Thousands of depositors of Old Court and First Maryland Savings and Loan are still without the bulk of our life's savings. Those of us who still have money in these accounts are mostly older, hard-working people whose lives have changed drastically since the S&L crisis began in May 1985.

All of the high rollers with firsthand information on the sorry condition of Maryland's S&Ls got their money out during the silent run. Several depositors have been so distressed that they have committed suicide.

This letter is to remind people in power that the state of Maryland made a promise to repay all of our money by December 1989. A plan must be implemented in the 1988 session of the General Assembly in order to have the necessary funds to pay us by December 1989. The state has received two so-called "windfalls" this year. This obligation should come before any new projects are planned. The only real security behind the AAA bond rating is the word of the state of Maryland that it will have sufficient funds to redeem those bonds upon maturity. If the state fails to meet its obligation to depositors, what credibility will its word have? With such a huge debt how can the state retain an AAA rating?

The legislature must not let us and the reputation of Maryland down. A firm commitment as to exactly where that money is coming from in this next session is necessary.

The crisis, according to the Preston report, was not caused by the rate of interest the S&Ls were paying, but rather because there there was no control by the state agency set up to regulate the thrifts, or by MSSIC, or Gov. Harry Hughes, or the legislature. This allowed such extensive fraud to be committed that the worst financial crisis in the history of the state of Maryland resulted.

The question is, how will this commitment be honored?

GENEVIEVE M. THOMAS Ocean City