Credit crunch hits church society

The credit crunch reached a church today when it was announced the Presbyterian Mutual Society, with assets of some £300m (€364m), was unable to meet massive demand for withdrawals and was stopping repayments to members.

Credit crunch hits church society
Wed, 12 Nov, 2008 - 14:36

The credit crunch reached a church today when it was announced the Presbyterian Mutual Society, with assets of some £300m (€364m), was unable to meet massive demand for withdrawals and was stopping repayments to members.

A run of recent withdrawals meant it no longer had the money to meet demand.

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