NI Presbyterian mutual society, Short of funds for withdrawal?

KingVardas

expat68 wrote: »

http://www.newsletter.co.uk/news/ANALYSIS-Committee-determined-to-move.5993024.jp

http://www.newsletter.co.uk/news/Ministers-accused-over-PMS-deadlock.5992616.jp?articlepage=1

Mr McFall deserves a lot of thanks for going to Belfast and being so open and honest about the situation and making a few people feel a bit uncomfortable. He seems to be one of the few people who is motivated to try to do something about it.

Mr McFall has got his targets right. If there's to be any solution other than a protracted insolvency, then the government is the only body able to bring it about by convincing another financial institution to take over your society's debts. The problem facing the politicians appears to be that no-one, neither Treasury nor the NI Executive, wants to cough up the money that would make it attractive for a buyer to move in. I thought the DETI minister's panic reaction of promising to help the administrator in any way they could was farcical - her officials must have chocked when she said it. If the Executive was ready to help, why hasn't it offered to stump up the £100m odd to cover the shortfall!

BETRAYED

Court Listing

27 January 2010
Royal Courts of Justice
High Court
Chancery (Judge)


10:30 FOR HEARING1109/001140THE PRESBYTERIAN MUTUAL SOCIETY LIMITED (IN ADMINISTRATION)

goodbyepci

Mark Durkan
http://www.sdlp.ie/index.php/newsroom_media/newsarticle/durkan_addresses_westminster_committee_on_pms/

Stafford Carson blog
http://www.staffordcarson.com/2010/01/blue-monday/


Evening Extra 18th Jan on iplayer
John McFall and Stafford Carson on 41 minutes in
A preamble at 22 minutes in
http://www.bbc.co.uk/iplayer/episode/b00q2mft/Evening_Extra_18_01_2010/

goodbyepci

News Letter
http://www.newsletter.co.uk/news/Treasury-Committee-39achieved-objective39.5996059.jp?articlepage=1

Belfast Telegraph

http://www.belfasttelegraph.co.uk/opinion/presbyterian-savers-in-a-passthe-parcel-situation-14642862.html

goodbyepci

http://www.newsletter.co.uk/editorial/PMS-savers-must-receive-a.5991766.jp

abeliever

Some bedtime reading.


http://www.publications.parliament.uk/pa/cm200910/cmselect/cmtreasy/uc260-i/uc26002.htm

From my reading of the transcript, no one on Monday seems to have latched onto the fact that the "major ongoing shortfall" relates to "building sites & development land" ; those who are following the saga know that Administrator estimates suggest that advances of £86m will only realise £34m! (ie.,40% !!) Who approved these unfortunate loans ??

BETRAYED

Foyle MP Mark Durkan has welcomed the visit of the chair of the Westminster Treasury Select Committee to Stormont to take evidence on the collapse of the Presbyterian Mutual Society (PMS).
The outgoing SDLP leader invited John McFaul to Stormont to hear about the 9,000 people who lost their savings when the PMS went into administration in 2008.

Mr Durkan said; “In appearing before the Committee, I intend not only to reflect the reasons for their exasperation but to discuss options for solving this problem in a similar way to others elsewhere,” he said.

Many thanks to Mark Durkin and the SDLP. Monday exposed the facts.

BETRAYED

jon_groovy wrote: »

Looks like the director did not direct very well. Anyone heard from them!

Clever bankers were also caught in this dilemma. Moore of Pomeroy was building needed starter homes where Housing Executive were building none and housing associations were failing to do the same. .

Lester_F

BETRAYED wrote: »

Clever bankers were also caught in this dilemma. Moore of Pomeroy was building needed starter homes where Housing Executive were building none and housing associations were failing to do the same. .

Harry,

We touched on the subject of Mr. Moore some time ago. Could you please tell me what you know about him; in particular was he the developer who borrowed £35 million from the PMS?

BETRAYED

Lester_F wrote: »

Harry,

We touched on the subject of Mr. Moore some time ago. Could you please tell me what you know about him; in particular was he the developer who borrowed £35 million from the PMS?

Correct. One borrower should never have got 11% of our total funds.