NI Presbyterian mutual society, Short of funds for withdrawal?

totallyletdown

Can someone tell me how much money there is now if the administrator where to make a pay out, and where it all came from ?

goodbyepci

http://www.newsletter.co.uk/news/Bank-talks-offer-hope-for.5930156.jp

Toastandbutter

totally let down, there is some £23 million.

This money has come from rent on commercial property bought by the pms as an investment with savers' money. this earns almost £8m a year in rent.

then there is also monies paid back to the society on loans that it has made.

BETRAYED

totallyletdown wrote: »

Can someone tell me how much money there is now if the administrator where to make a pay out, and where it all came from ?

£23,044,000 Bank Balance. I think most likely in Bank of Ireland.
see Receipts listed on page 21 of his latest report.

If administrator pays out £20,100,000 of funds that would be 6.5% of capital to savers and loan holders.

KingVardas

totallyletdown wrote: »

Can someone tell me how much money there is now if the administrator where to make a pay out, and where it all came from ?

I am assuming you've got the latest report from the Administrator. I'm not a saver, but its available online to everyone. From my reading your Society had roughly 7 millions from rental income, nearly 3 million from mortgage interest payments and 9 million from capital repayments of mortgages in the past year, so there is a closing balance of 23m from which the Administrator should be able to make a first distribution. But he needs the court's permission first.

totallyletdown

Toastandbutter wrote: »

totally let down, there is some £23 million.

This money has come from rent on commercial property bought by the pms as an investment with savers' money. this earns almost £8m a year in rent.

then there is also monies paid back to the society on loans that it has made.

if there is 23 million, and there was a 100 million shortfall, then why can't they just put this money to the overall money and then the shortfall would only be 75 odd million ?

BETRAYED

totallyletdown
Quote
if there is 23 million, and there was a 100 million shortfall, then why can't they just put this money to the overall money and then the shortfall would only be 75 odd million ?
That 75million will reduce as commercial property and development land values
increase.
But needy savers who were relying on their dividend or capital must be cared for.

Interesting to hear Rev. Dr. Donald Patton's thoughts on Thought for the Day this morning as regards giving to charity.
25mins 15 secs on.

http://www.bbc.co.uk/iplayer/console/b00pgskj

totallyletdown

BETRAYED wrote: »

totallyletdown
Quote
if there is 23 million, and there was a 100 million shortfall, then why can't they just put this money to the overall money and then the shortfall would only be 75 odd million ?
That 75million will reduce as commercial property and development land values
increase.
But needy savers who were relying on their dividend or capital must be cared for.

Interesting to hear Rev. Dr. Donald Patton's thoughts on Thought for the Day this morning as regards giving to charity.
25mins 15 secs on.

http://www.bbc.co.uk/iplayer/console/b00pgskj

But surely a church should be doing this ?

Is PCI a christian organisation , if they are they should be giving to the poor ?

pensiongone

BETRAYED wrote: »

totallyletdown
Interesting to hear Rev. Dr. Donald Patton's thoughts on Thought for the Day this morning as regards giving to charity.
25mins 15 secs on.

http://www.bbc.co.uk/iplayer/console/b00pgskj

Quote Dr Patton

"If we care - we build a society that cares"

Priceless!

Where do they get these boys and their cheap meaningless soundbites?

goodbyepci

http://www2.u105.com/news/detail.asp?type=news&article_id=263F37A8-8CD8-4DED-9527-5D54B07C1FFD