NI Presbyterian mutual society, Short of funds for withdrawal?

anotherDonald

amadan22 wrote: »

hi everyone. the new gov. package appears to be 75mill LESS than labour! am i missing something?

So much for "no saver has lost a penny!"

goodbyepci

http://www.belfasttelegraph.co.uk/news/local-national/uk/osbornes-200m-package-for-presbyterian-mutual-society-14982484.html?r=RSS

expat68

The previous proposal in May included £50m of NI Exec funding in addition to the government loans - on the surface conservatives are giving more than labour proposed.Unclear whether NI Executive are going to add anything.

Also the details of who will get payment and when is still unclear- shareholders, creditors?

In addition creditors already got 12p in pound

Full details need to be known before any conclusions can be made

concernedpmsaver

I think the original proposal from labour was a 225m loans package 50m of which would come from the NI executive...... This proposal is 25m in cash and 175m in loan = £200. I hope that the 50m is still available from the executive as it is no longer required as part of westminsters proposal. That would leave £250m (£251m if the presbyterian church get their finger out lol). Taking into account that 12% was paid of £315 million that means there is only £277.2 needed and therefore £26.2 million gap left over.

southantrim3

southantrim3 wrote: »

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.

Sorry folks, this is what I thought might happen

goodbyepci

http://www.u.tv/News/%C2%A3200m-resolution-for-PMS-crisis/73d53993-c1c8-4328-83ac-e5ac53e83753

NAR

IMHO you lot of whingers are very lucky to have got anything from us taxpayers. Go force the hand of the church for the shortfall of any money, which is where it should be all coming from.

KingVardas

concernedpmsaver wrote: »

I think the original proposal from labour was a 225m loans package 50m of which would come from the NI executive...... This proposal is 25m in cash and 175m in loan = £200. I hope that the 50m is still available from the executive as it is no longer required as part of westminsters proposal. That would leave £250m (£251m if the presbyterian church get their finger out lol). Taking into account that 12% was paid of £315 million that means there is only £277.2 needed and therefore £26.2 million gap left over.

There was no proposal from Labour. There was a request from the NI Exec. Labour did not ever approve it. Now the coalition govt has agreed 175m loan and 25m cash to the Executive. Assume NI Exec add the 25m they had previously planned to add, plus 1m from the church, and you are getting 226m. Yesterday you were getting zilch (or a very long wait for small amounts). In anyone's books, that's a result. No doubt at some point a plan will be put to you about how that is split - do creditors get all they are owed or will they be willing wait longer for a small part of it to ensure shareholders have a better return? that is up to you good Christian, charitable, mutual people.

absoluteutopia

NAR wrote: »

IMHO you lot of whingers are very lucky to have got anything from us taxpayers. Go force the hand of the church for the shortfall of any money, which is where it should be all coming from.

Agreed, was in a shop in Ballymena today and the conversation was about this. A lot of taxpayers VERY unhappy about OUR money being used for this.

goodbyepci

http://www.ft.com/cms/s/0/bb7e9f28-dc45-11df-a9a4-00144feabdc0.html