NI Presbyterian mutual society, Short of funds for withdrawal?

Toastandbutter

hi HOPE,

dont think the article actually says it will be published in Oct...just that it is expected/hoped etc etc

HOPE

Hi Toastandbutter

Thanks for that. I rechecked. The very last para - J Donaldson MP said that he was hopeful that the final report will be published in October. He is usually on the ball. I suppose really we are just into Autumn this week (if I am correct) so things seem to be going according to plan.

Toastandbutter

Hope

yes you are correct, he "hopes" it will be published in Oct.

anyway, perhaps the bigger issue is the positive hints from NIO....

warmhands.coldheart

This all kicked of nearly a year ago now and still not sorted. I Really Really feel for any of you folks with money tied up in it. I hope & Prey it all gets sorted out for you soon...

HOPE

Toastandbutter wrote: »

Hope

yes you are correct, he "hopes" it will be published in Oct.

anyway, perhaps the bigger issue is the positive hints from NIO....

Toastandbutter

This is the first time I have seen anything encouraging from the NIO. It has to mean something

BETRAYED

Toastandbutter wrote: »

Hope

yes you are correct, he "hopes" it will be published in Oct.

anyway, perhaps the bigger issue is the positive hints from NIO....

One sentence I don't like in the Administrator's letter of 22 Sept. is
" You may be aware that in July the government announced the formation of a working group to consider, among other things, what, if any, action can be taken to mitigate members' losses."

My message is loud and clear........I do not want any loss of funds for members.
We have suffered enough.
If the Administrator's only course is a winding down of the PMS with 'losses' he should think again.
Government in bailing out all the other banks and building societies didn't write them off. Loans were guaranteed, mergers arranged or Government took control of them.
Government recognises Mutuals as an important part of the Financial Sector.
However they must be regulated like other financial institutions and managed by competent directors and staff.

HOPE

Betrayed

We will just have to keep hoping that the Prime Minister will bail us out very soon and guarantee all our savings back.

joylikes2shop

Presbyterian Mutual Strategy

Friday 25 September 2009

Written Answers to Questions

http://www.niassembly.gov.uk/qanda/2007mandate/writtenans/2009/090925.htm


Rev Dr R Coulter asked the First Minister and deputy First Minister what progress has been made in negotiations with HM Government and HM Treasury regarding compensation for savers with the Presbyterian Mutual Society.

(AQO 54/10)

First Minister and deputy First Minister:
We are very aware of the anxiety and distress caused to members of the Presbyterian Mutual Society by the prevailing uncertainties around their savings. The Administrator is scheduled to provide members with an update report this month and the Ministerial Working Group chaired by HMT is required to produce its report to the Prime Minister in September.
We are encouraged by the fact that the Officials group has so far met 6 times and progress has been made in exploring the possible options for government help.
We have also received a report from a working group of the Presbyterian Church and this is being considered.
We do recognise, however, that there are significant commercial and other sensitivities associated with some options for resolving the PMS difficulties. Therefore, at this point, we cannot elaborate on the options. To do so may jeopardise or compromise a resolution.
We want to assure Members of this Assembly and of the Presbyterian Mutual Society that this matter is still very much receiving our close attention.

BETRAYED

N I Assembly 29 Sept. 2009


Leslie Cree (UUP) I thank the First Minister for his statement. Did he have the opportunity to discuss the Presbyterian Mutual Society, either in the plenary sitting or in the margins of it?
Peter Robinson (DUP)

Good try. The Member will not be surprised to learn that the Presbyterian Mutual Society was not on the agenda of the JMC. However, it is a key issue, and I take every opportunity to discuss the Presbyterian Mutual Society, either in the margins or in separate meetings. We have agreed a date at the beginning of October — although I will not say exactly when in case other Ministers have difficulty in achieving that date — to take the matter to ministerial level. That is a response to a previous meeting that we had with the Chief Secretary to the Treasury and others. Indeed, officials discussed the matter in London yesterday, so it is being dealt with actively. We are looking at possible proposals, and I hope that when we come to the ministerial meeting at the beginning of October, we will have a proposal that we can all support.

ballyblack

http://www.londonderrysentinel.co.uk/news/Tory-MP-on-tour.5695291.jp