Presbyterian Mutual Society asks for help!!!!

[mayogodhelpus@gmail.com]

There is an irony however, that as an organisation they dont allow catholics to join/invest, yet are appealing to the irish government ( amoung others) to bail them out.

Didn't realise that the Irish Government was a Catholic organisation, I thought it was a Republic.

[Pangurban]

This organisation should not be bailed out by the taxpayer. They were not a mutual fund. Ostensibly they began as a savings society for members of the Presbyterian Church, and that was fine. But they then began to speculate heavily in property, seeking bigger profits, and that is where they incurred their losses. You take the risk you suffer the consequences. The taxpayer was never  going to profit from their possible gains, so why should we fund their losses. What we are asked to underwrite is greed

[Maguire01]

The majority of the bailout is actually a loan to the administrator who has to make repayments from the assets of the PMS; this element won't cost the taxpayer. It's £25m in cash and £175m for the loan.