NI Presbyterian mutual society, Short of funds for withdrawal?

abeliever

Excap123 - having made some enquiries, it appears that you may well be right !


http://www.presbyterianmutualsociety.co.uk/files/PMS%20Scheme%20Press%20Release.pdf

expat68

http://www.newsletter.co.uk/news/local/hopes_raised_over_pms_rescue_plan_1_2578112


"According to an official statement released today by the PMS administrator Arthur Boyd, every saver would be guaranteed at least 77 per cent of their remaining deposits by early July, if his proposals are fully approved."

expat68

http://www.presbyterianmutualsociety.co.uk/files/PMS%20Scheme%20Press%20Release.pdf

Clearly a lot of people will lose money but its taken 2.5 years to get to the only deal in town - will be a brave person who votes against it and liquidates property assets in the current market.

KingVardas

expat68 wrote: »

http://www.presbyterianmutualsociety.co.uk/files/PMS%20Scheme%20Press%20Release.pdf

Clearly a lot of people will lose money but its taken 2.5 years to get to the only deal in town - will be a brave person who votes against it and liquidates property assets in the current market.

I agree with the sentiment but I'd put it differently - some people (hopefully those who can afford it) will lose a little money and many will actually get everything back provided the volunary deferrment idea works.

anneofavonlea

I count myself as a reasonably intelligent person but I must say I am having great difficulty with this epistle which arrived in my post today. It would be helpful to have this document in plain english. If I am having difficulty with it, I dread to think what someone more senior in years would be experiencing.

BETRAYED

Mr Howie makes his case for his African Mission on Evening Extra on BBC NI Radio Ulster. Friday08 April.


http://www.bbc.co.uk/iplayer/episode/b00zgybx/Evening_Extra_08_04_2011/

Go to 0 11 58

silentpci

Is it ethical to have such a large amount of money in a bank account that has been collected for charity? . If I give money for charity work in the developing countries I expect it to go direct to those peope who need it so much. If it wasn't needed at that time why continue collecting for it?

Treasurer

BETRAYED wrote: »

In case I mislay my voting form I have detached my meeting invitation (don't think I'll be going) at the bottom, voted " YES" and returned my form first class post.

Anyone who considers voting "no" or raising any legal challenge could only be compared to 'a turkey voting for Christmas'.

Totally agree !
This is the final offer and no re-reading of the information or going to meetings will change anything .
The bottom line is that a No vote means that you will get less money ... and have to wait .
That applies to everyone .
So , like Betrayed my votes are already cast .
Yes !

ballyblack

NEWS LETTER

Letters page


PMS complaint must be examined


Published on Tuesday 12 April 2011 10:17

BEFORE Presbyterian Mutual Society members and so-called creditors vote upon, and subsequently sign away potential rights to a full return of their savings ie, those moneys deposited and interest earned and retained within PMS.

I do ask what has happened to the case alleging maladministration by the Department of Enterprise, Trade and Investment and NI Executive referred to the NI Ombudsman by Danny Kennedy MLA over three months ago? The issues here are very clear and rather basic, Danny Kennedy’s case questions not only the adequacy of protecting depositors with the feather light touch statutory regulation of mutual societies registered in Northern Ireland but how those regulatory functions were administered. For the department to claim that it was only responsible for registering such societies and not for any oversight of their activities would make excellent material for a skit at a church social or an after-dinner turn at an international conference for business regulators.

My purpose in writing is not to cause further delay to the PMS end game which has lasted 30 months and brought financial embarrassment and torture to so many that we, their friends, love and respect but to ask simply how can anyone vote or accept the terms on offer by May 6 before the NI Ombudsman has ruled on this important case.

My belief is that the NI Executive regulatory function was never fit for purpose, that its administration was seriously lax and that it bears the financial responsibility for clearing up this sorry mess to the tune of 100 per cent risk.

I call on the NI Ombudsman to insist that the department and Northern Ireland executive respond to the referred case fully and within days and that the NI Ombudsman makes his determination shortly thereafter.

The case should be resolved before the May 6 voting deadline and the results widely publicised.

This matter cannot be held over due to the assembly election, it is too important for too many people and would be brushed under the carpet after the PMS members and so called creditors have voted.

Ex-Co Antrim

BETRAYED

ballyblack wrote: »

NEWS LETTER

Letters page


PMS complaint must be examined


Published on Tuesday 12 April 2011 10:17


Ex-Co Antrim

I do ask what has happened to the case alleging maladministration by the Department of Enterprise, Trade and Investment and NI Executive referred to the NI Ombudsman by Danny Kennedy MLA over three months ago?

Waste of time. Even the Parliamentary Ombudsman found DETNI
in the wrong he can not compel the Minister to do anything about it.
Example was in England when the Ombudsman found Gov. had failed Equitable Life.
Nothing was done by Gov. for years and then only a measley compensation scheme was offered.