NI Presbyterian mutual society, Short of funds for withdrawal?

Toastandbutter

Two letters in yesterday's News Letter chiding Mr Sterling and a third bemoaning the British bail out of the ROI when PMS savers are still in crisis.

Another letter in today's News Letter chiding Mr Sterling, this time from Jim Allister!

Flinflon

BBC television's Newsline programme is apparently planning a PMS story for tonight (6.30 pm).

goodbyepci

http://www.u.tv/News/Church-may-have-to-pay-more-for-PMS-bailout/b3ad052b-693a-4e3f-8290-ca5573950348

no_more_f.w.o

On his blog
http://www.staffordcarson.com/
Stafford Carson makes the following statement

"The more money the church contributes to the Mutual Access Fund, the more there will be for smaller savers. The General Assembly has pledged £1 million and has, as yet, not been asked to increase its contribution."

From the start of this mess, PCI have championed the cause of the small savers, quite rightly so.
So why is it now such a problem to contribute more money to the Mutual Access Fund if it will help the very people they want to help?

It is very confusing.

Once again the church have unfortunately shot themselves in the foot. An opportunity to appear on national TV was turned into a complaining session about how much they cannot do, not what they can do.

Also once again the general investment fund, said to be £45M was not mentioned.

no_more_f.w.o

On 28th December 2008 Liam Clarke wrote an article in the Sunday Times about the PMS.

Link below
http://www.timesonline.co.uk/tol/new...ffset=0&page=1

Go to page 2 paragraph 7 where he states

"So is there really nothing the church can do apart from giving pastoral advice to those left out of pocket? Church sources claim there is a general investment fund worth £43m and an estimated £20m in other reserves that could be brought into play. According to Arthur Boyd, the administrator, loans to church congregations and members amount to about £170m. Some of these borrowings by church bodies could be refinanced and repaid to help restore liquidity. The church has other assets — a site in Lucan, near Dublin, is valued at between £4m and £6m."

By my reckoning that adds up to at least £67M

YES

£67 million pounds

For a church that is "not cash rich"

Remember these figures from Liam Clarke have never been denied by the Church, and this article was written nearly 2 years ago.

expat68

"Rev Carson said the church wanted to see the situation resolved and it would not "drag its feet in terms of getting to a good solution".
He said:"There is of course a technical and a legal question that a church can only raise money for charitable purposes and then we have to understand is this legally a charitable purpose?"

Oh dear Rev Carson has gone off script here....-

i) I didnt know the church had to be formally asked to make donations to a good cause.....I thought they did it because it was the right and christian thing to do. Do they decide to raise money for African causes only when they get a call from the country's president saying his people are a bit short of food? I don't think so.

ii) He is reverting to technical and legal points on why they cant help - conclusion is that turning church house into a palace is a charitable act while helping out their parishioners who have lost their life savings in a PCI advertised and endorsed fund is not.

At the end of the day where there is a will there is a way - does Rev Carson and PCI really have the will??

ballyblack

church has other assets — a site in Lucan, near Dublin, is valued at between £4m and £6m."

Not now!!

worth 3 cheers at the moment

expat68

http://www.newsletter.co.uk/news/Unusual-for-savers-to-aid.6640931.jp

serpico

It surprises me that the PCI has any congregations left, it being the religious following of my fathers and his forefathers before him I have followed this forum from it's beginning purely out interest.

Intereststing to see this guy Carson wringing his hands in despair over a poor family who could lose their home because of the PMS, being prayerfull don't satisfy the mortgaggees or help, in my book when you see a buudy, especially one who has contributed to your wealth, in such dire trouble you keep your mouth shut a puit your hand in your pants and and pull out your billfold without batting an eyelid, talks cheap and it does not help folks out.

If true, and the PCI does have Access to £67 big ones
stashed it does not surprise me, I would never give a brass dime to a Church my take is Churches are all about making money and providing a good freeloading living for those who administer them.

Having said that I have always given generouly to the Salvation Army, even though I am both a smoker and have a strong liking for Southern Comfort which they consider sinfull.

As has been said by others mot much Christian charity or help from the PCI for those at the bottom of the pile who are suffering real hardship, and they are keeping there cards well covered enough to make the CIA look like boy scouts.

goodbyepci

http://www.bbc.co.uk/blogs/ni/2010/11/the_presbyterian_bailout.html#comments