NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

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.


I would imagine that the release of government funds for immediate payout will be dependant on approval by the creditors for repayment of all shareholders initially. The surplus would then be paid out to the loanholders with the rest to follow as and when property values recover.

BETRAYED

It is my opinion that so many factors have to be considered by the Administrator and his legal advisors in presenting a 'business plan' to the creditors to approve that any estimate we may make regarding payout would be mere speculation.
For example
1 We do not know exactly the rate of interest on the Treasury loans or when over the ten years repayment has to be made.

2 We do not have a projection of the income from borrowers' loans repayments and interest due to come in over the next few years.

3 We do not know for sure what funds are in the PMS account presently. (Some say 14M)

4 We do not know how many PCI Congregations and large creditors will agree to the so called 'Deferment Option'

Please wait.

ballyblack

Belfast Telegraph Letters

"Robinson should stop making empty promises"

http://www.belfasttelegraph.co.uk/opinion/letters/robinson-should-stop-making-empty-promises-15131061.html

Toastandbutter

expat68 wrote: »

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.


I would imagine that the release of government funds for immediate payout will be dependant on approval by the creditors for repayment of all shareholders initially. The surplus would then be paid out to the loanholders with the rest to follow as and when property values recover.

Thanks Ex-pat

I would go along with that.

T&B

Toastandbutter

BETRAYED wrote: »

It is my opinion that so many factors have to be considered by the Administrator and his legal advisors in presenting a 'business plan' to the creditors to approve that any estimate we may make regarding payout would be mere speculation.
For example
1 We do not know exactly the rate of interest on the Treasury loans or when over the ten years repayment has to be made.

2 We do not have a projection of the income from borrowers' loans repayments and interest due to come in over the next few years.

3 We do not know for sure what funds are in the PMS account presently. (Some say 14M)

4 We do not know how many PCI Congregations and large creditors will agree to the so called 'Deferment Option'

Please wait.

Betrayed

You are right this is speculation and I think I had made that pretty clear a few times.

I certainly welcome you emphasising that point.

However it is the only question in peoples minds and you will forgive them if they are trying to get their head around how much they may get back, for planning purposes.

I also think some of the points you have listed may be quite speculative as well, for example 1&2.

T&B

BETRAYED

Toastandbutter wrote: »

Betrayed

You are right this is speculation and I think I had made that pretty clear a few times.

I certainly welcome you emphasising that point.

However it is the only question in peoples minds and you will forgive them if they are trying to get their head around how much they may get back, for planning purposes.
..........................

T&B

I find that the two questions on everbody's mind at the moment are

1 When are we getting our money back?
2 How much are we getting?

Like you I have been trying to calculate the answer to the latter question and I see no reason to disagree with your projection.

Because payment will not be made until June it means that we have lost yet another year in which we can make use of any Cash or Share Isa entitlement.
I am also calculating how much interest I have been deprived of by the period of time it took to get the matter resolved.

goodbyepci

http://www.legislation.gov.uk/nisr/2011/143/pdfs/nisrem_20110143_en.pdf

southantrim3

I'm curious as to how many could potentially leave PCI once the affected have received their savings back after this debacle. I'm guessing there must be a few hundred anyway. I'm also wondering where they are likely to go, if anywhere.

no_more_f.w.o

southantrim3 wrote: »

I'm curious as to how many could potentially leave PCI once the affected have received their savings back after this debacle. I'm guessing there must be a few hundred anyway. I'm also wondering where they are likely to go, if anywhere.

Already left

PCI won't get another penny out of me!

BETRAYED

Legislation memo
http://www.legislation.gov.uk/nisr/2...0110143_en.pdf

2.3 Articles 2 and 3 define the recipients of the financial assistance and the
purposes of the Scheme. Article 4 specifies that the financial
assistance will take the form of a loan of up to £175 million paid by the
Department to the Administrator who, in turn, will make payments to
creditors. It also provides for any person appointed to assist the

Administrator to be paid from this loan.


So our funds can also be used to pay 'another' person.
I thought the Administrator was paid enough.