NI Presbyterian mutual society, Short of funds for withdrawal?

joylikes2shop

http://www.presbyterianmutualsociety.co.uk/


Update from the Administrator 5th October 2010

BETRAYED

Update from the Administrator 5th October 2010

Nomination process for Creditors’ Committee
The nomination process for the creditors’ committee closed at 5pm on Tuesday 31st August 2010. Any nomination forms received after this date were rejected. The relevant nominees have been informed .

A number of nomination forms received prior to the closing date for nominations were not completed correctly and have been rejected by the Administrator. The relevant nominees have been informed of this.

Where a nomination form has been completed correctly and submitted prior to the closing date, the Administrator has been liaising with the relevant nominee to confirm their successful nomination. The next stage of the process is to ask members/creditors to vote for one of the nominees in the following classes. As explained below, a vote will not be necessary in all classes.

1. Creditors with Original Claims above £425,001;
   
2. Creditors with Original Claims between £187,001 to £425,000;
3. Creditors with Original Claims between £94,001 to £187,000;
4. Creditors with Original Claims between £46,001 to £94,000;
5. Creditors with Original Claims between up to £46,000; and
6. The holders of shares only.

In respect of some of the classes, only one valid nomination was received and this nominee will be appointed to the creditors’ committee to represent that class without a vote having to take place. The Administrator will be writing to those within the affected classes within the next ten days.

Where a number of valid nominations have been received for a particular class, those within that class will be asked to vote for their representative on the creditor’s committee. The Administrator will writing to those within these classes, enclosing voting forms, within the next ten days.

Once the voting process is complete the Administrator will confirm who will represent each class on the creditors’ committee and then take steps to convene the first meeting.

General Update
The Administrator is aware that the Ministerial Working Group met on 8th September 2010 and 22nd September 2010 and he has seen the statements issued subsequent to those meetings by the Northern Ireland Office. The Administrator is continuing to work closely with officials on behalf of the Ministerial Working Group and will report further to members/creditors once he is in a position to do so. The Administrator understands that a further meeting of the Ministerial Working Group is due to take place within the next week.

joylikes2shop

http://www.irishtimes.com/newspaper/breaking/2010/1006/breaking33.html

......''Ministers will honour a pledge to help savers who lost money in the collapse of Presbyterian Mutual Society, Mr Paterson said.''......


http://www.u.tv/News/Paterson-to-do-his-best-for-PMS-savers/15590f23-bb9a-4ca2-af37-4fcfe97a349b

Speaking at the Conservative party conference on Wednesday, the Secretary of State for Northern Ireland renewed the promise to do his best to help the savers.
"Last year, referring to the banking crisis, Gordon Brown boasted that not one British saver has lost a single penny," Owen Paterson said.

"In saying this he completely ignored those investors in the Presbyterian Mutual Society who saw their money disappear.
"During the election David Cameron and I both pledged a just and fair solution to this crisis, and we have been working hard recently on this with the Northern Ireland executive, and we will honour that pledge."
A ministerial working group chaired by Mr Paterson has been set up to discuss the steps needed to resolve the issue.

joylikes2shop

http://www.newsletter.co.uk/news/Renewal-of-just-and-fair.6569137.jp


There are 2 pages when you click on the above link.

Flinflon

Presbytery meeting - Newtownards
I went to the PMS meeting at First Presbyterian Church, Newtownards, this evening and took notes. They are here in a condensed form, and they incorporate some of the answers that were given to questions from the audience.
Dr. Stafford Carson of the Presbyterian Church in Ireland was the only speaker. About 180 people were present. Keep in mind that this was one of several meetings being held under the auspices of various presbyteries, and the background information is similar at all of them. I won’t rehash all of the detail he provided about how we got into this situation, the mistakes of the Labour government, etc.
Dr. Carson read excerpts from a couple of letters written by savers who are in difficult circumstances. They were quite touching, one from an elderly woman whose son in Australia has a terminal illness, and she can’t afford to visit him because all her savings are tied up in the PMS. Carson himself seems to be speaking more forthrightly these days than he did a year or so ago—maybe a bit more iron in his soul. He actually seemed angry at one point, demanding to know why our national government can’t expend the same effort to rescue the PMS that was spent rescuing (at far greater expense) those banks that were sinking just a few months ago. He said the strongest blockage to our pleadings for government help rested in the treasury—which itself will be making its spending review recommendations to the prime minister in just a few days. It will be clear in that review, said Carson, that PMS savers remain the only bunch of savers that has not been rescued. [I think most of us are aware of the two options being considered by the PM’s working group: a possible bank rescue or (“Option B”) the setting up of a hardship fund (and likely wind-up of the PMS to follow, failing a bank rescue).] Carson said that the first option was the best option. Option B would leave small savers at the end of the queue, with a long time to get all—or even some—of their money back. Some savers would have died by then, and it would represent “a pastoral disaster” to the PCI, he said.
All we can do now is trust that Cameron will be true to his repeated pledge to provide “a fair and just resolution” to our problem, said Carson. He was asked what date he would regard as a satisfactory time when we would have access to all our funds (if the “fair and just resolution” was approved), and he replied: “December 31st, 2010.” Basically, he would want to see every penny paid back, with a settlement in place within weeks, not months—“and certainly not years.” Getting late now, but I’ll try to post a few bits and pieces later on.

goodbyepci

http://www.libdems.org.uk/news_detail.aspx?title=Clegg_addresses_first_meeting_of_North-South_Parliamentary_Forum&pPK=bfb48600-c4db-4fbd-ad15-90f24debc55a'

Scroll down to last para of "economy"

ballyblack

Hopes fading for full refund?


http://www.newsletter.co.uk/news/Hopes-fading-for-full-PMS.6571024.jp

crazymess

http://www.staffordcarson.com/2010/10/nick-and-owen-on-the-pms/

ballyblack

NEWS LETTER Today

Clegg repeats 'fair' PMS pledge

Published Date: 09 October 2010

Deputy Prime Minister Nick Clegg has repeated yet again the government's pledge to find a "just and fair" solution for savers in the collapsed Presbyterian Mutual Society.
Speaking at the North-South Parliamentary Conference in Newcastle, Co Down on Thursday night, he said the new government “is very mindful of the need to resolve the serious hardship faced by members of the Presbyterian Mutual Society”. He added: “The ministerial working group has been restored under the chairmanship of the secretary of state. And we are working intensively to find a fair and just resolution. And we know we must find it very soon.”

The day before, Secretary of State Owen Paterson said that he and David Cameron “will honour” their pre-election pledge of a “just and fair” solution for 9,500 savers in the £300m mutual.

He also slammed Gordon Brown for “completely ignoring” PMS savers by boasting that “not a single British saver has lost a penny” during the UK’s banking crisis.

But campaigners responded that the new government had thus set the standard by which it would be judged; Presbyterian leader Rev Dr Stafford Carson said the only “fair and just” outcome could therefore be one where PMS savers did not lose a penny either.

However, a range of sources told the News Letter this week that a full refund was looking unlikely.

Jeffrey Donaldson MP said it was not clear whether the Treasury will approve a pound-for-pound loan rescue package for PMS savers.

“But with the Comprehensive Spending Review fast approaching on October 20, it is essential that the Treasury gives a clear indication what assistance it will give,” he said. “Let us hope that assurances given by the prime minister recently in Parliament are now honoured.”

In February, the Treasury Select Committee said PMS savers had been innocent victims of government failures, and called for a swift remedy.

Chairman John McFall MP said: “We do not believe that, as a general rule, the taxpayer should stand behind a financial institution. However, it is clear in the case of the PMS there was a fatal regulatory gap, which no lay person could reasonably have identified.”

fivealive_2

Yesterday I went in to my local Credit Union to open an account. I had previously attempted to do some background research on Credit Unions in N.I. but their new web-site is under construction. Therefore I had some searching questions for the girl serving me, she replied by smiling sweetly and saying "I guarantee you that your money is safe in the Credit Union." :eek:
Well, 20 minutes later I think she was sorry she had ever met me, by that stage an older more experienced member of staff had come to her rescue. I was also given a bunch of literature to read.
They were of course very understanding of the plight faced by those of us who have money in the PMS!