NI Presbyterian mutual society, Short of funds for withdrawal?

crazymess

Great Will Crawley programme this morning -

Two savers spoke very well and mentioned the link between the Rural Settlement Trust and the PMS - were the Assets and Liabilities of the RST transferred to the PMS? 1946 and 1983???

The Moderator said it was 1976 - unsure where he got this date from?

The Moderator said there would be discussion on Tuesday re PMS and then opening up for questions. We need our representative Ministers and Elders demand answers to our questions.

ballyblack

Thanks Crazymess

Great Will Crawley programme this morning -

Two savers spoke very well and mentioned the link between the Rural Settlement Trust and the PMS - were the Assets and Liabilities of the RST transferred to the PMS? 1946 and 1983???

The Moderator said it was 1976 - unsure where he got this date from?

The Moderator said there would be discussion on Tuesday re PMS and then opening up for questions. We need our representative Ministers and Elders demand answers to our questions.

Latest Sunday Sequence (Radio Ulster) is now available to listen on iplayer

The two savers speak in the first 12 minutes into the programme

The Moderator responds 19 minutes later


Listen again here;


http://www.bbc.co.uk/programmes/b007cphf

Nomad25

"What I have seen offends my Presbyterian conscience, what I have seen is something that is appalling," he told BBC1's Andrew Marr Show.

http://news.bbc.co.uk/1/hi/uk_politics/8075723.stm

Ha! Mr Brown [on MPs expenses] this morning. Conscience?!

crazymess

So there is going to be a debate!!!!!!

Get your questions ready!!



Church will debate savers' crisis


The Presbyterian Mutual Society went into administration in November


Thousands of savers who lost their money when the Presbyterian Mutual Society collapsed will be given a voice at the Church's General Assembly. Moderator Dr Donald Patton said there would be a debate and questions would be taken at the assembly at Church House, Belfast, on Tuesday.
It follows news that some savers plan to protest at the assembly.
"We understand that they are angry. They have suffered months of distress and anxiety," said Dr Patton.
"The Church absolutely cares.
"There will be a full debate... a speech and questions. It will be an uncomfortable debate because of the anxiety and emotion."
The Presbyterian Mutual Society is legally separate from the Church.
Nearly 10,000 savers were hit by the collapse of the society, which was put into administration last November.
Speaking on BBC NI's Sunday Sequence, the moderator said the savers were the Church's people and it had been working on their behalf to get money from the government to help them.
'Betrayed'
Last week, Mervyn Redmond, a spokesman for the Shore Street PMS Action Group in Donaghadee said many people "felt betrayed" by the Presbyterian Church.
He said they would be making those feelings felt at the opening session of the General Assembly.
Mr Redmond told BBC NI's Talk Back: "We and our families and forebears have always turned to the Church in times of serious difficulty, but during this desperate situation we are reduced to confronting the Church leaders and elders because they have refused to take a compassionate and fruitful initiative."
The leaders of the Catholic, Anglican and Methodist churches in Ireland have joined in calls for action to help the savers.
Cardinal Sean Brady, Archbishop Alan Harper and Rev Aian Ferguson said they have become increasingly aware of the difficulties faced by PMS members.
They said government should take "urgent action" to help out.
The Presbyterian Mutual Society was set up in 1982 as an investment vehicle for members of that Church.
Individuals or Presbyterian congregations could each buy up to £20,000 in society shares, and they could lend the society much more. Often they received healthy returns of up to 6% a year.
It got into trouble in 2008 after the government announced a guarantee scheme for savers in banks. It protected deposits up to a value of £50,000.
The PMS was not covered by the guarantee, leaving many savers to conclude their cash would be safer in one of the protected banks. That led to a run on the PMS.

sickasaparrot

According to the document below it looks as if articles 3-11 of the Industrial and Provident Societies (Northern Ireland) Order 2006 were implemented on 1 July 2006


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Home > Chronological Index > Results within legislation > Contents of The Industrial and Provident Societies (2006 Order) (Commencement) Order (Northern Ireland) 2006 (No. 242 (C. 13)) > The Industrial and Provident Societies (2006 Order) (Commencement) Order (Northern Ireland) 2006 (No. 242 (C. 13))


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The Industrial and Provident Societies (2006 Order) (Commencement) Order (Northern Ireland) 2006 (No. 242 (C. 13))
Warning: This type of legislation is not revised on the Statute Law Database. Please see SLD Help for details of legislation that is revised on SLD.
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S T A T U T O R Y R U L E S O F N O R T H E R N I R E L A N D

2006 No. 242 (C. 13)
INDUSTRIAL AND PROVIDENT SOCIETIES
The Industrial and Provident Societies (2006 Order)(Commencement) Order (Northern Ireland) 2006

Made5th June 2006
The Department of Enterprise, Trade and Investment, in exercise of the powers conferred on it by Article 1(3) of the Industrial and Provident Societies (Northern Ireland) Order 2006 F1, makes the following Order:

Annotations:
F1

S.I. 2006/314 (N.I. 3)






Citation and interpretation
1. — (1) This Order may be cited as the Industrial and Provident Societies (2006 Order)(Commencement) Order (Northern Ireland) 2006.
(2) In this Order “the 2006 Order” means the Industrial and Provident Societies (Northern Ireland) Order 2006.


Appointed day
2. The day appointed for the coming into operation of Articles 3 to 11 of the 2006 Order is 1st July 2006.

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 5th June 2006.
M Bohill
A senior officer of the Department of Enterprise, Trade and Investment



EXPLANATORY NOTE
(This note is not part of the Order)
This Order provides for the coming into operation on 1st July 2006 of Articles 3 to 11 of the Industrial and Provident Societies (Northern Ireland) Order 2006 which amends the Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24).




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Action_Now

What is the significance of this Order being passed? Do we now fall under the remit of Westminster? Does this mean that someone will have to be held accountable?

Thanks

silentpci

for the ordinary lay person what does this mean?

amadan22

totallyletdown wrote: »

I don't want to spoil the party , but quite frankly i find it embarrassing that on the very saturday before the general assembly, the newsletter runs a front page story that may give some hope to savers in the PMS.

The govt will not be helping the PMS, this I know for a fact.......meeting or no meeting.

if this is the case why bother with the meetings at all? how do you know this as a "FACT"?

joylikes2shop

Nomad25 wrote: »

http://news.bbc.co.uk/1/hi/uk_politics/8075723.stm

Ha! Mr Brown [on MPs expenses] this morning. Conscience?!

Nomad25...Thanks for this post and link..

It has just been pointed out to me (i've been off line for nearly 24 hours !!!).

Maybe the wording could even be used in some material for our

CAMPAIGN OF PUBLIC AWARENESS

TOMORROW NIGHT ...

MONDAY 1ST JUNE CHURCH HOUSE BELFAST FROM 6PM ONWARDS

sickasaparrot

The Industrial and Provident Societies (2006) (Commencement) Order (Northern Ireland) 2006, passed by parliament on 5 June 2006 was to come into effect on 1 July 2006. This legislation brought Northern Ireland into line with the remainder of the UK insofar as Friendly Societies were concerned but failed to provide the safeguard of the FSA.
Authorisation, the process which allows the PMS to undertake regulated activity is non-devolved and is subject to the rule of the FSA and Financial Services and Marketing Act 2000. Any organisation, which is authorised by the FSA automatically has access to the Financial Services Compensation Scheme. At no time did DETI advise the PMS that it should have brought itself within the ambit of the FSA.
What is not clear is why the Registrar failed to observe that the PMS was not properly regulated.