NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

fivealive wrote: »

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!

Fivealive
You must have been with the NI Federation of Credit Unions.

TRY Irish League of Credit Unions. www.creditunion.ie If you put an s after union you will get some site under construction.

Their President is a member of Lucan Presbyterian Church Dublin

When I opened an account

1 I learned that staff had compulsory training.
2 The most which at present I could save is £10,000
3 I learned that because I was a member for the annual payment of £11 my dependants would get £1500 on my death towards funeral expenses.

I don't think the Ulster Federation has such insurance available as yet.

PS A Credit Union account may be one way to beat the High Street Banks who are nearly all presently introducing charges on all accounts.

fivealive_2

BETRAYED wrote: »

Fivealive
You must have been with the NI Federation of Credit Unions.

TRY Irish League of Credit Unions. www.creditunion.ie If you put an s after union you will get some site under construction.

Their President is a member of Lucan Presbyterian Church Dublin

When I opened an account

1 I learned that staff had compulsory training.
2 The most which at present I could save is £10,000
3 I learned that because I was a member for the annual payment of £11 my dependants would get £1500 on my death towards funeral expenses.

I don't think the Ulster Federation has such insurance available as yet.

PS A Credit Union account may be one way to beat the High Street Banks who are nearly all presently introducing charges on all accounts.

Thankyou Betrayed,
They did tell me that they are regulated and belong to the Irish League of Credit Unions however they didn't tell me 1, 2, or 3 above! Nor could they tell me HOW safe my money is! I checked the web-site you refer to and read: "Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator." However I couldn't find anything to tell me about Credit Union savings in the North of Ireland.
I am opening a Credit Union account primarily for the same reason that I put my money in the PMS; so that my savings can be of benefit to others in my community until I need them myself! A matter of principle as much as anything else.
I have only put £20 in as I am scared to put in anymore until I can find out how safe my money will be!

Flinflon

Presbyterian Meeting at Newtownards - Part 2
I promised to add some material to my earlier report (7 Oct) on the presbytery meeting in Newtownards re the PMS. As noted earlier, Dr. Stafford Carson was the guest speaker (he is also speaking tomorrow night--Tue 11 Oct--at a meeting at 7.30 p.m. at Whitehouse Presbyterian Church on the Shore Road in north Belfast). The following are notes (plus an observation or two by myself) I took during the Newtownards meeting.
Dr. Carson spoke of situations for savers where, "at times the impact becomes unbearable." He mentioned a woman, 77, whose husband is 85, who told him all their life savings are in the PMS, and they are struggling to maintain their livelihood as well as their dignity. It is, said Carson, "a humiliating situation." It's "thoroughly unjust and unfair," he added, that people have not be able to access their savings during the worst recession in recent years.
He said the PMS would be an attractive asset for a bank takeover. It's got steady income, proven reserves and is not a basket case. Within five or ten years it would be a profitable operation, he said. If a bank was to take over, that would generate "a huge amount of goodwill" among PMS savers, he said. Speaking personally, he said he has an account with the Northern Bank, and if some other bank would take over the PMS, he would shift his account immediately to that bank.
Some audience members asked questions from the floor regarding the PMS directors, the use of PMS funds for speculation, the extent of responsibility by the Presbyterian Church for the debacle, etc. However, Carson was guarded in a couple of his answers--understandably, perhaps, for the matter of responsibility by the PMS directors is still being weighed by government, follwing a secret report by the administrator of the PMS. As to the church, I felt he provided weak answers to questions concerning its own responsibility for promotion of the PMS over the years--for example in the Presbyterian Herald and in annual reporets to the General Assembly. He said the advertising for PMS was placed by the PMS directors (i.e. not by the church or the Herald). However, the audience never pressed him on that issue. After all, the Herald--as with all media--has a responsibility under the law for the material it publishes, including advertising. He did suggest there was some church culpability (his word, note--not mine), reflected by the decision at last June's general assembly to provide £1 million toward a hardship fund for small savers, if one was set up by the government.
One woman in the audience summed up the feelings of a good few savers, I think, with the observation to Carson that the reason many people saved with the PMS was that "many of us believed we were helping Presbyterians, and that it ws wholesome and good" to do so.

crazymess

Apparently .......the next meeting of the PMS Working Group is tomorrow Tuesday 12th Oct - pm. It will have been nearly three weeks since they last met (on 22nd Sept). Wonder will that be the final one as the Spending Review will be in a further eight days on 20th October?

BETRAYED

crazymess wrote: »

Apparently .......the next meeting of the PMS Working Group is tomorrow Tuesday 12th Oct - pm. It will have been nearly three weeks since they last met (on 22nd Sept). Wonder will that be the final one as the Spending Review will be in a further eight days on 20th October?

crazymess
I think you are correct. PM has to get report from the Working Party.
I believe an announcement is imminent.
Administrator has also said that election papers are due from him this week for the groups where there is a contest.

Watch this space.

BETRAYED

About a year ago I asked Church House's Information Officer about the Presbyterian Housing Assn.
( Thinking that our Administrator could let out some of the homes that he had taken over)

I was told that Presbyterian Housing Assn. had nothing to do with PCI.
(The same as Dr. Watts told the press when PMS went into administration)
I do know that some years back the Presbyterian Housing Assn. was included in the General Assembly reports.

I read this on Internet recently.

29 April 2009 - Ritchie launches new Housing Association







Social Development Minister, Margaret Ritchie MLA, will today launch Northern Ireland’s newest housing association at Malone House in Belfast.
Alpha Housing Association has been formed out of the amalgamation of Abode and Presbyterian Housing Associations. Like many local housing associations, both organisations have a Christian ethos and the new name reflects its biblical origin, but is also a means by which Abode is Linked to Presbyterian Housing Association. The new association inherits a stock of some 950 social houses for rent spread across 36 individual schemes.
Welcoming the merger, Minister Ritchie praised the work of the two former housing associations and said: “This is a new chapter in the life of our ever evolving social housing movement. Abode and Presbyterian Housing Associations have both been successful in their own right and have made a very real difference to the lives and well being of a great many people.

Looks to me that all of this merger was to get the name Presbyterian removed from the body.
Is anybody aware that PCI are involved in running of retirement homes.

Could those not be sold off to help the suffering PMS shareholders?

(Sorry PCI tell us they have no money.)

I think they are worse than the Vatican

I want the truth, the whole truth and nothing but the truth.

Toastandbutter

I'm a bit confused!!!

In the letters page in today's News Letter, "RD, ex-co Antrim" condemns the recent News Letter story which claimed that a full refund of PMS funds was unlikely;-

http://www.newsletter.co.uk/news/Hopes-fading-for-full-PMS.6571024.jp?articlepage=1

RD describes the News Letter report as "alarming" and "unacceptable speculation", because he said the News Letter did not name any sources.

However by my reading, the article did indeed name several sources, as below;-

---

.......Lagan Valley MP Jeffrey Donaldson said it was not clear at this stage whether the Treasury will accept the proposal of a pound-for-pound loan 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,” Mr Donaldson said.

“Let us hope that assurances given by the prime minister recently in Parliament are now honoured.”


...........Lisburn tax consultant and PMS lobbyist Ivor McCandless said he was doubtful the government would stop PMS savers from losing money.

"I doubt if Mr Paterson will live up to Mr Brown's standard - that 'not one British saver has lost a single penny' in the banking crisis," he said.

"I am hopeful that help will be forthcoming but as for how long it will take to play out, I am not sure."

---

Am I missing something RD??? Aren't those named sources???

Do you know something Jeffrey and Ivor don't?

Are you saying you are privy to knowledge that a full refund is indeed in the pipeline?

Surely its only fair you share what you know with the rest of us?

T&B

BETRAYED

Toastandbutter wrote: »

I'm a bit confused!!!

In the letters page in today's News Letter, "RD, ex-co Antrim" condemns the recent News Letter story which claimed that a full refund of PMS funds was unlikely;-
..........................



Am I missing something RD??? Aren't those named sources???

Do you know something Jeffrey and Ivor don't?

Are you saying you are privy to knowledge that a full refund is indeed in the pipeline?

Surely its only fair you share what you know with the rest of us?

T&B

A number of us are of the opinion that the Newsletter article referred to could be an inspired government 'leak'

Toastandbutter

Interesting idea Betrayed.

Do you think Ivor McCandless would be part of such a thing?

Orra

I have re-read the letter in to-day's Newsletter and can not agree the writer betrays the PMS savers. The SoS has booted into touch the means testing for 'shareholders' and the writer ensures that the sum from Government is sufficient.
Ivor McCandless and that woman who accompanies him supported the DUP's plan B which included means testing and part payment for the 'shareholders' don't you remember the photograph in the Newsletter of them with Donaldson at its launch. Now that was betrayal.