussion and no action.<\/p>\n","protected":false},"excerpt":{"rendered":"

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