NI Presbyterian mutual society, Short of funds for withdrawal?

crazymess

Certainly it is better news that the Government feel they have a moral obligation to help the Savers in the PMS and plan to set up a Working Group to look into the problem.

Too right - it has been eight months and will be 11 months perhaps before we see any of our savings.

Interesting though - Government not legally responsible, Presbyterian Church in Ireland not legally responsible - Eh - surely people its not the Savers' fault!!!! Who is responsible?

Bottom line is - something somewhere went wrong - either gap in legislation here in NI or the Directors made very strange decisions - same as the other Financial Instititutions that have been bailed out eg RBS -

To the critics - we are Savers - and if you went to your saving financial institution and were told - savings frozen!!!! you too would feel the pain, isolation etc that we have been suffering this last eight months.


I have no difficultly in stocks and shares, house prices etc rising and falling - they are investments - there is a serious difference here.

One last thing - seems to me - that all of these Directors of all the Financial Institutions throughout the world - can make serious bad decisions and only the savers are penalised.

Bannside_2

crazymess wrote: »

I have no difficultly in stocks and shares, house prices etc rising and falling - they are investments - there is a serious difference here.

Unfortunately while the good people here were saving their money someone at the PMS was investing it in houses, buy-to-let properties, building sites etc. At least some of the directors of the big banks admitted they had made bad decisions. No-one from the PMS seems to have the decency to hold their hands up and admit anything or indeed apologise.

expat68

Bannside wrote: »

Unfortunately while the good people here were saving their money someone at the PMS was investing it in houses, buy-to-let properties, building sites etc. At least some of the directors of the big banks admitted they had made bad decisions. No-one from the PMS seems to have the decency to hold their hands up and admit anything or indeed apologise.

While the PCI hierarchy tell everyone it is unchristian for PMS savers to take legal advice and use this against directors it seems to fully support their minister directors taking legal advice and not apologising in case this is seen as admitting liability. AT church house legal advice clearly comes before doing the right thing - still I'm sure they can twist a biblical quote to justify their actions.

At least the politicians seem to be making progress of sorts albeit somewhat slower than people would like.

deserts4

If I had lost money I would be seeking legal advice to pursue directors/assets. That would put the pressure on and at worst
give them a taste of the worry that PMS savers are going through.

Pres ministers are reputed to be the best paid clergy and it was alleged
to me that at least 1 has a swimming pool

D.A.

deserts4 wrote: »

Pres ministers are reputed to be the best paid clergy and it was alleged
to me that at least 1 has a swimming pool

Which, if it were at the manse (unlikely), would have been paid for by the congregation.

If it were at his home which he would have bought for holidays or retirement, he would have paid for himself out of his salary, like everyone else who would have a swimming pool at their house.

Some people really do like to have a go at ministers about everything...

deserts4

D.A. wrote: »

Which, if it were at the manse (unlikely), would have been paid for by the congregation.

If it were at his home which he would have bought for holidays or retirement, he would have paid for himself out of his salary, like everyone else who would have a swimming pool at their house.

Some people really do like to have a go at ministers about everything...

There are many excellent ministers including pres. - however the allegation ref the swimming pool was at a manse. If it was their own stipend then it is for them to chose what to do with it.

goodbyepci

http://www.publications.parliament.uk/pa/cm200809/cmhansrd/cm090612/debtext/90612-0001.htm

goodbyepci

A couple of interesting extracts from the bill read for the third time on Friday 12th June 09
http://www.publications.parliament.uk/pa/cm200809/cmhansrd/cm090612/debtext/90612-0001.htm


The Bill applies the Company Directors Disqualification Act 1986 to officers of industrial and provident societies, as it applies to officers of companies, building societies and friendly societies. The 1986 Act provides for the disqualification of officers of companies and various bodies when such officers have seriously mismanaged those bodies. Disqualification means being prohibited from involvement in the management of a company or from acting as an insolvency practitioner for a period of time. Under the law as it currently stands, officers of industrial and provident societies who have mismanaged a society cannot be disqualified. Clause 3 will make their disqualification possible. The Bill provides for greater investigation of societies. It gives the Treasury powers to apply to industrial and provident societies specific provisions of company law on investigating companies, company names, dissolution, and on restoration to the register, which the FSA keeps, of industrial and provident societies.


On Second Reading, the hon. Member for Fareham (Mr. Hoban) emphasised the importance of getting the regulatory regime right for societies, citing the recent fate of the Presbyterian Mutual Society in Northern Ireland as a case in point. Indeed, the problems at the PMS have emphasised the need for societies to make absolutely clear to their members the nature of their investment. That also highlights the need for vigilance by the registrar. I understand that the administrator for the PMS is due to present his report on this sad incident, and it would therefore not be prudent for me to comment further on the matter. However, I would like to say that we all sympathise with the plight of that society and its members, and that we hope that the matter ends in a satisfactory resolution for all those affected.

I wonder are they shutting the stable door after the horse has bolted, or will any of the decisions be retrospective?

crazymess

We have perhaps now had time to digest the recent news from Government. That Mr G Brown - Prime Minister has agreed to form a Working Group to look into a resolution to the PMS problem.

Through discussions with MPs a few suggestions were made:

So if you feel you would like to write - suggestions are:

1. Thanking the Prime Minister and Shaun Woodward for taking an interest in the seriousness of our problem and forming a Working Group.



Perhaps later when the time is right.


2. Highlight that you always believed that you were a SAVER - per the Rule Book etc of the PMS.

3. Inform them how, not being able to access your savings is causing distress and what you had saved for - eg nursing home bills, Christmas, utility bills, tax and just plain every day living -

4. The other very serious important factor is that if our Savings are received this will be coming back into the NI Economy.



We could be hearing something around mid-August ish - it is holiday time so please spread the word.

As a Saver - it is your choice if you would like to write further letters.

sickasaparrot

PMS Lobby Group NI, as the officially recognised lobby group has been advised NOT to lobby anyone at this time.

This has already been done resulting in the completion of phase 1.

The situation is being closely monitored on our behalf and if needed in the future we will be advised accordingly.

Thank you letters are a different matter.


The Govt has given an undertaking to help us.

This is the end of phase 1 and we are now in phase 2.