NI Presbyterian mutual society, Short of funds for withdrawal?

joylikes2shop

As a result of my on going 'investigations' into all things PMS related, I ended up in a meeting in Belfast this week with a small group of PMS savers.

I found it a very interesting and worthwhile experience.

It was decided that a name for our group would be useful and ‘PMS Savers Coalition’ was chosen because 'we are an alliance of groups and individuals from various locations'

However, as one of my PMS friends recently said ''there could be stormy waters ahead for us savers as we still don't have a recognised official lobby group and when some savers hear of one group or another, their feathers i.e egos get ruffled and we get negative comments on the forum.''

they also pointed out that

''the moment anyone puts their head above the parapet to try to do something for us some others get their gander up because they weren't involved!!.

I must say that I fully agree with these comments, and for this reason, before you read the following press release, I wanted to give a little background into the formation of the group mentioned in it.

As yet it has not been possible to vote for official PMS savers representatives,so it's only natural that in the mean time individual groups of PMS savers have started to form....however, tracking them down is not easy.
The group mentioned in the press release are NOT putting themselves forward as official representatives for all PMS savers, they are doing what they can for as many people as they have contact details for.

I hope that the following information is viewed in a positive way.

joylikes2shop

PMS SAVERS COALITION

Seven anxious money-savers are taking their concerns to the top.
The group, members of the troubled Presbyterian Mutual Society, will meet Thursday, August 20 with Arlene Foster, Northern Ireland Minister for the Department of Enterprise, Trade and Investment (DETI).
“It’s been nearly a year since the PMS collapsed, and we’ve had no assurance whether we’ll ever see our money again,” said a spokesman for the group, representing dozens of savers from County Down and County Antrim. “We’re tired of delays and the lack of information.”
The PMS went into administration last autumn, after some of its savers panicked in the face of the recession and withdrew millions of pounds from the society, before remaining funds were frozen pending resolution of the crisis.
“The minister’s department has a direct interest in the issue,” said the group’s spokesman. “She herself belongs to the Prime Minister’s task force which was set up last month to consider this matter. But a solution to the problem has been stalled too long already, and some of our members are in desperate financial shape.”
It appears that neither the administrator of the PMS or Gordon Brown’s working group have any intention to initiate direct contact with any of the 9,500 savers as part of investigations into the society’s collapse. It’s for that reason that the delegation has decided to approach the DETI minister with its concerns—with the aim of getting the savers’ money back as soon as possible.
At the time of the credit crunch in November, the PMS had about £130 million in fixed or other assets and £170 million in outstanding loans to borrowers.

freddiemae

http://www.newsletter.co.uk/news/PMS-group-to-tackle-minister.5565991.jp


Press release in Newsletter today

Dr._Who_2

I feel its very important that as much awareness as possible is raised with government/PCI/media, general public - different groups will have different ways of going about this but we're all working towards the one end - that's the important thing!! If this meeting on Thursday reminds Arlene Foster that "PMS hasn't gone away, y'know" that all to the better. Want to wish this group every blessing for that meeting. Sometimes we have to "go with the flow" and see what happens. Can accept the point that no one seems to be willing to meet directly with PMS Investors. Seems ironic that the Minister has granted a meeting with PMS investors when PCI hasn't!!
Well done to this group - they are building on what others have already done and if they achieve somehting positive we'll all be grateful. :j

totallyletdown

Dr._Who wrote: »

I feel its very important that as much awareness as possible is raised with government/PCI/media, general public - different groups will have different ways of going about this but we're all working towards the one end - that's the important thing!! If this meeting on Thursday reminds Arlene Foster that "PMS hasn't gone away, y'know" that all to the better. Want to wish this group every blessing for that meeting. Sometimes we have to "go with the flow" and see what happens. Can accept the point that no one seems to be willing to meet directly with PMS Investors. Seems ironic that the Minister has granted a meeting with PMS investors when PCI hasn't!!
Well done to this group - they are building on what others have already done and if they achieve somehting positive we'll all be grateful. :j

I think PCI are hoping that it dies down as quick as possible.
Guess they won't know the full score until they count their money at the end of the year.
As for me, I have not given anything to PCI since the start of the year, other organisations have got it - good advice which i got on here too.

ballyblack

As for me, I have not given anything to PCI since the start of the year

and I know of least 2 folk who have changed their will to exclude the PCI

crazymess

PMS situation must be 'resolved'




Enterprise Minister Arlene Foster met with the savers from the Presbyterian Mutual Society on Thursday. The society went into administration in November 2008. In June, the prime minister agreed to set up a working group aimed at saving the society.
The group, which includes Treasury representatives and two Stormont departments, is expected to bring forward proposals by September.
Ms Foster said she was committed to resolving the situation.
"We are striving to achieve the same support for members who deposited their savings in the PMS as was given to those who saved with other financial institutions in Great Britain, which also faced difficulty," said Ms Foster.
The society has 9,500 members.

Whatnow?_3

Well done to all those who met with the Minister today.

Thank you for your dedication and commitment to resolve this crisis on behalf of all of us savers.

Sleep well tonight.

goodbyepci

http://www.newsletter.co.uk/news/Minister-meets-PMS-savers.5575716.jp

goodbyepci

http://news.bbc.co.uk/1/hi/northern_ireland/8212987.stm