It was the Government's guarantee to other banks and the failure of regulation that brought about the collapse of the Presbyterian Mutual. I met the former moderator and the general secretary on Monday, and I was shocked to learn that they had written to the Prime Minister three times since November, but he had sent only one holding reply. I was also surprised to find out that the Secretary of State had not met them. The Prime Minister is the architect of the current financial regulatory system. If his Presbyterian conscience extended to Dunfermline, why will he not apply it to the Presbyterian Mutual?
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