NI Presbyterian mutual society, Short of funds for withdrawal?

southantrim3

I think this is my first post to this thread. I'm a Presbyterian but thankfully not a PMS saver and empathise with you all, for what it's worth.

I am slightly worried with the phrase "fair and just resolution" as you would only make that point if you weren't going to give £ for £. If it was a 100% payback then you wouldn't have to use such vague language (in my opinion.)

I do hope something is sorted out soon but I fear a great many people may leave PCI once the sorry state has come to a completion and I can't really blame them for doing so, sadly.

Blessings.

clockworkorange

I think it is clear that we are not getting 100%, they would have said something along those lines rather than 'fair and just' if we were.

The big question is how much we ARE going to get and if we are willing to accept ?

The bigger savers will have more to lose than the smaller savers with the percentage shortfall, will they accept the 'deal' ?

Having talked to 2 ministers soon after the collapse who told me they lifted all their money, i think i will take my 'christian lead' from them and like them go for 100%. I assume this is the 'christian' attitude that Stafford was talking about in the last couple of PMS meetings there has been ?

Grrrandad

I totally agree that a settlement of 100% is most definitely not on the cards. I also feel we will be told what we are being given and that the offer will not be up for negotiation.

The Government can use the well worn line that 'Labour has left us in this mess and we will ALL have to suffer the pain together to put things right' - I'm afraid that along with the pain of the other cuts we will be subjected to we will have to add the loss of some of our money in the Presbyterian Mutual Society.

BETRAYED

crazymess wrote: »

http://www.bbc.co.uk/iplayer/console/b00v3l9p/Good_Morning_Ulster_13_10_2010

Crazymess
Thanks for posting this link.
PMS item is 1h-45m-37s (Just after the Chile Mine Rescue Report)

This IPlayer recording is most informative and tells us a lot about
how the plan for a PMS rescue may operate.

PCI.U.O.Me

Yep, I'm afraid I agree with a number of the folks who have posted earlier. Would really love to be proved wrong, but me thinks that some British taxpayers are about to lose a lot of their savings.....

Toastandbutter

Just in case we have forgotten, this is what Mr Paterson said last week at the Tory conference last week;-

“Last year, referring to the banking crisis, Gordon Brown boasted that not one British saver has lost a single penny.

“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.”


Mr Paterson, do you think you should be judged by this "not a penny lost" standard on October 20?

Toastandbutter

http://www.newsletter.co.uk/news/PMS-savers-hope-for-just.6580333.jp

crazymess

http://www.bbc.co.uk/iplayer/episode/b00vd9f9/Hearts_and_Minds_14_10_2010/


About 11.40 mins in

Owen Patterson on PMS

ballyblack

Today's News Letter

Paterson still aiming for PMS deadline (Wed 20th Oct)

http://www.newsletter.co.uk/news/Paterson-still-aiming-for-PMS.6584130.jp

Lester_F

Grrrandad wrote: »

I totally agree that a settlement of 100% is most definitely not on the cards. I also feel we will be told what we are being given and that the offer will not be up for negotiation.

The Government can use the well worn line that 'Labour has left us in this mess and we will ALL have to suffer the pain together to put things right' - I'm afraid that along with the pain of the other cuts we will be subjected to we will have to add the loss of some of our money in the Presbyterian Mutual Society.

Creditors will get the opportunity to vote on the Governement's proposal. Shareholders will not.

Creditors may vote to reject the Governement's proposal in favour of liquidation.