NI Presbyterian mutual society, Short of funds for withdrawal?

Nomad25

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

Notice though, in Freddiemae's latest article link, not a word of mention of PCI and their part in all of this. In the public eye, PCI seem to have successfully disassociated themselves from PMS.

BelfastGran

Who will write this report for the Prime Minster, the Administrator ???.
who is also a presbyterian.

Have we been forgotten about and our hard earned savings gone, may take years to recoup I am told.

KingVardas

This may be what Gordon Brown is refering to:
19 February 2009
HM Treasury announces terms of reference for review of Northern Ireland financial mutuals
As announced in the 2008 pre-Budget report HM Treasury, working closely with the Northern Ireland Executive, is conducting a review of the legislative framework for credit unions and industrial and provident societies in Northern Ireland.
The terms of reference are:
1. To identify the impact of the legislative and regulatory framework on credit unions and industrial and provident societies in Northern Ireland, in particular, to compare the position of Northern Ireland and Great Britain members in respect of:

• The effectiveness of arrangements for depositor protection.
• The services that may be offered.
• Consumer information and education.

2. To consult stakeholders on recommendations for any changes to the regulatory framework to strengthen member safeguards and structure of credit unions and industrial and provident societies in Northern Ireland.
The review will build on the inquiry into credit unions undertaken by the Northern Ireland Assembly Enterprise, Trade and Industry Committee. It will also consider best practice in other countries.
The Treasury will provide an update on the progress of the review at Budget 2009.
Notes for editors
1. Credit unions and industrial and provident societies with a registered office in Northern Ireland are regulated by the Department for Enterprise, Trade and Industry, Northern Ireland, under, respectively the Credit Unions (Northern Ireland) Order 1985, and the Industrial and Provident Societies Act (Northern Ireland) 1969. Equivalent mutuals in Great Britain are regulated by the FSA.
2. There are approximately 180 credit unions (with 420,000 members) and 170 industrial and provident societies (with 60,000 members) registered under Northern Ireland law.
3. The different legal frameworks mean that members of credit unions in Northern Ireland do not have access to the Financial Services Compensation Scheme, although the Irish League of Credit Unions and Ulster Federation of Credit Unions both have a savings protection scheme for their affiliated members.
4. Credit unions and Industrial and Provident Societies in Northern Ireland are also more restricted in the range of services which they can offer to members.

BelfastGran

Just found this in the Propery Section of yestarday's News Letter

Would you like an alternative to your:

Presbyterian Mutual Society Loan / Mortgage?

call a certain Financial services.

sickasaparrot

Nick Garbutt article - the main points:-

Demise of PMS and the hardship caused to shareholders is a scandal.
Gordon Brown has not acknowledged the Moderator's request for a meeting.
Disgraced management of failed banks is being paid £3 million advance on pension.
Managers of AIG the crippled insurance giant all received massive bonuses.
The people who destroyed the economy due to reckless folly and greed still enjoy vast fortunes while others lose their life savings.
PMS savers deserve Government support.
Questions also need to be asked about people who ran PMS and the Church.
PMS lacked basic protection and regulation but was endorsed by Presbyterian Church.
Despite being separate legal entity, membership restricted to Church members.
PMS used Church email address and Board of Directors comprised of experienced and respected ministers who undertook this responsibility for the mutual benefit of all its members.
Investors deserve more than just PM intervention.
There should be a full and independent review into how business was run,prudence of investment policies and exposure to property market.
PMS collapse has caused considerable embarrassment to PCI which must learn from this and disentangle itself from the world of finance.

fivealive_2

jon_groovy wrote: »

Who here holds 6 figure sums and will be voting to keep the rules as they are and give preference to the loans ?

If you did hold a 6 figure sum.......what way would you vote ?

I don't have a 6 figure sum but if I did I would like to think that I would vote for everyone to be treated equally on the basis that the majority of those who "bought" shares had little or no understanding of the legal standing of shares-holders vs. loan-holders in the event of the PMS getting into legal difficulty.
Having said that, I would also like to think that I would not condemn anyone who would vote differently as it is not right to judge anyone's actions until you have walked a mile in their mocassins.:silenced:
Is it definite that there will be vote? I have heard it said that the law dictates that loan-holders HAVE to be given preference to share-holders, so can the Administrator legally ask us to vote on this issue?
It certainly is a potential dilemma.:question:
JonGroovy, what's your opinion on the voting issue?

crazymess

Thank you joylikes2shop for arranging the meeting last night. It was nice to put a face to our code names and to put that human touch on this whole situation we find ourselves.

fivealive_2

crazymess wrote: »

Thank you joylikes2shop for arranging the meeting last night. It was nice to put a face to our code names and to put that human touch on this whole situation we find ourselves.

Wish I could have been there.:coffee: :grouphug:

joylikes2shop

http://www.theyworkforyou.com/ni/?id=2009-03-23.2.1&s=presbyterian+mutual#g2.5

goodbyepci

http://www.theyworkforyou.com/lords/?id=2009-03-25a.651.0