NI Presbyterian mutual society, Short of funds for withdrawal?

Flinflon

re Betrayed'squestion as to whether it will cost Stormont anything at all, though the regulatory gap is staring them and everyone in the face: Seems to me the answer is not no.

Grrrandad

goodbyepci wrote: »

http://www.staffordcarson.com/

Have I missed something new from yesterday's debate??

I am also still confused as to whether, after all this time, somebody somewhere, has offically asked the PCI for an increase on the £1m originally promised - maybe Stafford could comment about that in his blog instead of re-stating the obvious.

There is now absolutely no point in seeking further clarification on whether the £25m promised by the NIE is a gift - it is a loan - end of story!!!

goodbyepci

http://www.jimallister.org/default.asp?blogID=2241

ballyblack

News Letter today

Foster reveals plan for PMS


http://www.newsletter.co.uk/news/local/foster_reveals_plan_for_pms_1_2416687

Excap123

I think it's interesting the way Arlene Foster explains how the money is to be repaid when the PMS is finally wound up. First the £175m is returned to the government - then remaining funds go FIRST to shareholders and creditors BEFORE the Administrator has to pay back the £25m from the Exec and the £xm form PCI that went into the Mutual Access Fund. Thankfully, therefore, the NIE and PCI money doesn't have to be repaid before savers get some further return. She says if there is any money left over after everyone is paid in full and money returned to government and church, it would go to shareholders (I suppose that's the law when companies are wound up anyway) - but perhaps not worth holding our breath for that bit.

BETRAYED

House of Lords

Written answers and statements, 16 February 2011

Lord Empey (UUP)

To ask Her Majesty's Government what is their proposed timetable for restoring funds to members of the Presbyterian Mutual Society.
To ask Her Majesty's Government what response they received from the European Commission on the compliance with state aid rules of their proposals for providing assistance to the Presbyterian Mutual Society.

• Hansard source (Citation: HL Deb, 16 February 2011, c194W)

Lord Sassoon (Commercial Secretary, HM Treasury; Conservative) As part of the 2010 Spending Review announcement, the Government met in full a bid by the Northern Ireland Executive aimed at providing assistance to the members of the Presbyterian Mutual Society. Matters relating to taking this forward, including with regard to compliance with state aid rules, are the responsibility of the devolved Administration in Northern Ireland.

Toastandbutter

http://www.newsletter.co.uk/news/local/church_set_to_discuss_5m_donation_to_pms_1_2434708


http://www.newsletter.co.uk/community/letters/pms_assurances_less_than_inspiring_1_2434816

BETRAYED

Poor old Church are still struggling with the legal aspects of them being able to contribute to the Mutual Fund for small savers.
Surley this is a charitable cause for people who have suffered long enough.
Arlene Foster now suggests PCI may get anything they give back.

goodbyepci

http://www.newsletter.co.uk/community/columnists/minister_reveals_pms_plan_1_2438114

goodbyepci

http://www.newsletter.co.uk/news/local/hopes_of_early_pms_payments_1_2443280