NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

anotherDonald wrote: »

Pass the sick bag!

:mad:

Heartbreak and Anxiety for two and a half years.
Lost three years' interest.
When and if we get final payment inflation will have taken its toll.
Administrator was able to ensure PCI will get their so called contribution back.

PCI.U.O.Me

ballyblack wrote: »

NEWS LETTER Letters

Minister praised for PMS efforts


Published on Monday 23 May 2011 09:03

THE Presbyterian Mutual Society Lobby Group (PMS) NI & ROI, which represents a very high proportion of PMS savers across the province, in the Republic of Ireland and beyond these shores, would confirm our appreciation for the extremely hard work which, over the past two-and-a-half years, the Northern Ireland executive (NIE) through the office of minister Foster of the DETINI has carried forward, in concert with the society’s administrator Mr Arthur Boyd and representatives of the Presbyterian Church in Ireland (PCI) headed up by the Very Rev Dr Carson, in securing for all PMS savers an excellent outcome to our financial difficulties.

Despite minister Foster’s heavy workload in the NIE, the assembly and in her untiring and successful efforts to bring employment and prosperity to all the people of our province, she has not spared herself in pursuing every possible avenue to bring closure to what at times must have seemed to her, as it did to us, an intractable problem.

While we have had excellent support from many quarters; for example, members of the House of Lords, the Commons at Westminster and cross-party support in the Assembly, in the final analysis, minister Foster and her officials were crucial in achieving this very positive result.

It is a result which will give over two-thirds of PMS savers access to all their funds while many of the remaining one third shall have up to 90% of their monies restored to them with the prospect of the deferments and balances being made good, (depending on an upturn in the property market), over time.

Such a result is worthy of the highest commendation and our members, and indeed the vast majority of PMS savers who voted by over 99% approval of the Scheme of Arrangement, which was devised by minister Foster, her officials, the administrator and the representatives of the PCI, do herewith, without reservation or equivocation record our sincere thanks to minister Foster, her officials, the Administrator Mr Arthur Boyd and his team and the representatives of the PCI so ably led by the Very Rev Dr Carson.

We also take this opportunity to thank the News Letter for the many supportive letters and pieces on behalf of the PMS which have appeared in its columns over the past years and months.

WA McGimpsey

Lobby Group Chairman

Why no mention of thanks to the so called ''larger savers'', who are in reality having to sacrifice part of their savings for the bail out of the PMS?

Lion44

Betrayed - Just as a matter of interest where can I read that? I understood all surplus was to go back to DETI. Thanks.?

BETRAYED

Lion44 wrote: »

Betrayed - Just as a matter of interest where can I read that? I understood all surplus was to go back to DETI. Thanks.?

Go to the bottom of page 17 of the "Proposal in Relation To a Scheme of Arrangement"

In the table entitled 'Repayment Priority'. N05 reads
"DETNI's financial assistance of £25,000,000 and £1,000,000 contribution by the Presbyterian Church in Ireland."

Looks to me like 'clever concealment'.

Lion44

Betrayed

Thanks a lot. I was slightly confused.

freddiemae

http://www.newsletter.co.uk/news/local/changes_planned_after_pms_crisis_1_2710465

It's one of the great things about Stormont - they know how to lock the doors after all the horses are running up the road. (and how to apportion blame)

Toastandbutter

News Letter

Changes planned after PMS crisis

http://www.newsletter.co.uk/news/loc...isis_1_2710465

Lakeland

Why has no one ever asked who owes PMS? Who are these annoymous people who owe us?Is anyone anywhere making a real effort to get money back from defaulters? It may be a long haul but everyone who burrowed money from PMS owes me.

Toastandbutter

Mark Durkan speaks on PMS today;-

http://www.newsletter.co.uk/news/local/london_to_regulate_credit_unions_1_2712666

goodbyepci

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/christians-have-had-wings-clipped-16008528.html