NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

Orra wrote: »

My I have upset Flinfon when were you promoted to CS? We are on the www posting behind aliases not in a classroom.

Fact
Good and McCandless posed with J. Donaldson MP for a photograph welcoming the previous administration's Ministerial Working Group's proposals. These proposals included the hardship fund the only source of help for 'shareholders'. Betrayal. Joylikes2shop can confirm.

Fact
McCandless spoke, with full knowledge, of the hardship fund the previous Sunday to this on Sunday Sequence. 'Shareholders' betrayed.

Fact
Mike Bohill at the Committee for Enterprise, Trade & Investment on 25th February 2010 confirmed, to the Chairman, the PMS was registered as a Co-operative Society. J. Donaldson should be able to provide the detailed minutes not yet available online.

How's the grammar Flinfon?
I am not being misleading Flinfon, just sticking carefully to the facts.

Good that there is all this posting on Forum.

BETRAYED

D.A. wrote: »

Orra, given your username, I'm guessing that you're actually James Gregg?

Na she has onlly come in recently to support Gregg

BETRAYED

Presbyterian Mutual Society

House of Lords

Written answers and statements, 2 November 2010

Lord Mawhinney (Conservative) To ask Her Majesty's Government by what date they expect the £200 million set aside for Presbyterian Mutual Society savers to have been allocated to them.
To ask Her Majesty's Government what restrictions they have placed on the distribution of (a) the £25 million grant, and (b) the £175 million loan, to Presbyterian Mutual Society savers.
To ask Her Majesty's Government what percentage of the deposits lost by savers their £200 million contribution to the Presbyterian Mutual Society represents.

Lord Shutt of Greetland (Deputy Chief Whip, House of Lords; Liberal Democrat) My right honourable friend the Secretary of State for Northern Ireland, and my honourable friends the Minister of State for Northern Ireland and the Financial Secretary to the Treasury have worked closely, constructively and urgently with Northern Ireland Ministers to find a solution for investors in the Presbyterian Mutual Society (PMS). This has been a very complex matter. The ministerial working group chaired by my right honourable friend the Secretary of State for Northern Ireland considered proposals put forward by the Northern Ireland Executive to deliver a just and fair solution to members of the society. My right honourable friend the Chancellor of the Exchequer announced the Government's agreement to those proposals in the spending review. It is now for the Northern Ireland Executive to take forward and to implement a scheme to address the needs of PMS members.
Further details on the nature of the Executive's scheme including the timescale envisaged will be announced by Northern Ireland Ministers in due course. The normal public spending treatment will apply to the loan provided to the Executive and it will be for Northern Ireland Ministers to ensure that their scheme meets relevant value for money, propriety and state aid requirements.

Josef

...November Presbyterian Herald deals with the 'Mutual Lifeline'
Dr Carson is quoted as welcoming the loan package and makes the following comments....
"Until further details are announced it is impossible to know what the exact outcome will be for members of the Society and how much of their money will be returned to them."

However later in the article the following also appears.....

It is thought the Executive will make the following proposals:
An offer will be made to small savers as a final settlement with no subsequent further payment. There is no indication as to what percentage of their savings this would be.
Larger savers will also have an offer made to them including the prospect of a further payment from any money remaining once the assets of the society are finally disposed of and the Executive loan repaid.

No mention of 100 pence in the pound now!!

BETRAYED

My E-mail to Declan O'Loan M.L.A.

Declan,
Hope you are well.
I read your recent statement on PMS. You are quite right to raise those points.

It has been heartening to have so much cross party support for those suffering because of our dilemma especially from the SDLP.
I hope that those involved in lobbying , including the PMS Lobbying Group N.I. and R.O.I,will now focus on all NI Assembly members giving them all the information that they require to approve the salvage operation.
Hopefully the Administrator will also supply any necessary information.

Personally I have no doubt that the loans will be repaid. Forgetting about what will come in the longer term from the sale of completed houses and development lands and the repayment of loans with interest from the present borrowers there is something like £7m coming in annually from rented commercial property in Scotland, England and I.O.M.

By the way what has the Assembly done about or what stage is the proposed Credit Union, Mutual Societies and Co-operatives legislation revision at?

Best Wishes

Betrayed

joylikes2shop

http://www.newsletter.co.uk/news/DUP-rejects-O39Loan-concern-on.6616851.jp

Toastandbutter

Several interesting letters in News Letter today in ref to Declan O'Loan comments. Unfortunately dont appear to be online.

joylikes2shop

http://www.staffordcarson.com/2010/11/pms-update-5/

BETRAYED

Worth Reading.

HM TREASURY

The Failure of the Presbyterian Mutual Society

Government response to the Committee's sixth Report of Session 2009-10


http://www.hm-treasury.gov.uk/d/presbyterian_mutual211010.pdf

joylikes2shop

http://www.newsletter.co.uk/news/Wilson-sets-out-way-ahead.6625959.jp

Wilson sets out way ahead for PMS







Published Date: 15 November 2010





THE Stormont Executive has given its first formal guidance on the future of the
Presbyterian Mutual Society (PMS) since a
£200m lifeline was unveiled by the chancellor on October 20.
Although details were expected from Stormont within days of the chancellor's announcement nothing has been formally heard since then.

But speaking in the assembly in recent days PMS working group member and Finance Minister Sammy Wilson made three points:

- £200m made available from the Treasury for the PMS would not be available until the next financial year, from April 2011;
- any delays among MLAs in agreeing the Stormont 2011-12 budget will impact on a PMS solution;
- additional contributions by the Presbyterian Church would assist the Stormont executive in giving small investors the best return.

Mr Wilson said the spending review on October 20 confirmed that the Government's contribution to the proposed PMS solution will be available in the 2011-12 fnancial year.

"However, a number of local and EU agreements are required before payments can be made. Executive and assembly agreement to the overall package can be secured as part of the budget process," he said.

"The Department of Enterprise, Trade and Investment (DETI) will take the lead on the assembly legislation necessary to seek EU state aid approval for the loan. I hope that that work will be progressed as quickly as possible.

"We are working towards resolving all the issues for the 2011-12 budget. However, I remind members that any delay in establishing
and agreeing the budget will have a knock-on impact on the PMS solution."

DUP MLA Mervyn Storey asked the minister, his party colleague, what further steps can be taken to ensure that those investors get 100 per
cent of their moneys back.

Mr Wilson responded: "Obviously, the bigger the mutual access fund, the more money there will be to give to small investors.

The Government at Westminster have put up £25 million, as have the executive, and the church has committed £1 million.

Obviously, if the church could provide additional money to increase that mutual access fund there would be an ability to give much greater sums of money back to small investors."