NI Presbyterian mutual society, Short of funds for withdrawal?

OldJohn

Betrayed
I know it's frustrating but as always we do not have all the facts (if only), If money was loaned at 70% of the value and obviously the builder was planning to make a profit, these dwellings being sold at a reduced market rate may actually bring in the value of what was borrowed. The Administrator is only trying to move things on as the market permits. Anything he adds to our funds will bring in some interest from the Bank as well, until a payout is made, hopefully sooner rather than later.

BETRAYED

OldJohn wrote: »

Betrayed
I know it's frustrating but as always we do not have all the facts (if only), If money was loaned at 70% of the value and obviously the builder was planning to make a profit, these dwellings being sold at a reduced market rate may actually bring in the value of what was borrowed. The Administrator is only trying to move things on as the market permits. Anything he adds to our funds will bring in some interest from the Bank as well, until a payout is made, hopefully sooner rather than later.

Agreed. And for unfinished buildings (Ballymena) some money may be needed to complete them to get them sold. I just don't know all that is going on. Boyd having a creditors' committee of 5 people would have been a better arrangement.
He says he couldn't tell them anything but they maybe could have told him something.

Lester_F

So, one of Mr. Moore's company's went into liquidation but he personally is still in business and the Administrator is selling the assets of this company?

Does this mean that the PMS did not receive a personal guarantee from one of the directors of the company when they lent it money?

These houses in the !!!!!! of nowhere are not even guaranted to sell for their present asking price.

If sold at their current asking price this would account for £1 million loss for the PMS. Is the rumour about £35 million lent to one (now bust) property developer by the PMS, just that, a rumour?

HOPE

OldJohn wrote: »

Betrayed
I know it's frustrating but as always we do not have all the facts (if only), If money was loaned at 70% of the value and obviously the builder was planning to make a profit, these dwellings being sold at a reduced market rate may actually bring in the value of what was borrowed. The Administrator is only trying to move things on as the market permits. Anything he adds to our funds will bring in some interest from the Bank as well, until a payout is made, hopefully sooner rather than later.

Oldjohn - Correct. We do not have all the facts. Speculating is not always helpful. Anything to boost the funds has to be a good thing.

silentpci

Dr who said on the 10th July that he thought the Church might consider helping out with the shortfall to savers, it would certanly be in the churche's interest to do so..After all it was in the churche's interest and yours at the very begining and nothing has changed.

HOPE

I think the Church should help out but in reality with the PMS in Adminstation legally they could not become involved before this point. I would think the Government will expect PCI to put some money in the pot insofar as PCI and the PMS are inextricably linked.

Dr._Who_2

It would seem to me to be reasonable that PCI should be part of the solution by putting money into the pot - after all, the General Assembly encouraged people to save with PMS all along. It would take the "bad look" off the thing so far as Government would be concerned - think that PCI has forgotten how all this looks to the Mr. Average in the street with little interest in Church, religion or the Christian faith; looks like "special pleading" because it is the Church. It would be better if PCI "showed willing" to help its people - that might encourage Government to come forward with ideas to help
I'm sure that money could be borrowed against the property assests of PCI i.e. Church House, Union College, various properties in Belfast etc. Would take years to pay back but morally would be worth it in the end.
Congregational property e.g. Manses is a different matter, legally. Congregations would need to agree to sell their property to support a bail out fund.

HOPE

Dr Who - As far as I can recall John McFall MP Chairman of the Select Treasury Committee mentioned PCI when he and others raised the matter in the House of Commons a couple of weeks before the meeting with the PM and the First & Deputy First Minister. The Moderator in his letter mentions being in contact who those who can help formulate a satisfactory solution. I would be surprised if the government let PCI off the hook. They have enough money to put something into the pot.

BETRAYED

Debate in House of Commons 14 July

Gregory Campbell (East Londonderry, DUP)
The Government moved early to protect savers with Northern Rock and other large financial institutions in the United Kingdom. Do not savers with smaller institutions, such as the Derbyshire and the Presbyterian mutual society in Northern Ireland, deserve the same protection?


Ian Pearson (Economic Secretary, HM Treasury; Dudley South, Labour)

As the hon. Gentleman knows, following discussions with some of the party leaders in the Northern Ireland Administration, the Government have announced that we will conduct a review of the Presbyterian mutual society and the situation facing savers. I understand that that review has just started and is due to report in the autumn. The hon. Gentleman will also know about the general issue of regulating industrial and provident societies and credit unions in Northern Ireland. A report was published on that matter on 8 July, to which I refer him.

BETRAYED

Myself and others in Antrim and Down Lobbying Group are disappointed with the document referred to in the Commons debate July 14
The Review of the Legislative Framework for Credit Unions and Industrial and Provident Societies in N Ireland.
Newsletter reported Jeffry Donadlson's comments on it in last Saturday's paper. Unfortunately there was not a link for the Newsletter item.
This is the link to the full report.

http://www.hm-treasury.gov.uk/d/review_legislativeframework_creditunions080709.pdf

If anyone wants to have an ear to what they say in Parliament about PMS
you can go to the site underneath and register for e-mail alerts. I typed in the words words Presbyterian Mutual Society.

www.theyworkforyou.com