NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

jon_groovy wrote: »

http://www.newsletter.co.uk/news/PMS-faces-financial-probe.5117734.jp

There are a couple more PMS articles in today's News Letter.
Worth buying it

and no I don't work for the News Letter!

Whatnow?_3

Hi,

This thread has been viewed almost 100,000 times. This is phenomenal and reveals the interest being shown in PMS circumstances.

I hope that PCI understand the strength of feeling, will come to the plate and turn this situation round in such a transforming manner that it negates the last several months of anxiety, fear and abandonment that has been felt by us all.

Only time will tell.

goodbyepci

Whatnow? wrote: »

I hope that PCI understand the strength of feeling, will come to the plate and turn this situation round in such a transforming manner that it negates the last several months of anxiety, fear and abandonment that has been felt by us all.

WELL SAID!!!

:T :T

Nomad25

Just on the news, Dumfermline B/S bail-out has fallen through.

freddiemae

http://news.bbc.co.uk/1/hi/scotland/7969882.stm


This could be bad news for the PMS. If GB will let a mutual fail in his own back yard he could harden his heart towards PMS too.
I see it was foolish investments which resulted in the Dunfermline failure.

brick

goodbyepci wrote: »

There are a couple more PMS articles in today's News Letter.
Worth buying it

Yes - well worth the 75p. Very interesting/informative.

sickasaparrot

http://news.sky.com/skynews/Home/UK-News/Dunfermline-Building-Society-Bailed-Out-By-Government-Gordon-Brown-Says-Savers-Will-Be-Protected/Article/200903415251122?f=rss

Worth noting he refers to "UK institutions" not "banks"!

"Savers will be protected," he said. "It is important to recognise that throughout this whole crisis, everyone who has been saving in a UK institution has been protected."

goodbyepci

According to yesterday's News Letter
http://www.newsletter.co.uk/news/PMS...obe.5117734.jp

"If the FSA investigation decides the PMS was operating as a bank its former directors could face criminal proceedings"

According to the 2008 PMS promotional leaflet
"The Society is managed by the Board of Directors comprised of experienced and respected ministers and laymen of the church who undertake this responsibility for the mutual benefit of all its Presbyterian investors"


Oh dear

goodbyepci

From the 2002 PMS website
http://web.archive.org/web/20020117015606/http://www.presbyterianireland.org/mutual/index.html

Is my investment safe?
The Directors give a categorical assurance that they do not under any circumstances speculate with investors' funds entrusted to their care, but use such funds specially for the purpose of advancing loans to those shareholders who wish to borrow from the Society. Monies that are not out on loan at any given time are invested on the best terms available in established banks in Northern Ireland.


When did the policy change?

When did it all go wrong?

goodbyepci

Dividends
From 2002 website

The dividend record of the Society over the last eight years is as follows:
1993 - 7.0%; 1994 - 4.75%; 1995 - 5.25%; 1996 - 6.0% ;
1997 - 5.5%; 1998 - 7%; 1999 - 7%; 2000 - 5%; 2001 - 7%