Haven't A Prayer

The Lord helps those who help themselves. He is unable, however, to help the credit crisis.

Presbyterians in Northern Ireland were salting away their savings through their own mutual society. Laymen and clergy, side by side, monitored and watched and shepherded the money. It was as if God Himself was behind it all, His mighty hand holding shut the door of the vault.

But the Lord giveth, and the credit crisis taketh away.

As the Presbyterian Mutual Society is not a bank, it is not protected by government guarantees. Members grew nervous in recent weeks and began to withdraw funds, to the point that the society was forced to freeze the remaining accounts or go under.

Money paid in by members was loaned out to churches, and the society holds a portfolio of commercial properties that bring in rental income. Like a bank, the cash was out in the world earning a profit, and when the members wanted it back, it wasn't at home.

For those who waited to see how things would pan out, they can't access their savings. The society grieves for those who will suffer, but they couldn't force their borrowers to immediately repay loans, any more than they could liquidate all real estate assets and expect to recoup the investment.

The Presbyterian Church in Ireland would like all of the society members to know that they are distressed by the situation, but the mutual society is not an arm of the church and there's nothing the church can do.

Except pray, of course. Your local minister will be happy to meet with you, to pray with you, but in general, you haven't a prayer of getting your money back any time soon.