Saver gives proposals his firm backing

editorial image

A saver in the collapsed Presbyterian Mutual Society says he feels has “no choice” but to vote in favour of a proposed government rescue scheme.

Last week, the High Court gave permission for savers in the PMS to vote on the proposed rescue scheme and it is expected ballot papers are now coming through letter boxes.

Yesterday PMS saver Mervyn Redmond, who lives near Greyabbey, said he would vote for the scheme despite not yet having received the details by post.

“We are going to have to vote for this,” he said. “I have not yet seen the paperwork but they have the gun to our heads. If we don’t back it the government will take all the money to help us off the table.”

Mr Redmond is a PMS creditor and he and his wife have “all the money for our retirement in this”.

He added: “I think we should been given all our money back long before now. The Treasury Select Committee has said the collapse of the PMS was due to a failure in regulation but I don’t think it was all down to devolved government here.

“By my understanding the Treasury holds the primary responsibility for financial regulation across the UK and I would hold it personally responsible. I may be waiting ten years to get all the money coming to me back under this rescue scheme. But I don’t have any guarantees that I am going to be here in ten years.

“Having said all that, I still feel I have no choice, so I am going to vote in favour of the scheme.”