iMovie "My Albums" all missing on M3 iMac

First I have looked over the community pages and done a google search and I can not find any answers or solutions to the problem I have. I have recently updated my iMac mid 2011 to a new M3 iMac, I have migrated all files and setting to the new M3 iMac. My issue is with iMovie and the "My Albums" feature, my old iMac displayed all my Albums (custom smart Albums organised by year, since 1999 onwards). My old iMove would show all of these albums so I could select videos or pictures by year, sorted by date created.

As my Photos library is too large for the m3's built in storage I have an external 1T M2.1 drive connected to the iMac through Thunderbolt. The library is set as the System Photo Library and I can see the all the pictures in that library under Albums and All Photos within iMovie. But as mentioned I can not see any of the My Albums, this area is blank. The program Photos works fine and shows the Smart Albums correctly.

One suggest I read was to create a fresh new iMovie library with a new name to see if that made any difference, it has not.

Having been a Mac user for +20yrs I'm at a loss on the solution, there are no settings in iMovie that I can find or General system settings to adjust this. iMove has full permissions under the System menu for the external drive and the system photo library. I have also left the iMac running for several days in the hope it was something to do with Spotlight.

iMovie Version 10.4

MacOS 14.2.1 (23C71)

Any help would be welcome !!

Thanks

Joe