NI Presbyterian mutual society, Short of funds for withdrawal?

Toastandbutter

Surely the first priority should be getting a rescue package rather than getting
scalps? (Not to say scalps should not be collected later).

While many groups bear some responsibility only Government and/or the banks it owns have really got the financial clout to put a rescue package together.

If 12 witnesses name names, institutions, times and places this provides a solid bedrock for a proper investigation. Is anyone going to seriously suggest these were the only 12 people the banks called? Nonsense.


FYI The leader opinion column in the News Letter today follows on from the story.

crazymess

Toastandbutter wrote: »

Surely the first priority should be getting a rescue package rather than getting
scalps? (Not to say scalps should not be collected later).

While many groups bear some responsibility only Government and/or the banks it owns have really got the financial clout to put a rescue package together.

If 12 witnesses name names, institutions, times and places this provides a solid bedrock for a proper investigation. Is anyone going to seriously suggest these were the only 12 people the banks called? Nonsense.


FYI The leader opinion column in the News Letter today follows on from the story.

Can you post on the Leader point from the Newsletter or do we have to buy it???

Just trying to make the sequence of events in this easier for people -


Toastandbutter - just a thought -

it is a crazy system - we have to justify - get evidence etc etc etc - find out what happened - and we are the victims of this whole affair

we put our money into a financial insitution within Northern Ireland for SAFEKEEPING - tax paid savings!!!!!!!!!!!!!! and yet we have to fight to get our savings back!!!!!!!!

No other british citizen has had to fight - the way we have on this get their savings back.

crazymess

Not too sure if you have all written to the OFM and DFM and the two junior ministers

email address for them is : [EMAIL="ps.ministers@ofmdfmni.gov.uk"]ps.ministers@ofmdfmni.gov.uk[/EMAIL]

A suggestion of a letter to try and clarify the lack of regulation could go something like this!!!


We are writing to you in connection with the ongoing matter of the PMS which we are sure you are aware continues to cause great worry and hardship among many people within the Northern Ireland community.

We continue to be confused as to who had regulatory responsiblity for Ind and Provident Societies and while it has been previously said that the DETI was performing the function of registrar only this does not seem to be consistent with other publicly available information for example:

The Industrial and Provident Societies (NI) Order 2006 strongly implies that the function of the DETI was one of regulation.

Given that the lastest FSA communication now clearly states that the PMS was operating unregulated and therefore unlawfully we were wondering if you could clarify how the PMS avoided any historic scrutiny by the government department concerned and what steps Stormont is taking to satisfactorily resolve this situation for the 10,000 genuine hard working savers, taxpayers and voters in Northern Ireland.

It has been over five months and we are still waiting for a reply from Westminister and no help is forthcoming.



We feel lack of regulation, government guarantee led to the run on the PMS - and we feel we were left very vulnerable ..............


Add the rest ............ explaining your plight etc

BelfastGran

Just thinking:

It would not take to many phone calls from Banks for the news to cascade around this small Province and the Presbyterian family.

Belfastgran

crazymess

BelfastGran

App you need to clear your PM box!!!

Toastandbutter

sorry leader is not online I dont think

Toastandbutter

my mistake it was online;-

Banks must help victims of PMS mess









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Published Date: 24 April 2009

THE news that the First and Deputy First Ministers are to meet banks over the debacle of the Presbyterian Mutual Society is a highly significant development.
Almost 10,000 people in Northern Ireland hold investments in the society, which is being wound up over a period of time.

Many of these people have put their life savings in the bank, believing they were investing in the corporate Presbyterian Chur ADVERTISEMENT




ch - and many of them are older people who desperately need access to their savings during the current recession.

It will be a long time before we know all the truth about what happened but it is unlikely that the society or the Church will come out of the scandal without their reputations being tarnished.

Many people who sit in the pews every Sunday feel very sore about the way they have been treated.

DUP MP Jeffrey Donaldson has campaigned on behalf of many investors and 12 people have now come forward, saying that some banks made persistent telephone calls to PMS investors, trying to persuade them that their money was not safe in the mutual.

"They are saying that several banks were calling people again and again, frightening them into removing their money from the PMS by saying it had no Government deposit guarantee," said Mr Donaldson.

"It is our view that the Government therefore precipitated the run because it significantly increased its deposit guarantee for banks right before the PMS run began. The Government therefore has a duty to intervene and we are asking that one of the banks it now has majority ownership of takes a shareholding in the PMS."

There can be no hiding place for the banks, which must be asked to account for their actions.

The victims of this disgraceful episode are almost 10,000 decent Christian people who saved their hard-earned cash and are now sick with worry.

There is now some movement on the issue and hopefully the pressure from our politicians will ensure that the banks and the Government fix the mess they helped to create.





The full article contains 351 words and appears in News Letter newspaper.

crazymess

Three cheers for the Newsletter - excellent reporting!!!

Mark789

#2125
This is very odd.

There doesn't appear to be a Jeannie Moody, Solicitor. There is a Joanne.
The phone number listed returns 16 results on google, 15 related to a recruitment agency fax number and one to a missing page, that does refer to a J Moody at Stewarts Solicitors.
I strongly advise people not to contact either the landline or mobile number on the letter, but to go through your own solicitors and get them to make contact based on confirmed information.
This WILL cost you money, as solicitors charge for most things, but will be a lot safer.

If this insurance exists and isn't renewed by the administrator, surely that would be negligence on his part and any loss would be recoverable from his PI insurance.

Amontylado

From whom did you receive this information about registering our rights Crazymess?