NI Presbyterian mutual society, Short of funds for withdrawal?

KingVardas

anotherDonald wrote: »

There you go with the barely veiled threats again!

Are we not allowed to ask questions?

Thanks for the patronising info
But we are all aware of the reason for the High Court order to protect the identity of the savers.

But why is the identity of the borrowers being hidden?
Why no creditors committee?
It would appear that the rules of insolvency have been changed in our case.
Are we not allowed to ponder just where OUR money has gone, and why the loans criteria changed?

Or should we just sit on our hands like good little Presbyterians and keep quiet, while the great and good sort it out.

I don't think so!

I didn't think I was threatening you, I was merely suggesting that making allegations might lead you into trouble. I apologise to you if you perceived the information as patronising - just trying to help.Might I suggest the identity of borrowers was not disclosed for the same reason as applied to investors. If you'd borrowed a whack from the PMS would you necessarily want all your neighbours to know about it?
If you don't like what's going on you have a choice - you can continue to issue ill-tempered remarks on this forum or you can go to the court and challenge the conduct of the Administration - that's your right. I would advise you to consult a solicitor. Thankfully I'm away on business for a few weeks, so good luck to you Donald.

ballyblack

PMS on Radio Ulster this morning

Interview with saver Ivor McCandless

Discussed 'Investors' or 'Savers' etc

Listen again here (fast forward 39 minutes into programme)

http://www.bbc.co.uk/iplayer/episode/b00lw4ry/Good_Morning_Ulster_31_07_2009/


.

Toastandbutter

three cheers for Gwen Smyth for having the guts to go public and raise the savers/investors issue into public domain.

summer means little news about and equals opportunities for PMS savers to instigate public discussions while the PMS working group listens on....!

Stick your oars in, write letters, call newsrooms, make a polite but firm noise!

crazymess

Was there something reported on UTV at 6 tonight re PMS?

Heard Jamie Delargy mention PMS at the tail end of his piece but didn't catch what he was talking about.

joylikes2shop

This story was in the Belfast Telegraph 2 weeks ago, and I know the situation isn't the same as the PMS, but I'm just wondering if there's anything we can learn from the 'KSFIOM Depositors' Action Group' ??




Isle of Man speeds up savers’ compensation

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Friday, 17 July 2009
http://news.bbc.co.uk/1/hi/world/europe/isle_of_man/8146776.stm

• 
  
  THREE-quarters of savers who lost money through the collapse of the offshore arm of an Icelandic bank will get back all of their money by September.

The Isle of Man parliament has approved a £193m Government funding package which will speed up compensation payments to savers of Kaupthing Singer & Friedlander Isle of Man (KSFIOM) under the island's Depositors' Compensation Scheme.
The bank's 10,000 savers will receive back up to the first £50,000 of what they lost from the DCS, plus any other money that is recovered by the liquidators.
Around £85m has already been paid out to depositors under the government's early payments scheme, under which people could apply for advance payments of up to £10,000.
The additional funding announced today will enable the more than three-quarters of savers who had up to £50,000 invested to get their money back in full by early September.
The funding is made up of £73m in direct support from the Government, as is required under the DCS regulations, as well as a £120m interest-free loan, which will be repaid through a £21m levy on the island's banks and from money recovered by the KSFIOM liquidator.
KSFIOM was put into liquidation in May after savers and other creditors rejected an alternative Scheme of Arrangement which had been proposed by the island's government.
The Isle of Man Treasury had claimed that 54% of depositors would get back all their money within three months under the scheme, while 76% would have received 100% within two years.
But the KSFIOM Depositors' Action Group argued that the scheme gave them little more than they would receive under liquidation, and they organised an internet campaign urging savers to vote against it.

Any thoughts or am I clutching at straws ??

HOPE

Unfortunately PMS savers are not covered by any compensation scheme.

HOPE

crazymess wrote: »

Was there something reported on UTV at 6 tonight re PMS?

Heard Jamie Delargy mention PMS at the tail end of his piece but didn't catch what he was talking about.

Another builder has gone into administration and he owes the PMS a million pounds. (That is all I picked up)

joylikes2shop

HOPE wrote: »

Unfortunately PMS savers are not covered by any compensation scheme.

Believe me HOPE....I'm fully aware that PMS savers are not covered by any compensation scheme..I've been following this 'story' and have done EVERYTHING I can to try to 'make a difference' since 17 November 2008 (with very little to show for all the time I've devoted to it so far !!!)

....I suppose I should have made my thoughts more clear.

1stly How did KSFIOM manage to form a ''Depositors' Action Group'' ....I did get in touch with some of the members of the action group in March (as suggested to me by one of John McFall's clerks when I raised the issue with John McFall at the Treasury Sellect Committie meenting in Stormont in February) However, at the time, having exchanged emails with a number of different people from both this group and the LGDA action group, I realised how much work would be involved in setting up such a group - and the corresponding web site -not something that could be undertaken without a team of dedicated and committed people.
In my opinion, with out the help of the Administrator and/or the PCI such a group would be impossible to organise....but KSFIOM seem to have managed to do it.....WHY CANT WE ???? Has everyone given up ???

2ndly I'm wondering if the action group had any involvement in 'putting pressure on' which resulted in the negotiation of the terms of the interest free loan (which will be repaid through a levy on the island's banks ) which added to the funding available for the savers.I'm sure this 'loan' wouldn't have been made with out SOMEONE putting pressure on. HOW CAN WE PUT PRESSURE ON ??? Can we put pressure on some how get an interest free loan ???

Has ANYONE any suggestions of something constructive we can do instead of just sitting around waiting for any scraps of information ?

I've heard a number of suggestions which sound feasible enough to me (but as a lowly housewife what would I know !!) Is ANYONE interested in hearing these ideas ?? ....Mr Boyd, the new Working Group ???

SURELY THERE MUST BE SOMETHING WE CAN DO ....ARGhhhh...:mad:

HOPE

I have a personal interest in this too!. My family and I stand to lose everything so we have become very involved since the Presbyteries advertised lobbying. Thanks goodness they did otherwise we would still be in limbo. At least we stand a chance but we must be patient. We have to depend on all those who are negotiating on all our behalf. It would make perfect sense for an interest free loan to be negotiated. We are going to need it. As the banks here caused such a run on withdawals from the PMS resulting in the collapse it would not surprise me if as part of a resolution those involved would be levied. They deserve to be and I hope they are. We are now into August and hopefully we will know more soon.

omlette

Jamie Delargy UTV Live Friday...

You can watch again at u.tv. Item lasts for just over 90 secs and starts 13.08 minutes in.

No detailed information but mention of a Richhill developer who has experienced finacial difficulties and is negotiating a deal with creditors (apparently up to £100million in joint property ventures).

Jamie Delargy goes on to mention there are unconfirmed "rumours" of PMS involvement....!!

All in all unlikely to be a good news story for PMS and its Investors/Savers.