NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

http://www.mailonsunday.co.uk/debate/article-1226053/VINCE-CABLE-15-die-day-sign-justice.html

See how Equitable Life savers have been in limbo for nine years regarding their pensions.

BETRAYED

I have been reliably informed that a grounding affidavit and summons inviting the High Court to give directions to the Administrator was served on Mr Boyd and his legal advisers on Monday last and the HCCT - (Howie Christian Charitable Trust) are now waiting on the Court Office to nominate a date for hearing. It appears that HCCT became exasperated with the failure of the Administrator to himself seek directions of the Court.

joylikes2shop

Sorry if this sounds stupid....but what exactly does this mean ???

BETRAYED

Questions to First and Deputy First Minister Mon 09 Nov as reported in Hansard


4. Mr Elliott asked the First Minister and deputy First Minister to outline any discussions they have had with the Prime Minister and the Chancellor regarding the possible format of a solution for savers with the Presbyterian Mutual Society. (AQO 321/10)
The deputy First Minister: The First Minister and I are taking a very active and close interest in the ongoing work to find a solution to the difficulties of the Presbyterian Mutual Society (PMS). We know that the matter is of great concern to members of the PMS and the wider community. The frequency with which we are asked by Members to provide updates on the working group that is addressing the matter demonstrates the widespread support that the work to find a solution enjoys and, indeed, deserves.
We are happy to take questions, not only to provide what information we can but to take the opportunity to assure Members that the matter continues to receive very close attention. In answering questions for oral answer on 19 October, the First Minister outlined the range of discussions about the PMS that we had with the Chief Secretary to the Treasury, Liam Byrne, on 14 October. We are still awaiting the full report on final considerations and options, but we expect that to emerge in the near future.
Members will know that the financial and commercial sensitivities surrounding the matter are such that we need to preserve a certain level of confidentiality about the options until a viable resolution has been identified and agreed. We assure Members, however, that we are working to secure the best outcome for PMS savers.
Mr Elliott: Unlike others, I have no vested interest, large or small, in the PMS. There has been public speculation about the possibility of a local bank being involved in rescuing the society. Will the deputy First Minister comment on the form such involvement may take?
The deputy First Minister: One of the options being explored involves the participation of a financial institution in a funding package. The Member will appreciate that the matter is complex and that, therefore, there is a number of challenging issues to deal with. It is vital that we ensure that any British Government backing for such a package does not breach EU state aid rules. However, I do not want to go into detail about the options under consideration because that might adversely prejudice or jeopardise the outcome that we hope will flow from them.
We hope that any solution for assisting the PMS will follow the precedents already set by interventions in other cases, including Bradford & Bingley, Dunfermline Building Society, and Equitable Life.
Mr McLaughlin: Go raibh maith agat, a Cheann Comhairle. I take the Minister’s advice that there are sensitivities and confidentialities involved. However, can he confirm whether the Financial Services Authority was critical of some aspects of the management of the Presbyterian Mutual Society (PMS)?
The deputy First Minister: The Financial Services Authority (FSA) confirmed that it investigated the activities of the PMS to consider whether it was conducting regulated activities without the necessary authorisation or exemption. The FSA concluded its investigation and decided that the PMS was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information available, and, applying the criteria in the Code for Crown Prosecutors, the FSA decided that it would not be right to take a case against those involved in running the PMS. However, the FSA remains in touch with the administrator, and, if further information comes to light relating to the issues investigated, it will look into it.
The important point to remember is that many ordinary Presbyterians have invested their savings in the PMS. When we discussed the matter with Prime Minister Gordon Brown, he accepted the argument that there is a moral responsibility to try to resolve the dilemma that those people are in. All of us, who understand the difficulty and pain that ordinary savers are going through, fully understand the need to expedite this in a way that will see those people get their money back.
Mr McCarthy: Go raibh maith agat, a Cheann Comhairle. I do not have an interest in the subject, but many of my constituents do. Does the deputy First Minister agree that if the collapse had happened in Gordon Brown’s constituency, or anywhere across the water, there might have been more urgency in seeking a successful conclusion to the problem?
The deputy First Minister: That was one of the points that we made.
Mr A Maginness: I warmly welcome the deputy First Minister’s answer, and the answer given by the First Minister on 19 October.
Do both Ministers appreciate the deep anxiety that there is among savers and the urgent need for a comprehensive resolution to the problem? People are deeply worried and sick as a result of the collapse of the Presbyterian Mutual Society.
I note that no timetable has been given by the deputy First Minister. However, will he urge the Prime Minister and the Treasury of the need for an indicative timetable, at least, so that the matter can be resolved and people can have some hope for the future?
The deputy First Minister: I agree wholeheartedly with everything that the Member said. We have made the case that the situation needs to be expedited, that people are enduring great uncertainty about their savings, and that we need to move forward.
I am encouraged by the discussions that we have engaged in and hopeful that a successful outcome will be arrived at. Obviously, certain procedures have to be gone through. The Treasury is very cautious about how it moves forward, and Liam Byrne has attended all the meetings that the First Minister and I have been at. I think that we are now rapidly moving towards a conclusion, and I hope that that will be a successful one.
Mr Spratt: Many savers in the Presbyterian Mutual Society are very happy at the progress that has been made and the support that has been given by the First and deputy First Ministers and others.
Is the Treasury receiving full co-operation from the administrators of the Presbyterian Mutual Society?
The deputy First Minister: I am satisfied that the administrator is co-operating with the Treasury, and I believe that it too is content.

crazymess

Thanks Betrayed

This quotation will keep me going another few days!


"I think that we are now rapidly moving towards a conclusion, and I hope that that will be a successful one "

goodbyepci

Presbyterian Mutual Society

Lady Hermon: To ask the Secretary of State for Northern Ireland what assessment he has made of the conclusions of the Financial Services Authority on the conduct of the Presbyterian Mutual Society in undertaking regulated activities. [297171]
9 Nov 2009 : Column 14W
Mr. Woodward: The Financial Services Authority (FSA) indicated in a statement on 9 April 2009 that the Presbyterian Mutual Society “...was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information currently available to us, and applying the criteria in the Code for Crown Prosecutors, we have decided that it would not be right for us to take a case against any of those involved in running the PMS. However, we remain in touch with the administrator and, if further information comes to light relating to the issues we have investigated, we will look into it.”
As the FSA is an independent non-governmental body given statutory powers to make such decisions by the Financial Services and Markets Act 2000, the Government do not normally offer comment on the conclusions it reaches on individual investigations, but we shall take account of its report as we take forward our work on the Presbyterian Mutual Society.
Lady Hermon: To ask the Secretary of State for Northern Ireland what assistance his Department has provided to the Prime Minister's working group on the Presbyterian Mutual Society. [297180]
Mr. Woodward: The Ministerial Working Group, chaired by the Chief Secretary to the Treasury, expects to produce a draft report to the Prime Minister in the coming weeks. I have attended both meetings of this group which have taken place to date, and have discussed the matter with Treasury colleagues on a number of separate occasions. Officials from my Department continue to play a full part in the work being undertaken by the officials' working group, alongside officials from Her Majesty's Treasury and the relevant Northern Ireland Executive departments.
Lady Hermon: To ask the Secretary of State for Northern Ireland what recent discussions he has had with the Chancellor of the Exchequer on steps to assist members of the Presbyterian Mutual Society. [297325]
Mr. Woodward: I have had a number of recent discussions with the Chief Secretary to the Treasury, who chairs the Ministerial Working Group set up by the Prime Minister to examine this issue.

goodbyepci

http://www.belfasttelegraph.co.uk/news/local-national/brown-to-get-delayed-pms-report-lsquoin-weeksrsquo-14558014.html

goodbyepci

http://www.uup.org/news/general/general-news-archive/no-news-is-not-good-news-for-pms-savers.php

Dr._Who_2

It's a while since I've posted - largely becuase didn't want to think about it as the delays in some announcement continued.
Hopes have been raised and then dashed!!
The number of views listed for this form - 250,000 plus - over the past year tells me that there's widespread concern with many people viewing even though they don't register/leave posts which is OK. People are using the forum for info. in the absence of any other source of info.
I'm only now beginning to get truly concerned about the outcome of this - always tried to remain positive but am now beginning to wonder about the resolution of this. That's me thinking aloud!!
Questions - PMS still has an income from repayments of loans, rents of properties etc. Why can't some way be found to make that money available by way of payment of dividends as previously happened? Might have to take less but it would still be something? What is happening to that income? How much is being "siphoned off" to pay the Administrator? When will soemone explain what actually happened in the management of the PMS - questions are being asked by MLA's in the Assembly (Sinn Fein, I note) about this. Aren't those of us who supported PMS owed an explanation? And if someone has to "take the fall" then so be it - that's how honourable Christian men & women act!!

brick

Dr._Who wrote: »

I'm only now beginning to get truly concerned about the outcome of this

Chin up.
I'm with crazymess, latching onto possibility that Martin's positive tone may have some basis.
We should hear soon one way or other.

The deputy First Minister: I think that we are now rapidly moving towards a conclusion, and I hope that that will be a successful one.