NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

no_more_f.w.o wrote: »

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Blame for failure of PMS lies fairly and squarely at the door of those running it who made disastrous decisions, and those in charge of regulating it who have never admitted their error.

Go to this link for a research paper prepared by Aidan Stennitt for N.I. Assembly in 2007.

Under Annex 3 Table for legislation etc. NI, GB, ROI

Second column down Regulatory Authority.

Under the NI column Stennitt makes it clear that the regulatory authority for Credit Unions and Industrial & Provident Societies (Which would have included PMS) was the Register of Companies NI. (i.e. Arlene Foster)

http://www.niassembly.gov.uk/enterprise/2007mandate/research/creditunion.htm

BETRAYED

If the Administrator has drawn down £200m, every day it is retained by him and not passed on to savers, savers are losing in total
£16,438 per day .
That is if funds were invested at 3% per annum.
Some savers who can tie up their savings for longer could get 5% P.A.
Loss then would be £27,397 per day.
He must also be aware that some smaller savers are in desperate need of their money.

KingVardas

BETRAYED wrote: »

If the Administrator has drawn down £200m, every day it is retained by him and not passed on to savers, savers are losing in total
£16,438 per day .
That is if funds were invested at 3% per annum.
Some savers who can tie up their savings for longer could get 5% P.A.
Loss then would be £27,397 per day.
He must also be aware that some smaller savers are in desperate need of their money.

You must be reading a different website than I am - the administrator's last update says he hasn't got the money yet and he will tell us when he has. If you are trying to suggest something, why not come out and say it instead of hiding behind the "if" word and your fancy arithmetic.

Lion44

Thank you KingVardas, The PMS Administrator cannot make payments if he does not have the money from the DETINI and Betrayed should check his facts before making unwarranted and unhelpful comments re the Administrator who has done an excellent job on behalf of all savers. Any other Administrator would probably have taken the easy way out a long time ago, put a pen through it and ordered a 'fire sale'. I am very grateful to him and his team as I am sure are so many others.

BETRAYED

Sammy Wilson NI Assembly 26 June

The payments will not be processed by the Department of Finance and Personnel or the Department of Enterprise, Trade and Investment; that will be up to the administrator. We have said that the money is now available for the administrator to draw down.

The High Court gave approval on July4

KingVardas

BETRAYED wrote: »

Sammy Wilson NI Assembly 26 June

The payments will not be processed by the Department of Finance and Personnel or the Department of Enterprise, Trade and Investment; that will be up to the administrator. We have said that the money is now available for the administrator to draw down.

The High Court gave approval on July4

You're now trying to be clever, as well as snide. If you believe the administrator has the money and for some reason is refusing to pay it out, why don't you just say so. The website says there are pre-conditions to be met before he can get the money - I believe that, and I bet getting any money from the government isn't easy these days. I wouldn't take anything the polticians say for granted - they just want to bask in the glory.
I agree with Lion 44 - savers have a lot to be thankful for in the circumstances. Waiting for the money is not easy, but making allegations about the person who delivered the rescue plan is rude and ungrateful. Shame on you.

Lion44

Betrayed, I am surprised that you have quoted Minister Wilson in view of the number of times in the past that he has been less than truthful with PMS savers both on the floor of the Assembly and in the press. You appear to have a short memory.

Orra

Well written Lion44 and KingVardas what is Betrayed thinking about. The Administrator has acted fairly and in straight manner throughout his posts keep us fully informed or at least sufficiently informed. He has stated he has not drawn down the funds from Treasury/DetiNI as yet I think an apology from Betrayed is needed. Keep the faith folks.
In terms of the 'big' savers can't they think as I do had I bought another house what would it have been worth to-day or with a £50k FSA guarantee only in the offing. That doesn't bear thinking about. We have all a good deal on the horizon. Rubbishing a man of integrity like Mr. Boyd is appalling. Shame on you Betrayed and not for the first time.

anotherDonald

BETRAYED wrote: »

If the Administrator has drawn down £200m, every day it is retained by him and not passed on to savers, savers are losing in total
£16,438 per day .
That is if funds were invested at 3% per annum.
Some savers who can tie up their savings for longer could get 5% P.A.
Loss then would be £27,397 per day.
He must also be aware that some smaller savers are in desperate need of their money.

The above post by Betrayed is a valid observation of the potential interest and justifiable frustration felt at the ongoing delay. Not so long ago we were told payouts could be at the end of June, we are now told the end of July.


There really is no need for a nasty agenda to belittle and mock Betrayed.


Also KingVardas maybe you would like to explain why in your earlier posts you claim to not be a saver/creditor/Presbyterian.


Yet now you claim to have the documents, to be a saver, and to have worked out "your" return.


Shame on YOU KingVardas for your attempt to deceive.

abeliever

"The above post by Betrayed is a valid observation of the potential interest and justifiable frustration felt at the ongoing delay. Not so long ago we were told payouts could be at the end of June, we are now told the end of July". Agreed !

Betrayed has lobbied constantly & consistently to protect the interests of the small saver !!