NI Presbyterian mutual society, Short of funds for withdrawal?

Dr._Who_2

Folks - I think we both can be and need to be quietly optimistic about the outcome of all of this: something needs to be worked out to ensure that we get all of our money back and I would like to be quietly optimisitc that it will be so. It's hard sometimes, I know - there's a lot of frustration around, largely brought about through lack of information.

I made the point before and I'll make it again - PCI has the facilities, the technology and the people to have brought about a co-ordinated approach to Government. The Church House facilities could have been used to this end - that, I think, is the major failing. I believe, as others do, that "people" in Church House were aware of a problem long before the whole thing went public. Why weren't contingency plans put in place to act once it became public?

I think all we can do now is await the outworking of Phase 2 of the operation - however, although I remain involved with PCI, I'll find it difficult to think of the Church in the same way again as, I believe, will many others!!

ordained

PMS DIVIDEND !!

In all previous 'Normal' Dividend payments, shareholders
and loan depositors were treated the same, the dividend paid out was always based on the total money you had lodged i.e the first £20,000 plus all else.

So why the necessity to reaffirm this ?

What was the practice in the past should hold good now.

BETRAYED

This link should open FSA website. On the right hand side is another link to more information about Mutual Societies.
What a pity N Ireland was not covered by that legislation.

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

joylikes2shop

crazymess wrote: »

So think it is now time for all the groups to get to know each other and work together for the final hurdle.

In the absence of knowing about any groups - apart from the Shore Street one which I 'gatecrashed' one week and am now part of :T -
I would be keen to find out if there are in fact any other groups that anyone following this thread knows about.

I think if there are any groups it would be good for perhaps one or two representatives of each group to have an opportunity to get together and share ideas,information etc.

I've had a few offers of 'help'- potential offers of church halls suitable for a SMALL groups of people to use.

If between us we could even set up one or two local meetings, it would mean the representatives could report back any information to their individual groups and we would at least have some way of knowing who's doing what, and maybe cut down on unnecessary duplication of work.If in the end we achieve nothing other than just 'supporting' each other, surely this is worth trying....anybody any better suggestions or think this is a waste of time ?

If these meetings did take place, I think it would be REALLY useful if some of the information discussed at them could be put on the forum for the benefit of those who don't have any other means of finding out what others are doing.

So, if you know of a group, belong to a group or want to be put in touch with a group, I suppose I'm volunteering to gather all the information together to try to co ordinate something like I've just suggested, OR if you are already doing this, please let me know so that I can give you my details...

expat68

Does anyone know anything about the committee that is being set up to looks at solutions for the PMS situation? I cant find anything about it - who is on it, who are they consulting, what is the timetable, have they even met yet etc etc.

I would hate to think that another 3 months passes without anything really happening and a lot of momentum being lost. I am finding it difficult to put my faith in people unknown to do something in 3 months that they havent managed in over 7 months to date. If anyone can provide any detail or reassurance I am sure many people would be appreciative.

crazymess

Expat68

As of 11.30am 25/6 the Gov Working Group has not been agreed or met. It will be made up of Civil Servants and as I understand - will report to the Ministers. Per NIO.

They will, it seems, have approx 7 - 8 weeks to report and as it is understood, the Administrator will report to us.

Hope this helps.

joylikes2shop

expat68 wrote: »

Does anyone know anything about the committee that is being set up to looks at solutions for the PMS situation? I cant find anything about it - who is on it, who are they consulting, what is the timetable, have they even met yet etc etc.

This is the best (?!?!) information I've been able to find in answer to Expats question....

Gordon Brown has asked Northern Ireland Secretary Shaun Woodward to set up a group including representatives of his own department, Number 10, the Treasury, the Northern Ireland administration and eventually the FSA to look into the problem over the coming weeks.{newsletter}


DUP leader Mr Robinson said the establishment of the group “indicates there is a will to assist the savers in PMS and we will be looking at a period of probably three months where we will attempt to find a way forward”.{Irishnews}


In trying to find out who's in this working party I found the following info...not much to go on, but maybe of some interest...


COMMITTEE FOR ENTERPRISE, TRADE AND INVESTMENT
MINUTES OF PROCEEDINGS
THURSDAY, 18 JUNE 2009
ROOM 21, PARLIAMENT BUILDINGS

http://www.niassembly.gov.uk/enterprise/2007mandate/minutes/2008/090618.htm


Members noted a letter from the FSA stating that a meeting with Margaret Cole I] FSA enforcement director[/I is to be arranged with the Chair regarding Presbyterian Mutual Society.

Members noted a letter written to Ian Pearson [Economic Secretary to the Treasury ] regarding PMS.

Agreed: To share letter with the Chair of the Treasury Select Committee, Chancellor of the Exchequer, DETI Minister, PMS Administrator, and Secretary of State for NI.


Members noted a press article in relation to the First Minister’s meeting with the Prime Minister on PMS.

Members discussed the Chair’s meeting with Mike Bohill. [Department of Enterprise, Trade and Investment]

Agreed: To receive an oral briefing from Departmental Officials regarding the Treasury Report on the credit unions on 2 July.

joylikes2shop

PRESS RELEASE

22 June 2009

ETI 09/08/09

ASSEMBLY COMMITTEE WELCOMES GOVERNMENTAL WORKING GROUP

The Northern Ireland Assembly’s Committee for Enterprise, Trade and Investment has welcomed news that a governmental working group has been set up to address issues and options arising from the collapse of the Presbyterian Mutual Society (PMS).
The Committee has made a number of representations on the predicament of PMS members and has engaged with the Department of Enterprise, Trade and Investment (DETI), the PMS administrator, the Treasury and the Financial Services Authority (FSA). Most recently the Committee wrote to press Treasury Minister, Ian Pearson, for a more swift and satisfactory outcome for the people affected. In that letter, the Committee highlighted particular concerns around comments from the Secretary of State which suggested the devolved authority (DETI) had failed to regulate the PMS, whereas it was the FSA who should have been regulating aspects of PMS business. The Committee also registered concern over the Secretary of State pointedly referring to those affected by the PMS collapse as investors, rather than savers in an attempt to differentiate between them and savers with banks or building societies who have been supported by Government.
Mark Durkan, MP, MLA, Chairperson of the Committee said: “PMS savers diligently saved their money in the belief that that their money would be safe. Clearly, they are savers, not investors and should be treated as such. The Government moved quickly to put a solution in place when the Dunfermline Building Society collapsed. A similar solution could and should be found for the PMS as a matter of urgency.”
Jennifer McCann, Deputy Chairperson of the Committee said: “The PMS collapse has caused hardship and heartache for many. The Committee is urging the Treasury to bring this matter to an end by developing a solution that ends this anxiety for savers and re-establishes trust and confidence in our financial system.”
ENDS

http://www.niassembly.gov.uk/enterprise/2007mandate/press/ETI09_08_09.htm

joylikes2shop

Just a thought....

Because the interest on PMS savings was paid gross, I used to help my mum fill this information on her self assessment tax return.

Her tax code was adjusted accordingly to allow HMRC to receive the outstanding tax via her pension.

Since she has received no interest payment and potentially if a 'dividend' is to be paid at some stage later this year it will be significantly less than in previous years, I was wondering could this be taken into consideration NOW to allow her some 'tax relief' ???

I phoned the tax office this morning to make a very GENERAL enquiry about this and it would seem that this COULD possibly be taken into consideration HOWEVER since the tax office are having a computer system upgrade right now, nothing could be done for at least a couple of weeks.:mad:

Just though I'd share this incase it might be of interest to anyone, or if any TAX advisors could shine more light on this matter.

no_more_f.w.o

http://thereformedfaith.blogspot.com/2009/06/pci-pms-and-sectarianism.html

There are still a few stupid plonkers out there!!!!

Doesn't he know that agencies such as fire officers, prison officers, police etc have their own "mutual societies/credit unions" exclusively for them?

Are they "sectarian" too?