NI Presbyterian mutual society, Short of funds for withdrawal?

freddiemae

sickasaparrot wrote: »

Talk Back - Jim Allister MEP says he doesn't believe PMS was operating as a mutual society - he believes they operated as a bank - he stated the rules were broken as they should have been regulated by FSA in order to carry on business in the way they had been.
Mr Allister believes DETI should have been overseeing PMS business and making sure PMS was genuinely run as a mutual. He blames Governmental failure for PMS savers situation. Stated Government dept failed to recognise that PMS should have been regulated.
He has drawn PMS savers plight to the attention of the Treasury and Arlene Foster. He believes if questions asked were answered honestly, it may be of help to PMS savers.

This was alluded to in Mark Durkan's comments some weeks ago. This is the crux of the matter.
1. Did the PMS act illegally as a bank?
2.Should the DETI be regulating it to check up on it?
3.Did any of the Board of PMS check they were acting legally when they changed their remit.? If they checked with DETI then the buck stops there.
Is the DETI and by extension the NI govt responsible for this mess by not doing their job of regulation ? Will they step up to the plate to make good their dept's shortcomings?

Why should the PCI step forward if the DETI had the responsibility of regulating? The PCI certainly benefitted from the new church buildings but that was just a small proportion of the money lent. They should take partial responsibility since they benefitted but it is beginning to look like the buck is stopping further up the line.

36square

The ICO may be a red herring. The solicitor isn't quoted as saying that his clients were contacted by banks with which they had no business relationship.
It's more likely to have been their own banks which knew they had funds with the PMS.

MamaMia_2

I am in communication with a group of PMS investors working hard to lobby key members of the British Government. I’ve been told the Moderator, Dr Patton, is to meet John McFall MP Chairman of the House of Commons Select Committee on 1st Apr. Apparently he intends to discuss interim urgent financial assistance to ease the suffering and hardship of the most vulnerable and elderly PMS investors.

The petition we have all signed doesn’t give any idea of personal stories so would you please consider emailing/writing to the following MPs. Personal stories are needed to gain a measure of the hardship, stress and isolation being felt by PMS investors – so please make your email/letter personal to you. Separate letters per MP are needed for maximum effect.

If you are not an investor but your church is, please also consider sending a letter. In your letter include how this is impacting the church (such as prohibiting building work, impacting jobs)

Frank Field MP: ??
John McFall MP Chairman of The House Of Commons Select Treasury Committee: [EMAIL="john.mcfall@blueyonder.co.uk"]john.mcfall@blueyonder.co.uk[/EMAIL]

Michael Fallon MP Vice Chairman The House of Commons Select Treasury Committee:

[EMAIL="fallonm@parliament.uk"]fallonm@parliament.uk[/EMAIL]

George Moody MP House of Commons Select Treasury Committee: ??

John Mann MP House of Commons Select Treasury Committee: [EMAIL="mannj@parliament.uk"]mannj@parliament.uk[/EMAIL]
George Osbourne MP Shadow Chancellor: ??

Letters can be sent to :- The House of Commons London SW1A OAA

Sorry but I can’t lay my hands on email addresses for Frank Field, George Moody and George Osbourne, can anyone assist? I know it may be late for letters to reach John McFall before the 1st Apr meeting, but we still have a chance with emails!!

Finally, Apologies if this has already been done/discussed.

goodbyepci

Jim Allister on Talkback today, on Iplayer 25 minutes into show


http://www.bbc.co.uk/iplayer/episode/b00jjlyc/Talk_Back_30_03_2009/

crazymess

MamaMia wrote: »

I am in communication with a group of PMS investors working hard to lobby key members of the British Government. I’ve been told the Moderator, Dr Patton, is to meet John McFall MP Chairman of the House of Commons Select Committee on 1st Apr. Apparently he intends to discuss interim urgent financial assistance to ease the suffering and hardship of the most vulnerable and elderly PMS investors.

Thank you mamamia

I hope the Moderator is going to discuss hardship for ALL!!!

Whilst I agree elderly and vulnerable is an extremely serious category - I understand many young and old are in VERY DIFFICULT SITUATIONS!!!

Surely PCI can, help the elderly and vulnerable, from their own monies in Church House!!!

goodbyepci

MamaMia wrote: »

I’ve been told the Moderator, Dr Patton, is to meet John McFall MP Chairman of the House of Commons Select Committee on 1st Apr. Apparently he intends to discuss interim urgent financial assistance to ease the suffering and hardship of the most vulnerable and elderly PMS investors.

Thank you for the information

But

How does the Moderator intend to identify the most vulnerable and elderly PMS investors?

The use of the word "urgent" is interesting as this situation has been on going for nearly 5 months!
And PCI knew all about it at least 2 weeks before we did.

BigAl94

Any bank manager who made a call of this nature deserves a pat on the back for good advice! No one in my opinion, should ever invest personal money with any institution unless covered by a deposit guarantee scheme. Poor banks just can't win!!!

Nomad25

Well I hope this sentiment is taken into account and that these people are encouraged in a sympathetic and discreet way to come forward by their ministers:

'I haven't told anyone in my church that I have money in the PMS. I'm too embarrassed....I feel like a leper' !!!!

MamaMia_2

There were a few comments on my last post.......Sorry, but I don't know any more detail on the Moderator's meeting on 1st. If I get any more info I will post it. This forum has been a lifeline for all of the usual suspects and all those who just view and remain nameless.

Crazymess - I agree, it is hard times for all investors (my mum-in-law, my father, my mother, myself and my church included!)

joylikes2shop

I emailed John Mcfall earlier this month when he'd suggested he might be of some 'help' when I pointed out that PMS investors had no support group or means of getting in touch with one another.


I received a reply -on his behalf - from a Committee Assistant at theTreasury Committee stating ''The Treasury Committee has had dealings with two support networks over the recent months who have been very impressive''
he went on to say ....'I believe these groups were what the Chairman had in mind when he replied'' ?????

He listed 2 websites (see below) which were set up when members of the groups - who banked in the Isle of Man and Guernsey - had their banks taken over by Icelandic banks which then collapsed taking everyone's savings with them.

I'm putting the links to the websites on here now because both sites have heartbreaking stories from investors which might encourage PMS investors to write their personal stories as suggested by MamaMia.

Also if the Moderator is going to 'discuss interim urgent financial assistance to ease the suffering and hardship of the most vulnerable and elderly PMS investors' I think it's really really REALLY important to make sure ministers/PCI know who is affected,by writing to them now to tell them.

As Brick said recently ..'' If PCI wanted to identify that subset of the "family" who are PMS savers they could easily and quickly take steps to do so'', but at the speed PCI have been seen to be working since November, investors could be kept waiting indefinetly for help.

Why not speed the whole process up a bit by writing to them NOW to be sure they know you're an investor ....Surely it cant do any harm ???


http://info.landsbankiaction.org.gg/taxonomy/term/49/all

http://www.ksfiomdepositors.org/