“The Directors are rightly asking for time to handle the situation in the best way for everyone..”

Will Crawley spots the latest victim of the global credit crunch, the Presbyterian Mutual Society. And, as he also notes, the Presbyterian Moderator “has written a letter to the Prime Minister encouraging a positive response to the request that the guarantee offered to savers be extended to apply in these circumstances.” More from the BBC report.

[Enterprise Minister Arlene Foster] said her department was “looking at the options available to the society” and would do all they could to help.

And what can you do, Minister?Adds From the BBC report

The society has assets of £300m and about 9,500 shareholder accounts.

Its activities consist of receiving money from shareholders – on which it pays a divided – making loans to churches and private individuals, and making investments in commercial property in England and Scotland from which it derives a rental income.

The society is not covered by the Financial Services Compensation Scheme, but has made approaches to Government seeking to have it extended to its shareholders.

, , ,

  • joeCanuck

    What? Praying doesn’t work any more?

  • ulsterfan

    The Moderator should also write to Cowan for a similar assurance as the Presbyterian Church is organised on an All Ireland basis and members from the South may be threatened with financial instability.
    Nothing to worry about as this present trouble will soon pass and with proper reform and part nationalisation of banking system we will have prosperous days ahead.

  • Big Maggie

    I invested £100 on a horse last week. It limped home last. I wonder if Mr Brown can bail me out on my loss. Anybody got his address?

  • The Devil

    COULD THEY NOT ASK THE VATICAN FOR A LOAN???

    Probably more chance of Ronnie Flannaghan asking for a Nula O’Loan

  • The Devil

    Hang on i’ve got it, give Alex Maskey a ring,

    sure he’s coming down with lots of extra cash from the British Government for services rendered….. or not rendered, depending on how you look at it.

  • Ian

    There was a great gag on Have I Got News For You the other week.

    Apparently one of the institutions that has invested heavily in Iceland’s troubled financial institutions, is the Catholic Building Society.

    Well, if anyone knows all about panic-stricken withdrawals, it’s the Catholics.

  • edward

    HMMM I wonder if that means the presby’s in Antrim won’t be buying my favourite pub Viscount Oneils?

    Might it still be there if I ever make it back?

  • Rory

    Presbyterian Mutual Society collapses. No surprise really – it was predestined.

  • Greenflag

    Ah shure he’s only ‘folly’ ing the example of the RC Church in the Republic a few years back when they needed bailing out of a nasty situation brought about by a combination of degenerate clergy and a highly secret hierarchy for whom the word ‘transparency ‘ made the Iron Curtain look like plate glass shop winda in Henry St .

    ulsterfan,

    ‘Nothing to worry about as this present trouble will soon pass and with proper reform and part nationalisation of banking system we will have prosperous days ahead.’

    Perhaps but this recession is looking like it may be the longest since the 1930’s . And with the Pound now depreciating rapidly against the Euro and Dollar the Presbyterian Mutual may want to consider investing their shareholder’s money in a number of franchise style multifunctional establishments offering drink , lap dancing , petrol and cigarette sales just across the border from the Republic. A location close to a racecourse would be ideal;) Failing that they could look for a merger with the Free Presbyterians about whose balance sheet all we hear are glowing reports.

  • joeCanuck

    Big Maggie,

    It’s Bertie Ahern’s address you need before you go backing horses.

  • William

    The problem that the Presbyterian Mutual Society has, is that investors are withdrawing funds and re-investing in banks that are guaranteed by Government. No bank, building society or mutual society has £m lying around to hand back; rather, it is invested in property, shares or whatever, as well as loaned to others.
    All the PMS has done, is stop investors withdrawing, which is a problem for those who were short-term investors but those who are in for the longer term have nothing to worry about.
    The PMS was one of the best for both the Presbyterian investor and the borrower but like everyone else is having problems; the biggest of which are those withdrawing because they are worried. The action taken by the voluntary Directors of the Society will stabilise it and soon all will be well.
    As the old Soldier in Dad’s Army often said: Don’t Panic, Don’t Panic !!!

  • Suchard

    It would seem that the presbyterian mind is not very good at long term strategy and now we learn financial management. They would it appears frequently run out of money when it,s not theirs. As in the banking and financial worlds they all excude tremendous confidence like the child of the manse in Downing St and then precede to blame all the innocent non participants.It is something that is found in both fundamentalist so called democratic oligarchies common in both mindsets Orange and Green. Everything is kept secret and mushroom style management imposed until the proverbial hits the fan; then its all hands to the pump to scapegoat individuals on a different thread and to provide counter irritants; thus deflecting attention from their own major catastrophic decisions. I heard of one such character in the Lagan Valley, who sort positions as an apparent social accoutrement, and to exercise his own particular trait of control freakery to such effect that he has run his own club out of funds whilst professing to all and sundry that he was a banker and consequently a financial genius. He first with aid of another moneychanger sold all the financial instruments without the Ordinary 4x2s being told and then deciced that his bent was in property in fact he claimed he was an arch performer in this field fistly he let some premises to a guy that did not pay the rent then he decided with another Scottish banker to go into the funeral business; this was thwarted by the poisoned Dwarf a former employee in his chamber amongst all his manifold other duties. He tries to do conjuring tricks in three places at once, help administer a country with five times the population of Iceland, that famous financial xanadu according to the other banking Scot La grande Saumon whose seems to have mislaid all his banks’ funds. So the moral of this story is do not pray on the Sabbath and on your unsuspecting neighbours the other six days or you will undoubtedly finish up in the Wilderness with the Brush who is already searching for a further pot of gold. Funny old world.

  • Suchard

    It would seem that the presbyterian mind is not very good at long term strategy and now we learn financial management. They would it appears frequently run out of money when it,s not theirs. As in the banking and financial worlds they all excude tremendous confidence like the child of the manse in Downing St and then precede to blame all the innocent non participants.It is something that is found in both fundamentalist so called democratic oligarchies common in both mindsets Orange and Green. Everything is kept secret and mushroom style management imposed until the proverbial hits the fan; then its all hands to the pump to scapegoat individuals on a different thread and to provide counter irritants; thus deflecting attention from their own major catastrophic decisions. I heard of one such character in the Lagan Valley, who sort positions as an apparent social accoutrement, and to exercise his own particular trait of control freakery to such effect that he has run his own club out of funds whilst professing to all and sundry that he was a banker and consequently a financial genius. He first with aid of another moneychanger sold all the financial instruments without the Ordinary 4x2s being told and then deciced that his bent was in property in fact he claimed he was an arch performer in this field fistly he let some premises to a guy that did not pay the rent then he decided with another Scottish banker to go into the funeral business; this was thwarted by the poisoned Dwarf a former employee in his chamber amongst all his manifold other duties. He tries to do conjuring tricks in three places at once, help administer a country with five times the population of Iceland, that famous financial xanadu according to the other banking Scot La grande Saumon whose seems to have mislaid all his banks’ funds. So the moral of this story is do not pray on the Sabbath and on your unsuspecting neighbours the other six days or you will undoubtedly finish up in the Wilderness with the Brush who is already searching for a further pot of gold. Funny old world.

  • William

    Suchard……Was your contribution [Nos. 12 & 13] like New York….so good you sent it Twice?

  • Suchard

    William
    its this submit system playing up. However I hope I have now find a way to beat it -Lareral thinking dont you know- Anyway two bars of chocolate are better than one.

  • Suchard

    William
    its this submit system playing up. However I hope I have now find a way to beat it -Lareral thinking dont you know- Anyway two bars of chocolate are better than one.