NI Presbyterian mutual society, Short of funds for withdrawal?

crazymess

http://www.newsletter.co.uk/news/Significant-step-forward-for-PMS.6546048.jp

BETRAYED

Presentation yesterday by clergy to a N.I. Assembly Committee on problems businessmen were experiencing with banks.

"Among the issues the churchmen raised were a reluctance to lend; hikes in interest rates and transaction charges; immediate withdrawal of overdrafts; inaccessibility of decision makers; micro-management of a business's affairs and perceived discrimination against areas like construction.

The Rev Ker (Methodist) was joined at Stormont by the Rev John McDowell, the honorary secretary of the Church of Ireland general synod, and Father Tim Bartlett, an advisor to all-Ireland primate Cardinal Sean Brady.

Moderator of the Presbyterian Church in Ireland, the Rev Dr Norman Hamilton had also been due to attend the joint hearing of the finance and personnel committee and the enterprise, trade and investment committee but had been unexpectedly indisposed on other matters."

Could he not have sent someone to ask why the big institutions couldn't save his 'sinking ship'.

goodbyepci

http://sluggerotoole.com/2010/09/23/owen-paterson-the-momentum-is-increasing-further/

BETRAYED

From Slugger O'Toole
Erskine Holmes says:
23 September 2010 at 11:20 pm
All the GB credit union “mutuals” were covered but not the Northern Ireland credit unions. Another example of the regularity gap. There should have been no gaps. All UK citizens should have the same protection. There should always be parity and let us hope that all parties in Wesminster will continue to take an all party approach on that. Labour should honour the Brown commitment and back the Cameron rescue. The majority of the 9,500 members were small savers and borrowers. The fate of the professional advisors has still to be decided.

Erskine Holmes works with the NI Co-Operative Forum and has for many years been involved with housing associations,mutual societies and co-operatives including the Co-Operative Bank.

crazymess

http://www.newsletter.co.uk/news/PMS-pressure-mounts-with-time.6548203.jp

crazymess

http://www.newsletter.co.uk/news/PMS-work-intensifies-as-time.6550214.jp

BETRAYED

“The secretary of state said that the working group was equally serious about both options,” Dr Carson said.

“However, my concern is that Plan B [a loans package] would not get everyone their money back, despite the fact that David Cameron reiterated his promise last week of ‘a just and fair’ solution for PMS savers.

“A commercial solution would get everyone 100 per cent of their money back. But this requires political will and sustained effort by the Treasury to give the necessary financial guarantees to a bank that it would require in order to take over the PMS.”

Open Letter to Dr Carson

Dear Dr Carson,
A complete takeover of PMS by a Bank or some other institution would be an ideal solution.
Banks don't take over half developed building sites with many houses unfinished. Neither do they want PMS loan book with mainly short term loans and as I am aware some securities on loans insecure.
Please continue to seek address in the form of compensation from Government for how PMS was disadvantaged by regulatory failure on their part and help given to other institutions. Seek and welcome their help even it is in the form of loans.
Holding Brown and Cameron to account for promises made is no way to solve anything . Remember they are politicians.
We the members of PMS were promised, in literature and at every AGM, by the directors and the secretary that our savings were not at risk.

Please take a tour of all the building sites and unsold houses in which PMS has an interest. Then look at all the other development land which was bought at ridiculous prices.

If the Administrator is not be able to give you the location of all these please come to me.

When you are speaking to the Administrator ask him why we have not got our ballot papers for the election of the Creditors' Committee.
I think this committee of creditors is an important body. They would be the first democratically elected representatives of the creditors.
PMS Lobby Group NI and ROI came about with the approval of Dr. Donal Patton, former Moderator. He said so at a meeting in Ballymena. I do not doubt that they have done a good job.

Please do not decry Plan B. Beggars can't be choosers.

Why not in the setting up of a body to repay the Treasury Loans allow the PMS to be resurrected in a form that would serve the purpose for which it was first intended and tailored to today's need.
It would be a company (Operating legally) brought out of administration and properly regulated with guarantees.
Congregations and savers could be encouraged by the Church to support it as a means of everybody getting their money.
Church House could also consider guaranteeing a substantial loan to it against its property.
In an 'aside' in Court one day Judge Deeny asked, "Why could PMS not continue trading". He was told by Counsel that the staff were paid off.
I would be surprised if UK Gov have not asked the same question as the judge.
Rumour has it that recently an investigation of PMS was carried out, by financial consultants, with a view to assessing its viability.

In conclusion may I suggest that PCI examine what all went wrong to bring this debacle about by setting up some form of enquiry.
In my opinion PMS members, clergy and all PCI members would be entitled to nothing less.
.

If you are involved in discussions please look at all options.

Best Wishes

goodbyepci

http://www.u.tv/UTVMediaPlayer/Default.aspx?vidid=132709&chapid=108157&arti_id=e48a02e3-d3f5-473a-a0ec-59894a3fc970

A short reference to PMS 45 seconds in to report

BETRAYED

BBC NI Report (extracts)
　
30 Sept 2010
Nama's Peter Stewart spoke at the Northern Ireland economic conference on Wednesday.
The Irish government's National Asset Management Agency, Nama, which was set up in response to the banking and property crisis has said it will take over loans of around £3.3bn relating to assets in Northern Ireland.
　
He also spelled out that while he expects Nama to have relatively little impact on the Northern Ireland housing market it will have a very large impact on the commercial property market.
Only a small part of the investment loans Nama is taking over relates to residential developments in Northern Ireland.
Mr Stewart also said that the problem of uncompleted housing estates - so called ghost estates - is tiny by comparison to the situation south of the border.
"In this part of the island there does not appear to be a huge supply overhang of residential properties," he added.


In view of all the gloom and doom we are hearing about ROI’s situation with banking and particularly Anglo Irish Bank I think our PMS Administrator and those dealing with our situation to find a solution can take some comfort from the above comments on residential property.
Link to full report http://www.bbc.co.uk/news/uk-northern-ireland-11447018

ballyblack

From Belfast Tele today


Unionist Party Leader Tom Elliott will arrive in Birmingham on Tuesday night and says the three key topics he will raise with Tories are the reversing of the arrangements made at St Andrews ..................... and the Presbyterian Mutual Society.