NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

Seems the PMS have been gambling with our money!!

me68r

Hi All,

just recieved this....

Petition to sign http://petitions.number10.gov.uk/Save-the-Mutuals/

Investors in the Presbyterian Mutual Society have found their funds frozen and the society placed in administration. Since most individuals affected are small investors trusting their life savings in a society previously deemed secure these should be treated as bank customers. Where one mutual society can fail, more may due to lack of government guarantees enjoyed by banks.

If you'd like to tell your friends about this petition, its permanent web address is: http://petitions.number10.gov.uk/Save-the-Mutuals/

Whether it will change anything is another story!!

ballyblack

NEWS LETTER


Petition demands that Brown bails out PMS




Published Date: 19 January 2009
By Staff reporter


ALMOST 450 people have signed a petition demanding Prime Minister Gordon Brown bails out the stricken Presbyterian Mutual Society (PMS).
The online protest amassed the names just 24 hours after it launched as thousands of investors worry about trying to claw back millions of pounds in frozen savings.



Several high-profile supporters include former Presbyterian Moderator the Rev Dr John Dunlop and the UUP's deputy chief Danny Kennedy who has a "modest" investment in the society.

He said: "What most people find unacceptable is that banks have been bailed out to a very high level and as British citizens investing in a financial institution, the Presbyterian savers should be afforded the same protection."

Employment Minister Sir Reg Empey – who revealed one of his closest friends had lost his life savings in the collapse of the Presbyterian Mutual Society – is also backing it.

Thomas Stanley Callaghan, who posted the petition on the No 10 website said: "Since most individuals affected are small investors trusting their life savings in a society previously deemed secure these should be treated as bank customers.

"Where one mutual society can fail, more may due to lack of Government guarantees enjoyed by banks."

Enterprise Minister Arlene Foster has branded it a scandal that Mr Brown guaranteed the investments of British savers in crisis-hit banks in the UK and Iceland, but not in the Belfast-based society.

She added the Treasury had a "moral duty" to help those who face losing savings.

The amount protestors are pleading with the Government to guarantee is minuscule compared to the £524 billion in security already handed out to banks and businesses across the UK.

Almost 10,000 Presbyterians across Ireland who face losing huge chunks of their life savings have been given the stark choice of agreeing to get back some of their cash over time – or less if it goes into liquidation.

The worth of the society, which went into administration in November after a run on its funds, has plunged by tens of millions.

Nobody wants to take it over, administrator Arthur Boyd said, and the Church said it was disappointing news it was unlikely to be rescued.

Mr Boyd has written to 9,500 investors making clear that getting back all of their investments is not an option.

His series of proposals, if accepted, would see an orderly run-down of the society's business over time through a formal arrangement allowed for under insolvency legislation.

The society, open to Presbyterians only, has assets of £300 million, with loans to members of £180 million and £130 million in commercial property.

If the administrator's plans are snubbed, the society will have to be placed in liquidation with the likelihood of members receiving less money back than if they proceed with the formal arrangement.

Dozens of savers have contacted the News Letter to say they are at their wit's end.

Last week we reported on Ballynahinch OAP Jim Kelly and his wife who stand to lose at least a third – if not all – of their £75,000 investment.

And another family said they will leave the Presbyterian Church over the crisis after a lifetime of worship.

Investors have been given until Friday, January 30 to return their voting papers.

MamaMia_2

Almost 1000 signatures on this petition now.

I contacted 2 churches this morning that I am connected to and they knew nothing about the petition! (I spoke to a minister in one and a treasurer in another). So to anyone reading this thread - get in contact with your church and make sure they know about this petition.

warmhands.coldheart

Not bad.. over 1000 now and number 102 of 4771 Petitions on the Government website when sorted by Number of Signatures..

SPREAD THE WORD

expat68

OK - not bad, 1050 signatures and all those beautiful N Ireland names are making me miss home but........9500 PMS investors so we're not even at 10% yet. After that 300,000 presbyterians. Tell your friends and family and get signing. It may not make a difference but the more signatures the more chance someone will listen and at least you can say you did something. Momentum is building and I think the Newsletter will big it up and hopefully make more people aware.

expat68

OK - clearly we are just over 10%. With numeric skills like that maybe the PMS will give me a job !

crazymess

For those just visiting for the first time to the site - please visit the Petition

http://petitions.number10.gov.uk/Save-the-Mutuals/

Thank you

facingthefuture

I was talking to my dad about this today, he asked me did any official have money invested in PMS? Did any official or their friends/family attempt to withdraw these funds recently,eg. just before the collapse. If so it suggests complicity.

facingthefuture

I am not alleging anything BUT is there a chance that any individual in a financial institution benefited from related purchases, eg buying existing apartments from the same developer for a fraction of market value OR did they just lend the money wrecklessly? Did previous profits blind the people concerned into making rash agreements?

Maybe in the case of the PMS a group of concerned individual could form into an action group and pose a well considered series of questions be put to the financial ombudsman/whoever is investigating department. I am afraid without this as individuals, you stand little chance of being heard. Also are the court proceedings closed - eg private? If so why? Finally if anyone can do shorthand, get up to the court any day its on and take a transcript - it could prove invaluable.
Is the fraud squad taking part in finding out what happened. Who are the legal eagles that are responsible for these deals being done - did they act outside their capacity?