NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

http://www.publications.parliament.uk/cgi-bin/newhtml_hl?DB=semukparl&STEMMER=en&WORDS=smoke&ALL=Smoking&ANY=&PHRASE=&CATEGORIES=&SIMPLE=&SPEAKER=&COLOUR=red&STYLE=s&ANCHOR=muscat_highlighter_first_match&URL=/pa/cm200910/cmordbk2/91216o01.htm

Question from Mr David Jones (Clwyd West), to to be answered by the Secretary of State for NI today - if I have read it right?


Mr David Jones (Clwyd West): What recent discussions he has had with the Chief Secretary to the Treasury on the Presbyterian Mutual Society.

crazymess

presbyterian mutual society : 2 Written Answers
===============================================

Written Answers - House of Lords: Presbyterian Mutual Society (15 Dec 2009)
[URL="mhtml:{D04F8A61-5E54-4334-8412-F1D2F2AB6917}mid://00000015/!x-usc:http://www.theyworkforyou.com/wrans/?id=2009-12-15a.214.0&s=presbyterian+mutual+society#g214.2"]http://www.theyworkforyou.com/wrans/?id=2009-12-15a.214.0&s=presbyterian+mutual+society#g214.2[/URL]
Lord Myners: The Ministerial Working Group on the *Presbyterian Mutual
Society* is currently considering all available options for assisting
members whose investments in the *society* have been frozen. This issue
raises a number of complex problems that require careful consideration
and it would be premature to speculate about how the Government will
respond until these have been resolved.

Written Answers - House of Lords: Presbyterian Mutual Society (15 Dec 2009)
[URL="mhtml:{D04F8A61-5E54-4334-8412-F1D2F2AB6917}mid://00000015/!x-usc:http://www.theyworkforyou.com/wrans/?id=2009-12-15a.214.3&s=presbyterian+mutual+society#g214.5"]http://www.theyworkforyou.com/wrans/?id=2009-12-15a.214.3&s=presbyterian+mutual+society#g214.5[/URL]
Lord Myners: The Ministerial Working Group on the *Presbyterian Mutual
Society* will take account of all of the Government's previous
interventions in the financial services sector when deciding how to
respond to the problems facing investors in the *Presbyterian Mutual
Society*.

BETRAYED

crazymess wrote: »

presbyterian mutual society : 2 Written Answers
===============================================

Lord Myners: The Ministerial Working Group on the *Presbyterian Mutual
Society* will take account of all of the Government's previous
interventions in the financial services sector when deciding how to
respond to the problems facing investors in the *Presbyterian Mutual
Society*.

Good news.

BETRAYED

E-mail to Administrator

A lot of hype is being talked about regarding what PMS were doing wrong.
I believe that FSA, Gov. in London, Assembly in Belfast and HM Treasury are scraping the bucket to avoid addressing the dilemma we face.
Foster claims she only registered the Society and received their Annual Report and Statements of Accounts.
I have read that the Rule Book has to be approved by her Department.
Is that not admitting regulation.
The rule book allowed the issuing of shares and taking and making loans.
As regards 'taking deposits'. When a shareholder called at the office to
put in more savings if they had 20K in shares they were told that their money would have to go in as a loan to the Society. You got a small paper receipt for your cash or cheque and in a matter of days you got a 'Loan Certificate". In my opinion that was not 'Banking'.
I know the directors misled us regarding what they were doing with our funds.
One builder developer should never have got 11% of our total funds.
This in spite of directors stating that they carried out 'risk assessment'.
Members/creditors are entitled to be told by administrator and his legal advisers where and how PMS was in breach of legislation.

Reply
Thank you for your email yesterday. I have passed your email to my legal advisers and sought their direction in terms of what I can disclose to you. Unfortunately, I am advised that I cannot address the matter raised by you at this stage. I will let you know when this position changes. You may want to direct your enquiries to the FSA also.
Yours sincerely
Ellen Brimley
On behalf of
Arthur Boyd
Administrator

BETRAYED

jon_groovy wrote: »

Could the source close to the directors ask them if they are going to do the decent thing and apologise for the mess they have got us all in ?

John Wayne said in one of his films "Never apologise it is a sign of weakness"
Apologising would be wrong for directors and us all.

I know there may be issues relating to the directors but we must consider that PMS was the victim of
1 The economic downturn contributed to by unscrupulous lending in the building boom
2 UK Gov giving rescue to several Uk and foreign banks and ignoring the increased risk facing PMS
3 Members who did not understand what a Mutual Society was withdrawing their funds.

Remember under our law one is innocent until proven guilty.

Ps PMS by being an IPS did they not make returns annualy as banks do.
Dividend was paid without deducting tax.Names of members had not to be returned

Could our larger deposit ""savers" have been laundering money? and then running with their funds when they saw red.
Directors did not retain sufficient liquid funds in relation to total funds.

Bigger culprits elsewhere than the directors.(In my opinion)

HOPE

jon_groovy wrote: »

Could the source close to the directors ask them if they are going to do the decent thing and apologise for the mess they have got us all in ?

Jon groovy - That report makes sense. Minister Foster has said in writing that it was a matter for the PMS Directors to seek FSA authorisation not DETI.

DETI cannot walk away and they must take their share of responsibility.

expat68

has anyone got a letter from the administrator yet? they were meant to be out this week.

HOPE

EXPAT

No letters received yet.

crazymess

presbyterian mutual society : 1 Written Answer
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Written Answers - Northern Ireland: Presbyterian Mutual Society (16 Dec 2009)
[URL="mhtml:{D04F8A61-5E54-4334-8412-F1D2F2AB6917}mid://00000015/!x-usc:http://www.theyworkforyou.com/wrans/?id=2009-12-16a.306260.h&s=presbyterian+mutual+society#g306260.q0"]http://www.theyworkforyou.com/wrans/?id=2009-12-16a.306260.h&s=presbyterian+mutual+society#g306260.q0[/URL]
Mr. Jones: To ask the Secretary of State for Northern Ireland what
recent discussions he has had with the Chief Secretary to the Treasury
on the *Presbyterian Mutual Society*.

Lester_F

Yes there were circumstantial factors that contributed to the run on the PMS but the blame lies squarely with the Directors and Secretary.

Of all the people who are blamed for the demise of the PMS, they are the only people choosing to remain silent. That is their right, but that silence speaks volumes to me.

Just like a criminal accused of a crime; have they have been legally advised to say nothing?