NI Presbyterian mutual society, Short of funds for withdrawal?

crazymess

Banks are businesses - they wanted to improve their liquidity - when Gordon Brown increased the threshold guarantee to £50k this was a unique opportunity for banks to deprive those financial institutions with no guarantee, and at the same time reassure the customer their savings would be safer with them. Remember all of us were scrambling around Sept - Oct 2008 wondering - where was a safe place to put our savings?? I remember not knowing where was safe. I was going to open a savings account with the Gov savings account - but of course was too late.

The Government, probably without realising this, caused some problems in much movement of funds around the banking sector. Of course that left the mutuals and those without the guarantee vulnerable.

It happened with the banks then and is still happening today! Its not right but banks need money to make money!!



One day at a time - S J!

MamaMia_2

I have just received this email, which I have posted here. Again I am keen to get the info I have to all of you. So apols once again if this is repeating information.

Anyone that was a Presbyterian saver who was contacted by one of the Banks without requesting such calls should immediately contact Londonderry Solicitor Mr Don McClay.

Mr McClay has indicated that several PMS savers have contacted him to say that they were "cold called" by being warned that their money was not safe with the PMS because of no deposit guarantee.

Jeffrey Donaldson, Junior Minister at Stormont welcomed the information brought forward by Mr McClay and said it added pressure on the Prime Minister to help the PMS. This is further evidence to link deposit guarantees to banks to the rapid withdrawals of funds from the PMS. Mr Donaldson has made it clear to the Government that the deposit guarantee it gave to Banks gave them an unfair advantage to exploit investors the consequences of this, we all aware and this is why the Government has a moral responsibility to put this right.

The Information Commissioners Office (ICO), which enforces the Data Protection Act, said that it could investigate allegations if a formal complaint is made to it. The ICO also said that anyone wanting to lodge a complaint would need to give his or her name and address but this would not be divulged to anyone outside the ICO.

Mr Donaldson said that his Lagan Valley Office at Old Town Hall, 28 Castle Street, Lisburn – Tel no. 02892 668001 would be glad to assist anyone in making a complaint.

If the ICO does hold an investigation, it could shed light on whether Banks directly contributed to the panic, which caused the run on the 318 million PMS Fund in October causing the PMS to go into Administration in November.

The Independent Commissioners Officer can be contacted at:- 01625 545745.

If would be of help if anyone to whom "cold calls" were made and requested to move money from the PMS could contact Mr Donaldson’s Office and ICO. All matters will be dealt with in strictest confidence.

ADDENDUM

The reason for a complaint to be made to the IOC is because if there was any unsolicited "cold calls" from any organisation concerning another such as the PMS concerning any matter including the guarantee scheme which is in breach of the Data Protection Act, the IOC can establish if there was a breach.

brick

joylikes2shop wrote: »

The amount of information, email addresses and media links that are on here is amazing

Agree. Invaluable resource, and de facto home for affected PMS savers.

Is there any easy way to easily archive/copy/replicate this whole thread?

Just in case it suddenly "disappears" for any reason, and we go back to square one.

I have no reason to suspect that this might happen, but nothing surprises me any more.

brick

brick wrote: »

Just in case it suddenly "disappears" for any reason, and we go back to square one.

And of course an upgrade could always go badly wrong...

http://forums.moneysavingexpert.com/forumdisplay.html?f=32

Announcement: IMPORTANT ANNOUNCEMENT! The Forums will be closed between Friday April 3rd and Sunday April 5th for a major upgrade.
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Toastandbutter

A further point about the ICO....


even if a complaint about banks cold calling you and causing a panic/run does not show that the banks did anything unlawful, it could still help establish which banks may have done it and to how many people.

So even if the banks concerned did nothing in breach of the data protection act, they would still have to put their hands up and admit they did it, as part of the ICO investigation.

The end result could well be the same as if they had broken the law;

The facts would come out and the politicians and PMS shareholders would lambast the banks concerned to high heavens and they would come under serious moral and political pressure to help resolve the problem.

moral of the story, call the ICO. You can discuss the matter on the hotline before deciding to make a complaint.

Jeffrey Donaldsons office will assist you in making a complaint.

Both channels of complaint offer complete anonymity.

Take action today!

T&B

Nomad25

Brick: 2 valid posts - thank you. I hope one our thread founder members who is a PMS person has taken note of this. Although it has to be said when stuff has "disappeared" off the forum before, for whatever reason, someone has always been able to retrieve it.

goodbyepci

http://www.dailymail.co.uk/news/article-1165508/Taxpayers-pay-1-6bn-help-Nationwide-rescue-building-society-Browns-backyard.html

Mr Brown said: 'Let's face facts - the Dunfermline building society is the author of its own mistakes: mistaken judgments, mistaken investments, mistaken policies.
'We have had to step in where the Dunfermline building society has failed, and in such a way that we can both protect the savers and give those people who depend on the building society for mortgages a way through for the future.'

'Of course, management at Dunfermline must bear the primary responsibility for taking a safe and, dare I say it, quite boring building society and turning it into a high-risk property speculator - but why did the FSA let them do that?' (George Osbourne)



Remind you of anyone?

MamaMia_2

Missing email addresses from my post of yesterday:
Frank Field - [EMAIL="field@parliament.uk"]field@parliament.uk[/EMAIL] or www.frankfield.co.uk
George Osbourne - www.georgeosbourne.co.uk

The following Lords are believed to be sympathetic, so if you haven’t already done so please send a letter to this address: House of Lords London SW1A OPW (apparently it is letters only – no email?!) A single letter for each Lord!

Lord M Morrow
Lord Laird of Artigarvan
Lord K Maginnis of Drumglass
Lord Turner

REMEMBER IT IS TIME FOR YOUR STORY TO BE TOLD. I KNOW IT’S DIFFICULT FOR PRESBYTERIANS TO GIVE UP PERSONAL AND FAMILY DETAILS, BUT PLEASE MAKE YOUR LETTER REFLECT THE WORRY, STRESS, AND HEARTACHE THIS HAS CAUSED YOU AND YOUR FAMILY.

amadan22

hi brick. is there any way of lifting the info from this entire thread and planting a copy elsewhere? even a hard copy. it's just too good an historic source of our situation to go up in smoke!!!! it contains pretty much every report about the pms. we really can't afford to loose it. i know zero about computers so wouldn't know where to start. if there's even a 1% chance of the whole thing being flushed we need to act NOW! has this happened in the past? cheers.

Nomad25

I'll put a post on the tecchie board and ask how it can be done.