NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

Sunday Sequence BBC NI

Go to 01-02-30

http://www.bbc.co.uk/iplayer/console/b00vmszk/Sunday_Sequence_28_11_2010

ballyblack

Belfast Telegraph Letters

Executive must resolve PMS crisis urgently
Monday, 29 November 2010



Read more: http://www.belfasttelegraph.co.uk/opinion/letters/executive-must-resolve-pms-crisis-urgently-15016529.html#ixzz16entAa2e

BETRAYED

Executive must resolve PMS crisis urgently

Monday, 29 November 2010 Belfast Telegraph

In the debate/debacle that is the rescue plan for the Presbyterian Mutual Society, the latest suggestion - that the Presbyterian Church should pay more - hides two massive issues. Firstly, any monies paid over by the Executive will, in effect, only be a loan and secondly, the Church, which had no legal, though a moral, responsibility for the PMS, is being asked ever-so-subtly to take some of the blame.
In the Assembly recently, Sammy Wilson made it clear that any money given by the Executive will be recouped when the property markets improve. But will the Church get its money back?
Then, of course, when the facts are assessed, what responsibility, beyond a moral duty, does the Church have to the PMS and the savers?
The Church did nothing wrong, they acted in good faith, encouraged members to save with the society and believed, as did the savers, that the PMS was properly regulated.
This has now been shown not to have been the case, so surely the Executive, particularly the DETI, owes the savers and the wider public an explanation?
The Commons treasury committee's report suggests that the Department of Enterprise, Trade and Investment failed to properly regulate the activities of the PMS.
Clearly, the Westminster Government has fulfilled its pledge; it has given the Executive the money and the go-ahead. So now it is time for the Executive to step up - or is this new £5m suggestion just a scheme to drag out any resolution?
Now I may be too cynical, but what if this new request delayed resolution just long enough so that payouts only started to arrive with savers in the mouth of an election?
RICHARD WILSON
Ballynahinch, Co Down

Toastandbutter

"DETAILS ON NI MUTUAL RESCUE UNCLEAR" - IRISH TIMES


http://www.irishtimes.com/newspaper/finance/2010/1129/1224284371230.html

BETRAYED

Questions

1 Why for two Sundays have Dup Ministers at Stormont refused to speak on Sunday Sequence?

2 Will the loans Bail-out of ROI by EU, IMF and UK have to wait to June 2011 ?
Can't see that they can. Their banks are in meltdown.

3 Why can PCI not raise an immediate subtantial loan to PMS Mutual Fund to help the 20K shareholder ?
The interest wouldn't be any more than the 1m offered.

4 Was there any mention of PMS at DUP party conference?

5 Why is the Administrator's 6 monthly report not out?

Toastandbutter

"SDLP PRESSES CHURCH OVER PMS SUPPORT" - NEWS LETTER

http://www.newsletter.co.uk/news/SDLP-presses-Church-over-PMS.6643144.jp

Flinflon

:TSavers' committee
A letter received today from the PMS administrator, Arthur Boyd, lists the following people as elected representatives on the creditors' committee:
Creditor claims up to £46,000 James Gregg
Between £46,001 and £94,000 Stephen Macartney
Between £94,001 and £187,000 William Andrew (Ian) McGimpsey
Between £187,001 and £425,000 Robert McCord
Above £425,001 Mrs Averil Heenan
Shareholder representative Harold Duncan

Boyd said he would be calling the first meeting of the committee "shortly."
Let's hope he does not intimidate the members by swearing them to secrecy. That's the kind of collusion we don't need. These people will be representing us--not the administrator--and we need to hear from them regularly. Good luck to them all!

BETRAYED

Flinflon wrote: »

:TSavers' committee
A letter received today from the PMS administrator, Arthur Boyd, lists the following people as elected representatives on the creditors' committee:
Creditor claims up to £46,000 James Gregg
Between £46,001 and £94,000 Stephen Macartney
Between £94,001 and £187,000 William Andrew (Ian) McGimpsey
Between £187,001 and £425,000 Robert McCord
Above £425,001 Mrs Averil Heenan
Shareholder representative Harold Duncan

Boyd said he would be calling the first meeting of the committee "shortly."
Let's hope he does not intimidate the members by swearing them to secrecy. That's the kind of collusion we don't need. These people will be representing us--not the administrator--and we need to hear from them regularly. Good luck to them all!

I would like to congratulate all those who have been elected by the so called democratic procedure to the Creditors' Committee.
From day one I have fought for a creditors' committee and I have said that I don't care the dogs on the street are on it.
PCI are certainly well represented.

joylikes2shop

Update from the Administrator 30th November 2010

The Administrator has written to members/creditors to inform them of outcome of the process for electing a creditors’ committee. The letter is available ...

http://www.presbyterianmutualsociety.co.uk/

no_more_f.w.o

At last Stafford Carson has admitted to the existence of the £45M general investment fund spoken of by Liam Clarke nearly 2 years ago.

http://www.newsletter.co.uk/news/SDLP-presses-Church-over-PMS.6643144.jp

"The Church does not have such resources to draw on. This would have to
be raised among the same people who are suffering because of this crisis."

He said that the Church's central investment fund, of some £45 million, could not be used for the PMS because it was given by Church members for specific purposes.

"Much of it is in the form of bequests given for overseas mission, social witness programmes and training purposes."




The fact that any Christian Church has such huge resources at their disposal would seem to me to be pretty obscene in any event, but when so many of their own vulnerable members are suffering, it is unforgivable.

I’ve just been reading about the United Appeal on the PCI website.
We are strongly urged to give to this appeal every year, and the money is used for;
Christian Training
Social Witness and
Missions Overseas.

Um ……. so what is the £45M slush fund needed for?
and um……… why do we need to give generously every year if they already have £45 million?

And let me remind you of the reading by Stafford Carson at the special Assembly in April
“For of this you can be sure: No immoral, impure or greedy person— such a man is an idolater— has any inheritance in the kingdom of Christ and of God. Let no one deceive you with empty words, for because of such things God's wrath comes on those who are disobedient..."

I don’t know who that reading was intended for, the papers at the time strongly suggested it was directed at the savers?



But the words;

Pot
Kettle
Black

Come to mind