PMS administrator applies for five year extension to current term

Over the Christmas period the DUP’s Jeffrey Donaldson was keen to suggest that a local bank was interested in taking over the illegally operating Presbyterian Mutual Society – the NI First Minister stated in Oct 2009 that “Initial discussions at official level with some local banks have already begun”, and the deputy First Minister in Nov 2009 “One of the options being explored involves the participation of a financial institution in a funding package.” Today the BBC reports that

Arthur Boyd, who was appointed as PMS administrator in November 2008, applied for a five year extension to his firm’s current term which expires in May. The judge said he was “minded” to agree to the application provided a mechanism was put in place to allow investors to oversee how the PMS was being run. The case was adjourned for three weeks.

And

During Thursday’s High Court hearing, Arthur Boyd’s legal representative accepted that the five year extension was an unusual request but said that it was an unusual set of circumstances and the additional time would allow his client to deal with the society’s assets in an appropriate matter.

Mr Shaw said they included 13 investment properties spread throughout in England, Scotland and the Isle of Mann, the Glengall Exchange building in Belfast and the PMS loan book.

He told the court that it would not be in PMS members’ interests to sell the assets in the current market.

He added that the mutual society was currently in receipt of £7.3m in annual rent from its investment properties.

Mr Shaw also said his client had offered to report to the court at six month intervals to give an up-to-date account of the running of the society.

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  • ding dong

    So Wee Jeffey has spooked the horses again or was he just spinning for votes.

    Long and short – PMS will not get any governemnt funding or support unless the DUPs do a deal on P&J

    The deal will not require HMG to supply any money and as the Assembly is broke they will do nothing either

    All in all PMS savers/investors shafted!

  • seamus friel

    PMS savers shafted by the Management Board of the PMS and the officers who they appointed and who were operating quite nicely ultra vires for years and we are supposed to pick up the bill!!!
    Many big big savers in the PMS. It’s no credit union. Very good for loans if you would like to keep the land and buildings in the right side of the house, so they say. Many many savers in the border counties in The Republic of ireland.
    McGuinness going to lose many votes if he intervenes to help them.