NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

See today's NewsLetter Page 4

'Surprise over PMS law delay'


Perhaps our Creditors' Committee could have a second meeting and put some pertinent questions
to Arthur Boyd.

ballyblack

here is the link;

http://www.newsletter.co.uk/news/local/surprise_over_pms_law_delay_1_2529478

Toastandbutter

Two further stories about director prosecutions;-

http://www.newsletter.co.uk/news/local/lawyer_slams_deti_over_court_moves_1_2529421

http://www.newsletter.co.uk/news/local/concerns_about_impact_on_volunteer_directors_1_2528684


http://www.newsletter.co.uk/news/local/accused_directors_of_pms_revealed_1_2520202

ballyblack

todays newsletter


Clergy cash plea for PMS scrapped


http://www.newsletter.co.uk/news/local/clergy_cash_plea_for_pms_scrapped_1_2539242

BETRAYED

See front page of today's NewsLetter.
It seems that the N.I. Financial Assistance Act 2009 is being used to fast track payment to savers.
I imagine that creditors will still have to approve proposals from administrator and High Court approval be sought before the Courts rise for the summer.


http://www.legislation.gov.uk/nia/2009/2/section/1

ballyblack

Here is NEWS LETTER;

http://www.newsletter.co.uk/news/local/pms_savers_may_have_cash_by_june_1_2541375

Flinflon

This is good news indeed, and a welcome beginning for a solution that will take some time to finally unfold for all savers. But as pleased as I am, I have a couple of questions:
One, how will the administrator handle the £20,000 repayment for those with more than that figure? If a person has less than, say, £100,000 but more than £20,000 will she/he be out of luck on any amount of money for the moment? Or will she/he get £20,000 back with the first disbursement, and then wait for a while longer to get some portion of the balance repaid?
And two, I'm a bit annoyed that Robinson, Foster and Wilson--for all their hard work (which they have no modesty in proclaiming)--are fluffing up their feathers as the heroes of the moment. After all, wasn't it a failure by one of their own departments (DETI) which led to the regulation gap that contributed in a major way to this problem in the first place?

ballyblack

PMS on Radio Ulster this morning,

Saver Stephen Riley echoing the above comments about our MP's

Listen or Wind on until 43 mins into programme

http://www.bbc.co.uk/iplayer/console/b00z7ns1/Good_Morning_Ulster_29_03_2011

Toastandbutter

News Letter analysis piece from today's paper;-

http://www.newsletter.co.uk/news/local/savers_hope_this_is_not_another_false_dawn_1_2542563

Toastandbutter

Flinflon wrote: »

This is good news indeed, and a welcome beginning for a solution that will take some time to finally unfold for all savers. But as pleased as I am, I have a couple of questions:
One, how will the administrator handle the £20,000 repayment for those with more than that figure? If a person has less than, say, £100,000 but more than £20,000 will she/he be out of luck on any amount of money for the moment? Or will she/he get £20,000 back with the first disbursement, and then wait for a while longer to get some portion of the balance repaid?
And two, I'm a bit annoyed that Robinson, Foster and Wilson--for all their hard work (which they have no modesty in proclaiming)--are fluffing up their feathers as the heroes of the moment. After all, wasn't it a failure by one of their own departments (DETI) which led to the regulation gap that contributed in a major way to this problem in the first place?

I have read in the News Letter in recent months that the plan is to prioritise returns based on staged bands of savings volumes. ie the lower the amount of savings the higher the priority, but I also recall mention of consideration for individual circumstances.

My understanding is that the £226m plus will be paid out more or less all at the same time and that hopefully all savings below £20,000 will be repaid at the first go.

I think this scenario depends on creditors acting mutually towards loanholders and leaving enough money in to help refund shareholders. This requires £50m to be left in by creditors for shareholders, I think.

By my understanding the balance of £226m will be paid out to every band immediately too, but the higher the band (ie the greater the amount of money in that band) the less of a percentage return you will expect to get at the first bite.

I did a rough calculation a few months back and estimated that if around 99 per cent of shareholdings are returned immediately (ie funds under £20,000), then about 75 to 80 per cent of loanholdings could be returned *by* the same date.

This 75 to 80 per cent would also include the monies already returned to creditors from PMS rents.



That is not to say that is what will def happen.....just what could.

( I cant remember if my estimated 75 to 80 per cent return for creditors included the first £20k most creditors would also have saved or not. But have a go yourself; it has been documented how much people had in and how much they got out during the run - and have been paid back to creditors out of rental income. You also know there is £226m coming right now and you know how much was saved in shares and how much in loans, so you get a rough picture. But how much creditors are willing to leave in is a big unknown at this point. )

I expect these issues will be thrashed out in clarification meetings to be staged around the country in next month or so. I understand you will get your invitation prob next week.

DISCUSS.