“The package aims to deliver £225m in total…”

According to the BBC report, the Presbyterian Church general assembly is to meet to discuss the details of the OFMDFM-proposed “alternative solution” for the troubled Presbyterian Mutual Society – although not necessarily alternative to the administrator’s solution. Apparently that solution would include a £1million contribution from the church – and some £225million from the general tax-payer. But the details, according to the News Letter, reveal a focus on larger creditors, not smaller savers investors. From the News Letter report

We understand that part one of the plan aims to advance a loan of £175m from the Northern Ireland Executive to the PMS administrator to enable him to make faster progress in getting larger savers (creditors) their money. The money would be financed through Reinvestment and Reform Initiative (RRI) borrowing by the Executive, authorised by HM Treasury. The second part of the plan, it is understood, aims to direct £50m from the Executive into a hardship fund for smaller savers, allowing applications for the ‘withdrawal’ of up to £20,000.

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  • £20m for a fund for the Irish Language but £225m for the PMS after their unwise investments. It just goes to show how well the Sinn Féin negotiators did at Hillsboroough…..

  • Gerry Lvs castro

    That’s a fair point Concubhar.

  • daisy

    Can someone tell me why, as a taxpayer, I have to pay for this?

    I lost money on an investment last year – will the Exec repay me?

  • Cynic2

    What’s more it is concentrating on paying off larger investors. Now who would those be? Why would politicians concentrate on those individuals and not the majority of smaller investors (and voters)

    Is there a publicly available list?

  • [quote][i]Apparently that solution would include a £1million contribution from the church – and some £225million from the general tax-payer. [/i][/quote] ….. And whenever the general tax-payer says no way are we paying for a crazy gamble on a stupid pyramid ponzi scam and get rich quick for doing nothing but spinning a yarn scheme, as they are bound to do for, it is not their problem so why make it their problem, whenever they have so much to already pay for and worry about? Are our glorious leaders and servants of the people going to steal it from them anyway and present them with the bill and higher their taxes?

    Another Epic Banking System/Capitalist System Scam Failure for Quantitative Easing Bailout ….. Free Money Handout. Or is that only to available to certain other crooked failed gambling operations/losers?

    Speak up now. Don’t be shy. For the plan is to screw you suckers for it and pretend the smarter crooks never bettered the stupid fools running the System …….. for who do you know responsible for the crime [gambling and losing investor money without their knowledge allegedly, although that is a stretch for anyone to believe even of the most dim witted of saver investors] doing the time. But hey …..that’s how the System works…… badly.

  • PS ….. It is certainly not a Christian thing to do, to expect innocent and ignorant Joe Public to pick up the tab and to lobby that he does, is it?

  • Frustrated Democrat

    If Parliament is closed that will mean nothing will happen until after the election, so it may fall to the Conservatives and Unionists to take the decision not Labour/DUP/SF.

  • Framer

    Alastair Darling paid out £8.1 billion* to compensate every Icelandic bank depositor so why not do the same for the only UK financial institution not getting rescued up to now.

    *£8,100,000,000

    Every penny uncosted and much less likely to be retrieved now the Icelanders have reneged on the deal.

  • joeCanuck

    PS ….. It is certainly not a Christian thing to do, to expect innocent and ignorant Joe to pick up the tab and to lobby that he does, is it?

    NFW. I’m not paying those losers a cent. I’m a loser too and no one is talking about rewarding me.

  • [quote][i]
    Alastair Darling paid out £8.1 billion* to compensate every Icelandic bank depositor so why not do the same for the only UK financial institution not getting rescued up to now.

    *£8,100,000,000

    Every penny uncosted and much less likely to be retrieved now the Icelanders have reneged on the deal.[/i] … Posted by Framer on Apr 13, 2010 @ 03:59 PM[/quote]

    That’s just how simple it is to clear debts, Framer, but they don’t like you to know that, because they use the lack of money, or more precisely your lack of enough money to be free to do as you please, to control you, with its handy remote enslavement. The world is awash with money and nowadays we do even need it, for everything can be done online electronically, but creating debt by offering credit and charging for it too is a nice sting and addictive scam. Henry Ford knew what he was talking about whenever he said … “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” and he was also wise enough to realise, that as money is just one human invention, ….”If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.” … but it can considerably and perversely aid the collection of that which is important in life and is a convenient exchange mechanism.

  • bohereen

    I have lost money on my major life investment, my house.
    What is Big Sammy going to do for me?
    PS. I am not a Presby.

  • Gerry Lvs castro

    bohereen — can you convert?

  • seamus friel

    You will never find out the names of the big “savers”. They also haven’t told us that many savers hold both large and small accounts, a huge overlap. No small savers here. Also won’t tell us that it was set up in then 70’s as a fund to ensure Presbyterians could get capital to keep border land in Protestant hands. Also haven’t mentioned that many “savers” live in Cavan, Monaghan and Donegal. Fund run totally illegally by those managing it with savers benefitting big time from illegal activities for years ( everybody kept schtum) bur when the sh-t hits the fan it’s the government and regulators fault. This was no credit union but a rich Protestant Club no matter what type of spin they try to put on it.!! Thanks |Martin Mc Guinness for bending over backwards and taking it up the you know what. Obsequiousness gets you nowhere and earns contempt instead of respect from these people – wise up Martin!!. They must be having a good laugh at you.
    Sinn Fein ask nothing embarrassing off their buddy Peter and then do this

  • [quote][i] bohereen—can you convert? [/i] …..
    Posted by Gerry Lvs castro on Apr 13, 2010 @ 04:45 PM[/quote]

    Gerry Lvs castro, If that is the sweet deal for conversion ….. that your losses are always covered and returned by Big Sammy and the State for free and the fees paid for by others, where’s the dotted line for my immediate signature and my hymn book.

    Praise the Lord, for he doth work in mysterious ways in Deed, indeed.

  • bohereen

    I attended a Presbyterian transferred primary school. I wonder if that would help.

  • ding dong

    A by the way question.

    if the Presbyterian church is an all island body, was the PMS?

    Are their investors from the irish republic involved in this and is their government contributing to this rescue plan or are we, citizens of the uk bailing them out as well?

  • darragh derry

    the bastards in stormont must not get away with this,this money could build 4 new hospitals and not go into inhertence for people who are probaly
    well off
    sinn feins m mc guinness hand is in this, his weak brown noseing must be seen for what it is
    look in your own back garden martin theres proverty and unemployment all around you in derry but i suppose you wouldnt be able to see it from your big fancy extended walled house