NI Presbyterian mutual society, Short of funds for withdrawal?

brick

goodbyepci wrote: »

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

Nicely put by Lord Trimble...
"My Lords, I welcome very much what the Minister has said about the mutual sector, particularly his desire to support it, but is it not rather unfortunate that in recent months a mutual society has collapsed because of the current financial problems and has not had any significant help from the Government? I am referring of course to the Presbyterian Mutual Society which, alone among all the financial institutions in trouble in the United Kingdom in recent months, has received no help at all from the Government. I wonder what it is that the Government do not like about it; is it perhaps because it is in Northern Ireland?"

Bannside_2

brick wrote: »

Nicely put by Lord Trimble...
"My Lords, I welcome very much what the Minister has said about the mutual sector, particularly his desire to support it, but is it not rather unfortunate that in recent months a mutual society has collapsed because of the current financial problems and has not had any significant help from the Government? I am referring of course to the Presbyterian Mutual Society which, alone among all the financial institutions in trouble in the United Kingdom in recent months, has received no help at all from the Government. I wonder what it is that the Government do not like about it; is it perhaps because it is in Northern Ireland?"

To be fair I think we all know the government is dragging its heels because this mutual was not FSA regulated and it keeps coming back to that. Does anyone know of another unregulated mutual that the government has bailed out?

Nomad25

To be fair I think we all know the government is dragging its heels because this mutual was not FSA regulated and it keeps coming back to that. Does anyone know of another unregulated mutual that the government has bailed out?

You are quite correct and my answer would be no, unfortunately it gives cold comfort to the savers.

My understanding of the regulation scheme, is if the PMS had joined they would have had to fork out a big chunk of money. I assume this would have come [ultimately] off of any interest paid out on savings/had to be taken into account for loan rates. That is why their savers' returns in the past would probably have been better. I may be incorrect in this assumption.

crazymess

But remember as well - the directors weren't SUPPOSEDLY doing any activity that required them being FSA regulated!!!!!!!!!!!!! and the Companies Office DETI registered (IT SAYS REGULATED ON THEIR WEBSITE BUT THAT MEANS REGISTERED APPARENTLY) it.

So therefore if the Directors didn't do wrong and were within their remit of a mutual society in Northern Ireland - surely then the DETI need to cover us!!!! - Because there is no financial services guarantee scheme for industrial and provident societies in Northern Ireland.

And if the Directors didn't work within their remit and were undertaking activity that should have been FSA regulated - surely the Companies Office DETI are responsible for dealing with this!!!


Perhaps you all could shed some light!!!

Nomad25

It could almost be thought as to be deliberately deceptive.

IT SAYS REGULATED ON THEIR WEBSITE BUT THAT MEANS REGISTERED APPARENTLY

Like who is going to FSA check - maybe now, but wouldn't have thought to, before all the financial global shennagins?

crazymess

The DETI will probably delete "REGULATED" OFF THEIR WEBSITE THE SAME WAY PCI deleted any connection to PMS of theirs!!!

Why is nobody trying to help genuine savers?

goodbyepci

crazymess wrote: »

The DETI will probably delete "REGULATED" OFF THEIR WEBSITE THE SAME WAY PCI deleted any connection to PMS of theirs!!!

Why is nobody trying to help genuine savers?

Do a screen print!

BelfastGran

Jon_groovey

I totally agree with you

Shareholders are going to loose out. Many of them are elderly in the Eventide of their years, some is childrens savings and many others !!!!.

Older people who have been faithful members of the Presbyterian Church all their lives and thought they were helping their Church by putting their savings in the PMS, had complete trust and nothing would have changed that perception, now we know differently !!!!! What a shame!!

warmhands.coldheart

I've been lurking on this thread quite a while now without much comment. In my own opinion the The Horse Has Bolted as far as the PCI are concerned... If the government or DETI step in now to secure savings thats great but the harm this has had on the reputation of the PCI I think will linger on in many peoples minds for years and years to come. I also think it will unfortunatly effect their genuine appeals as people will wander if the money they are donating is being handled correctly/efficiently. Not meaning deliberatly more a case of Ignorance in financial handlings... I can't say I'd have much confidence (Rightly or wrongly) in donating anything now to the PCI... And I am a presby!!

joylikes2shop

I've just got wind that there might be one or two articles in tomorrows Newsletter re Presbyterian Mutual Society.......???????