Some PMS savers to get something (but not a lot)

The PMS savers seem set to get some money. Well actually 12% of their original investment and only for those with over £20,000 in the savings scheme. In addition a creditors committee is to be set up. The News Letter is reporting the reaction of various local politicians:

Ulster Unionist MLA for North Down, Leslie Cree, said the small
savers have been “entirely left behind”.

“The fact that only ‘some’ people will receive help is entirely unacceptable.”

DUP MP William McCrea, who has secured parliamentary time to debate the situation affecting PMS in Parliament today, said: “To those who have a large amount of money in the PMS this (payment) will provide a crumb of comfort. However this provides absolutely no relief for smaller savers with less than £20,000 in the society.
“The DUP will continue to work towards a resolution that will see money paid to all savers both large and small.”

Traditional Unionist Voice leader Jim Allister said the payout “will be cold comfort to the many PMS savers who have lost thousands”.
“It is, however, also important to remember that the smallest investors who may have the greatest need – those who had under £20,000 invested in the society – have not even received this paltry sum (of 12p in the pound),”
he said, adding that the delay in resolving the PMS “is
appalling”
.

The necessary Pontius Pilate like hand washing (and wringing) response from the PCI is awaited.

  • Carsons Cat

    “The necessary Pontius Pilate like hand washing (and wringing) response from the PCI is awaited.”

    Ahhh.. something we can agree on.

    That’s if they’re not too busy destroying any back issues of the Presbyterian Herald actively encouraging members to save with the PMS….

  • Turgon

    Carson’s Cat,
    They also helpfully use 1 Corinthians 6: 1-6 to denounce any threats to sue them; insisting that verse 8 has nothing to do with them: “Nay, ye do wrong, and defraud, and that your brethren.”

    Also of course the following they could not possibly apply to themselves Mark 12:38-40

    “And he said unto them in his doctrine, Beware of the scribes, which love to go in long clothing, and love salutations in the marketplaces,
    And the chief seats in the synagogues, and the uppermost rooms at feasts:
    Which devour widows’ houses, and for a pretence make long prayers: these shall receive greater damnation.”

    And then they wonder why the Presbyterian Church is continuosly haemorrhaging members.

    Anyhow do drop me a line sometime: private politness can still exist with public arguing.

    Regards

  • ding dong

    Thankfully as a calvinistic church the presbyterian Church should not be so aborbed with bums on seats, as concerned with those who are called! -would that not be biblical answer Turgon!

    Anyway enough of that, for once maybe on this issue we could agree.

    Since probably the majority of those who are likely to recieve funds in this payout will be congregations with more than 20K invested could we agree to support a suggestion that those chruches that do recieve from this payout, should after paying their just and lawful debts use their/surplus money to provide a hardship fund for those who recieved nothing?

  • Turgon

    ding dong,
    That would indeed be a start. Something on which I will definitely do a blog: thank you.

    Incidentally I completely agree re the importance of salvation over numbers in church. To be fair though church is a good place to hear the gospel, and whilst a proper TULIP supporting calvinist, I am not so extreme as the apparently early 18th century people who said that missionary activity was pointless as if God wanted to save people he could and would so without anyone’s help. I know what they meant but that is a bit too mad.

  • ding dong

    Foolishness of man being used by G*d – I think that’s the explanation.

    But I’m not too sure that “church is a good place to hear the gospel” always rings true – even dare I say it in evangelical churches.- But this is a discussion for another forum perhaps!

  • joeCanuck

    Maybe I’m just stupid but I have trouble understanding the figures. I understand that the investments were mainly in property and that property values fell a lot. But down to 12% or less seeing that some people are to get nothing! Something doesn’t seem to compute. Should the Financial Investigators of the PSNI not be having a look around?

  • Framer

    Joe – that’s not a final settlement just a proportionate payout depending on what money has come in from rents and sales etc.

    Now if you had put your money into an Icelandic bank all would have been returned by now.

  • joeCanuck

    OK, Framer, thanks. Understand now.

  • John K Lund / Lllamedos / Suchard

    This is diabolical what is the position of trustees who have invested especially if under 20K.If each member ponied up £1000 each they could then sort the matter out in their own time it is only £20 per week or £10 per week spread over two years. Their church has landed us in this situation so divvy up.