NI Presbyterian mutual society, Short of funds for withdrawal?

fivealive_2

Monaghanman wrote: »

We have contacted or local TD (MP) Seymour Crawford on the issue and he is trying to bring the case before the irish Government.

I am new to this website. Do people in general that there are unconfirmed reports that several building contractors ow the PMS many millions of pounds?

Cead mile failte (hundred thousand welcomes). :hello:

You Presbyterians in the Republic of Ireland need to get your spoke in loud and clear as there is an unfortunate tendency for Presbyterians in the North to think that it is the P.C.N.I., not the P.C.I.! :wave:
It would be interesting to know how much money the PMS owes to investors in the R.O.I.? Or even to know what % of PMS business involves people in the R.O.I.?
Maybe we have been narrow-minded in only lobbying UK officials?

crazymess

Strange day methinks to go to Westminster with a petition!!

Anyway no mention at PM questions re PMS - in fact couldn't see any of our politicians!

A question was raised re a charity who had money in a connected financial institution to the Icelandic Banks - GBrown said they were looking at trying to help but that unfortunately they were not covered under UK jurisdiction. GBrown again said that still no depositor in UK has lost any of their savings as all the banks concerned had the Guarantee.

PMS apparently was operating as a bank - we didn't have the guarantee - where does that leave us?

Are our savings classified as deposits?

Toastandbutter

crazymess, not deposits, shares or loans, depending on their size methinks.

fivealive_2

Toastandbutter wrote: »

crazymess, not deposits, shares or loans, depending on their size methinks.

In our naivety we thought we had "deposited" it SAFELY in the PMS who we believed did not speculate or gamble in any shape or form.:think:

goodbyepci

Quote Alistair Darling
As you know, the Financial Services Authority is carrying out an investigation into seeing whether or not this institution at some stage became a bank in terms of taking deposits and making lending

Quote Jim Allister
http://www.jimallister.org/default.asp?blogID=1496

He explained, “To be treated as a Mutual the PMS had to satisfy DETI as to the authenticity of its status. Yet it was receiving deposits, the essential business of banks. So it ought to have been registered with the FSA and DETI should have realised this and insisted on such, instead of accepting its mutual status. In failing to do so DETI failed the investors and in consequence they are now in severe difficulty

It seems Jim Allister is trying his best to redefine the nature of PMS's activities
And Alistair Darling seems to be listening

This was Mark Durkan's point weeks ago!

PMS was acting as a BANK!

crazymess

Toastandbutter wrote: »

crazymess, not deposits, shares or loans, depending on their size methinks.

So what does that mean?

Is that because it was sort of a COMPANY? ie registered with the Companies office in Belfast - a limited company - (and thats why they gave us shares up to £20k and loan notes for anything above) - fooling us into believing this was just the way it was done!!!!!

and therefore

does that mean?

what I think??

emmmm .........

This is just a Company that has gone bad!

And if so -

Is it the Directors and the DETI that should have recognised the enormity of the funds and therefore it should have been changed to something else ( a bank ) - but in fact wasn't.

What I am trying to find out - what in goodness name is going on ??????????


So unless Government - DETI - PMS Directors and the PCI own up to what has actually gone on here - we are to treat this as a company and vote for ourselves - and each person organises their own BAIL OUT!

It is quite beyond me that it is now FIVE MONTHS and so many people are dithering.

Rant over

goodbyepci

http://www.fsa.gov.uk/Pages/Doing/small_firms/MSR/Societies/index.shtml

Here's an interesting bit

A Society is responsible for considering whether any of its activities are regulated activities under section 19 of the Financial Services and Markets Act 2000. If any of its activities are regulated activities, the Society must either rely on exemptions1 or apply for authorisation from the FSA for the conduct of such activities. The registration of a rule relating to a regulated activity does not provide the necessary authorisation – there is a separate application process for authorisation.


Hmmmm

crazymess

By jeekers goodbyepci - I HOPE YOU ARE RIGHT!

However the DITHERING is worrying me.

Either the PMS was operating as a bank or it wasn't - it doesn't take five months to check this out.

I suppose I have my own thoughts on this whole affair and really wonder about all the strategies and theories I read.


Had to add this -

You see they took money and lent money - which they did - were they not - under the Industrial and Provident Society Act allowed to do this?

The area that I see they went wrong was lending money on mortgages and taking 1st charges. However - were they covered by doing this in the form of a loan???????

goodbyepci

No wonder Alistair Darling wants to go the road of Mutual Societies.
This is a professional looking outfit!

http://www.sheffieldmutual.com/

fivealive_2

MamaMia wrote: »

We should not forget our fellow PMS investors in the South (any of you reading this?).

We need to also lobby MPs or anyone of influence in the South. Do you know of anyone who would be worth lobbying?

http://www.oireachtas.ie/viewdoc.asp?DocID=9395&&CatID=67&StartDate=01
This link should give you the contact details and job titles (in English, you will be relieved to hear) for the Taoiseach and Tanaiste and other members of the Irish Government.