Dear Mr Cameron and Mr Osborne,
As I know you are both such long-term supporters of the banking and financial services industries, I am writing to request your help with the financial issues currently being faced by the Port Talbot Metallic Commodities Creation Bank.
As I’m sure you are aware, our banking institution has a long and proud history of metallic commodity creation for city trading floors and other financial and investment services. Though we have traded under several names and owners, we are proud to say that without our commodity creation services the United Kingdom would never have reached the heights of international banking and trading influence that we have long enjoyed. As the last of the great historic metallic commodity creators remaining in the UK working in our particular financial sector, we feel it important that that history is not abandoned. Our ongoing strategic importance to the British metallic commodity creation market certainly makes us ‘too big to fail’.
The PTMCC Bank, along with its remaining branch and subsidiary operations throughout the UK (including the Llanwern Investment Group, Trostre Financial Services and Shotton Trading) is now, as you know, in a very difficult financial situation. While we continue to trade as future ownership is decided, we are currently unable to reach the point of NET profitability until we are able to secure sufficient investment. As with other banks who have suffered as the result of a global financial crisis that was not of their making, we hope you will look positively on our case for assistance.
Under these circumstances, it has been recent the habit of the UK government to provide ‘bail out’ funding to struggling financial institutions, and to provide ongoing government support through a scheme of some form of temporary part share ownership. I’m sure you will agree that it is only right that the PTMCC Bank should also be supported in this same manner, as would be the case with any other major financial institution.
The UK’s financial services industry is a crucial part of our economy, and we cannot risk the country’s future prosperity because of severe short-term market fluctuations caused by external influences. It is also vital that we retain the unique skills and experience of our expert Metallic Commodities Creation Associates and Partners for the future. As the last remaining such metallic commodities creation service in the UK, I know you will agree that the PTMCC Bank must remain a valued part of that financial services industry in order that the UK can thrive and prosper in the global financial services industry in the long term.
The Port Talbot Metallic Commodities Creation Bank (and partners)