ANALYSIS: Committee determined to move PMS forward
THE Treasury Committee (TC) does not have the power to make decisions about what help should be given to the PMS, but rather has scrutiny functions similar to many other departmental committees.
It is a very influential committee at Westminster, but in this case it is scrutinising arguably the most powerful Government institution in the UK – HM Treasury.
The TC has reportedly received thousands of letters from PMS savers about their plight and visited Belfast last year to take evidence on the banking crisis in general. According to Mark Durkan yesterday, it had given private assurances many months ago that it would return to tackle the PMS.
Its chairman John McFall MP has been well across the PMS situation for some time but yesterday was an opportunity to bring the rest of his committee members with him and aim the formal machinery of the TC to bear on the crisis.
And let nobody doubt that it is a real crisis. It has left an unnumbered people who suffer in isolation in the deepest distress without access to modest but crucial life savings.
Some savers have expressed concern about the lack of notice for the meeting at Stormont yesterday and questioned how ordinary savers were selected to give evidence. Four people gave evidence publicly yesterday as PMS savers, two of them detailing immense financial pressures.
The TC also met with the Presbyterian delegation yesterday, including Moderator Rev Dr Stafford Carson and Clerk of Assembly Rev Dr Donald Watts. They poured scorn on the Government's assertion that no saver has lost out in the UK during the current recession. The only solution, they said yesterday, was for another financial institution to absorb the PMS. A Presbyterian spokesman said that they met in private with the TC because they had been invited to do so at the last minute and after the public sessions had been agreed.
While many savers also expressed concern about this arrangement, perhaps they should take most notice of the robust nature of the TC's engagement with politicians yesterday; clearly John McFall means business. He concluded the public sessions with two observations; that there had been a gap in regulation regarding the PMS and that political will is needed to resolve the crisis.
His team will compile a report in a few weeks which will then be presented to Government in a bid to add "momentum" to the "pass the parcel" situation.
It is understood that a serious potential buyer is still closely examining the PMS but additional Government support for such a transaction can only improve the outlook for savers.
Meanwhile, Enterprise Minister Arlene Foster was subjected to a bruising examination yesterday by the TC. But speaking afterwards she was keen to give a clear message directly to PMS savers.
"Northern Ireland and GB officials are continuing to actively pursue all possible options that could produce a satisfactory outcome for PMS members," she said. "I want to reassure members that I, along with my Executive colleague, Finance Minister Sammy Wilson, remain totally committed to seeking a successful outcome for PMS members."
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Sunday 27 May 2012
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