NI Presbyterian mutual society, Short of funds for withdrawal?

warmhands.coldheart

abeliever wrote: »

- Let's now see what the politicians have to offer!!

When you say politicians I would like to remind people that this includes the Sinn Fein Politians. After all Marty is over there with Peter too.... so if they do get this sorted and I hear anyone from the presbyterian church slagging of Marty, I'm going to give them a slap.... (and I'm a presbyterian by the way....happily with no money tied up in this scandlous situation)

NAR

So who all thinks our N.I. budget should be used to finance this, bearing in mind our front line services such as Health provision are facing severe cuts for the forseeable future?

warmhands.coldheart

NAR wrote: »

So who all thinks our N.I. budget should be used to finance this, bearing in mind our front line services such as Health provision are facing severe cuts for the forseeable future?

Here's my idea for what it's worth... (Probably mentioned before)
how about having a meeting of ALL savers/investors (regionally) and trying to get some agreement so the PMS can keep running as a going concern?
I mean I can't imagine every single person in the PMS needs the money they have invested/saved... All the government would have to do is Invest some taxpayers money like they did with Northern Rock and gaurantee the savings making people happier that there was some security there. maybe the people would feel more secure and then look at it as a long term investment.... property will recover... it'll just take a few years....

All loans to big investors should be called in and if they can't pay... go to court and take their land/property and add it to the portfolio...

maybe it's not just that easy !!

pensiongone

Read the link below
http://www.4ni.co.uk/northern_ireland_news.asp?id=106728
quote
Mr Justice Deeny said there was a lack of definition of "creditors" in the relevant legislation.

He referred to case law however and concluded that a shareholder in the PMS would only become a creditor of the Society when he or she has an entitlement to receive the sum which he has paid up on his share.

This would be at the time he or she applied to the Society to withdraw their shares. At that point they would be owed money by the PMS and would become creditors.

Mr Justice Deeny sympathised with those shareholders who have found themselves in difficult circumstances but concluded that the shareholders of the PMS who did not withdraw their shares either before the PMS imposed a 21 day notice period in October 2008 cannot be creditors.

Question 1
Can anyone remember when the 21 day notice period was imposed?

Question 2
If you applied to remove your savings during the 21 day notice period, does that make you a creditor or not? - I'm confused here.

BETRAYED

Downing Street Reply to e-Petition 29 July 2009

The Government fully supports the Mutuals Sector and their role in providing for greater choice and diversity in the financial services sector.
All mutual societies that are regulated by the Financial Services Authority (FSA) have their savers funds safeguarded up to £50,000 by the Financial Services Compensation Scheme (FSCS). Such societies include building societies, credit unions, friendly societies and industrial & provident societies (IPSs). The level of protection provided is the same as that for the banks and insurance companies.
The Government sympathises with the extremely difficult situation faced by members of the Presbyterian Mutual Society (PMS). Organisations such as Presbyterian Mutual Society, which are registered as an IPS, are exempt from regulation by the FSA in respect of accepting deposits in the form of withdrawable share capital. Investors in PMS are not depositors but shareholders with an equity stake in the business. Being outside of FSA regulation PMS and its members do not contribute to, and are therefore not protected by, the FSCS.
The Prime Minister announced in early July that a working group of Ministers would be formed to look specifically at PMS, to see how the matter could be resolved. The working group had its first meeting on 16 July and is scheduled to report back to the Prime Minister in the autumn. .

mackm

jon_groovy - if you haven't something constructive to say - just say nothing!

BETRAYED

The sooner we are in a United Ireland the better.

Same old retoric from Peter Robinson after the Downing Street meeting.
In no way are we being treated as an integral part of the United Kingdom.
All we have is a Toy Town Parliament at Stormont.
In my opinion incapable of governing.
Court Decision today does not only highlight moral issues for PCI. There are major welfare issues.
I have pleaded with administrator to find out how many 'creditors' would leave some funds in PMS long enough to help shareholders. He does not want to consider it.
The administrator is like a blinkered horse. He only sees railway lines ahead of him and wants to treat this as an ordinary insolvency which it is not.

Hope to arrange an educational and information meeting in Ballymena soon for the benefit of shareholders.


BETRAYED BY CHURCH AND STATE

PMSSaver

jon_groovy wrote: »

stafford, stop squirming in your seat and shut up
you have done nothing but talk a good game since you came into power

i'm sure pci will keep taking our money to pay the very high wages to their staff

I think this is incredibly self centred. None of us were complaining when we were getting 6%. We put our money in the PMS because of the good return, not because it was PCI.
Today there are many of us who are looking into a difficult future, and it is not because of the Moderator. It is because of a Government that is unjust and cares nothing about those in need, and an assembly that obviously cannot deliver for the people of Northern Ireland.

readyforaction

If the politicians aren't doing the job, then they don't deserve our vote.

There's a major credibility issue to be sorted after certain performances were given to the Treasury Select Committee on 18th January 2010. Incompetency and ''perceived' lack of precise knowledge on PMS facts and figures was evident to all there and to those who read the transcript.

It would do the politicians good to remember who has been keeping them in the positions that they hold. They need to start to show leadership, determination, moral courage and a clear sense of responsibility to resolve the plight of the shareholders and regain our respect and maybe our votes.

goodbyepci

http://www.belfasttelegraph.co.uk/news/local-national/pms-savers-facing-more-misery-over-court-ruling-14680870.html