NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

On 30th September at the time of the Icesave crisis Gordon Brown told the BBC that he would do “whatever it takes” to protect people’s savings, he also pointed out that the Government had not let any UK depositor lose out.
On 8th October Gordon Brown told a Number 10 news conference that Britain stood ready to sue Iceland to honour its responsibilities. “We are showing by our action that we stand by people who save”, he said.
On 10th December Gordon Brown stated at Prime ministers questions that “not one depositor actually lost any money in Britain”
On 18th February in an article in The Times the PM stated “The recapitalisation programme was not to subsidise bankers; it was to ensure that no depositor or saver lost money”.
Finally in his address to Congress Gordon Brown said “wherever there is suffering, we cannot, we will not, pass by on the other side”


Sometimes he says depositor, sometimes he says saver?

crazymess

goodbyepci wrote: »

On 30th September at the time of the Icesave crisis Gordon Brown told the BBC that he would do “whatever it takes” to protect people’s savings, he also pointed out that the Government had not let any UK depositor lose out.
On 8th October Gordon Brown told a Number 10 news conference that Britain stood ready to sue Iceland to honour its responsibilities. “We are showing by our action that we stand by people who save”, he said.
On 10th December Gordon Brown stated at Prime ministers questions that “not one depositor actually lost any money in Britain”
On 18th February in an article in The Times the PM stated “The recapitalisation programme was not to subsidise bankers; it was to ensure that no depositor or saver lost money”.
Finally in his address to Congress Gordon Brown said “wherever there is suffering, we cannot, we will not, pass by on the other side”


Sometimes he says depositor, sometimes he says saver?

Maybe its time to put this into the Newsletter and ask Philip Bradfield to challenge G Brown on his speeches - it doesn't seem as if our Assembly are pushing hard enough for us!

Oh how I wish I'd lived in bonnie Scotland and put my savings in the Dunfermline Mutual!!!!!

crazymess

Goodbyepci

You could be right - but I would prefer Gov to bail us out - the reason why they haven't to date is because PMS is made up of shareholders and creditors and its seen like a BUSINESS/COMPANY type of thing.

However had the PMS got the FSA regulation certificate and paid the levy - things would be different.

It has been going on too long now and a little worrying,

What a W HOLY MESS!!!

Amontylado

Assuming that the Scottish Secretary's statement:
"We will act in any way possible to protect those people who have invested in any financial enterprise, any building society or any bank, because that is the right thing to do"
has been reported correctly, it seems to me that we should be writing to the NI Secretary to ask him if he intends to provide the same safeguard and if not, why not?
I should think that investing in the PMS would fall into the category of investing in 'any financial enterprise...'

Hope the meeting tomorrow goes well - as I'm not in NI unfortunately I can't go but I'm looking forward to hearing about it!

wilderness_man

Assuming that the Scottish Secretary's statement is correct:

I would be writing to your MP and suggesting asking questions at PMQ, because the Scottish Secretary's statement seems to be talking about savers in the UK, not just in Scotland.

freddiemae

http://www.newsletter.co.uk/news/Brown-wants-report-on-PMS.5101623.jp


Looks like Gordon wants to see report and decide whether it was mistakes made by directors which caused collapse before he decides to help or not.

crazymess

Freddiemae

Does that mean if Directors did make mistakes - GB will help?

Or does it mean that GB will not help if they made mistakes?


Surely of all the Financial Institutions in bother to date - its been misjudgement by the Directors ie bad lending?

freddiemae

crazymess wrote: »

Freddiemae

Does that mean if Directors did make mistakes - GB will help?

Or does it mean that GB will not help if they made mistakes?


Surely of all the Financial Institutions in bother to date - its been misjudgement by the Directors ie bad lending?

I am not an expert but I can only suggest that GB will be looking for the directors to use their insurance to bail out if they acted outwith their responsibility. Or the DETI to bail out if they were found to be not acting responsibly in regulating the mutuals. Basically he will be hoping there is a getout clause for him.
I think that trying to morally blackmail him was a big mistake. He must be shown to be anti-discriminatory in practice and being a son of the manse is an accident of birth not a reason for bailing out fellow presbyterians.

I hope it works out for the older people who are in despair at the loss of their savings and more importantly their destroyed trust in their religious leaders. Younger people have a chance to earn money again but they have little hope of making the money back again.
I will continue to post any articles I find in the hope that it helps you.

fivealive_2

freddiemae wrote: »

I am not an expert but I can only suggest that GB will be looking for the directors to use their insurance to bail out if they acted outwith their responsibility. Or the DETI to bail out if they were found to be not acting responsibly in regulating the mutuals. Basically he will be hoping there is a getout clause for him.
I think that trying to morally blackmail him was a big mistake. He must be shown to be anti-discriminatory in practice and being a son of the manse is an accident of birth not a reason for bailing out fellow presbyterians.

I hope it works out for the older people who are in despair at the loss of their savings and more importantly their destroyed trust in their religious leaders. Younger people have a chance to earn money again but they have little hope of making the money back again.
I will continue to post any articles I find in the hope that it helps you.

Thanks, Freddiemae, I think that you have written a useful synopsis of where we are at.:think:

goodbyepci

freddiemae wrote: »

I think that trying to morally blackmail him was a big mistake. He must be shown to be anti-discriminatory in practice and being a son of the manse is an accident of birth not a reason for bailing out fellow presbyterians.
.

I doesn't make sense to unjustly blame someone for your problems then expect them to help you.

If anyone is morally responsible for this mess it is the PCI who positively encouraged Presbyterians to save with PMS for 26 years.