NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

By my estimates the PMS should have around £10m in cash currently, £4m at date it went into administration and another £4m odd in income/ loan repayments at the date of the report. Add on another couple in the meantime. There should be no reason why they cannot pay a dividend / repayment within the very foreseeable future, even if it is a few hundred pounds it will make a big difference to those who need it and be a sign of hope for those who dont in the short term. Hopefully the administrators silence will be broken next week when the results are out - this is a question he should be answering.

BelfastGran

I am a pensioner and feeling very vunerable and isolated right now, if it were not for these blogs it would be a lot worse.

Do please keep posting with your thoughts, ideas, and updates, very much appreciated.

I do feel sorry for people who have no internet access

Nomad25

I am a pensioner and feeling very vunerable and isolated right now, if it were not for these blogs it would be a lot worse.

Hello BelfastGran - I am sure everyone appreciates your post and so sorry you feel this way. I'm afraid I can't offer anything concrete, but hopefully this thread will continue to offer links to all the articles and media programmes concerning PMS/PCI. It is people such as yourself that need our support through this.

MamaMia_2

BelfastGran - I am glad that you are finding some comfort from this thread. I am so sorry to hear how you are feeling, I know of a few other Grans and Grandads caught up in this mess and they feel the same way - including my own Mum and Dad.

I hope that we hear some good news soon. I'm guessing like so many PMS savers you have worked long and hard thro your life to save the pennies. Just to let you know you are not alone. - This also goes to all the other Grans and Grandads reading this thread.

fivealive_2

OldJohn wrote: »

In reply to Nomad25, would it be possible for the PCI to purchase Shareholders share certificates and when the situation improves, have them repaid by PMS. For example this could be limited to £1000 per shareholder per month on an 'if you desperately need some funds basis', I believe most urgent needs would be obvious - money paid out would have cheque made payable to nursing home etc. - A lot of work for someone, but would help the ones in dire need at present. Just an idea.

I think that your idea is very good. Have you tried bombarding the hierarchy in the PCI with emails suggesting something like this?
Don't hide your light under a bushel.:T

freddiemae

jon_groovy wrote: »

the hierarchy in the PCI are quite worried about the whole situation

sell the manses and make the ministers buy their own homes like everyone else has to do

donate the money from the manses to the PMS.
charity begins at home !

Newsletter today
"Church must take moral responsibility"
http://www.newsletter.co.uk/news/Church-39must-take-moral-responsibility.4939790.jp

freddiemae

another from the Newsletter "Bankers urged PMS investors."
http://www.newsletter.co.uk/news/Bankers-39urged39-PMS-investors.4939761.jp

Arnold_Don

I have not participated in your varied contributions to date - may I now make a contribution to Nomad25 [#757] and Old John [#761] - you are absolutely correct in your reasoning that PCI could buy the entire Member Share Capital of PMS [currently worthless] with the PMS Loan Note holders being reimbursed under the Adminstration.

expat68

freddiemae wrote: »

Also Stormont inquiry into Credit unions/mutual societies 2007 referred to in BBC article above.
http://www.niassembly.gov.uk/enterprise/2007mandate/research/creditunion.htm
quote]

The Ulster Federation of Credit Unions (UFCU) has also levelled criticism at the document, stating:

“The Ulster Federation of Credit Unions represents credit unions in many deprived protestant working class areas with little or no governmental support. The Federation feels that the Government’s Financial Inclusion Strategy should apply equally to Northern Ireland as to the rest of the UK and that government assistance for credit unions in the rest of the UK should be made available in Northern Ireland.” xlix

Seems that everybody in Stormont knew for some time that credit unions/ mutuals in NI were lagging behind legislation in the rest of the UK. I'm not sure that DETI have been quite as thorough and exhaustive in the past as Ms Foster would have us believe. Does anyone know if the PMS could even have applied for regulation by the FSA under the current NI legislation - can anyone get a question asked in the assembly?

Hindsight is wonderful but it is important to know what could and couldnt be done in the past - it seems that NI was always at a legislative disadvantage to the rest of the UK though that admission probably applies to many more areas that just this one. There may be someone out there who has a better grasp of NI law than me who can expand on this.

crazymess

Just an observation -

Not a lot of Reverends have signed the Downing Street petition!

Strange - hopefully you will see this and get signing please (of course if you support us).

16th on the list to Gordon Brown and 17 days to go!!!!