Presbyterian Mutual Society

“the Department had access to all the relevant information and yet…” – redux

Pete Baker on March 19, 2013, 3:46 pm | Readers 220

In February 2010, when the UK parliamentary Treasury Committee criticised the NI Department of Enterprise, Trade and Industry’s failure to identify the problems with the Presbyterian Mutual Society, the relevant NI Executive Minister, the DUP’s Arlene Foster, dismissed their report as “the shoddiest piece of work I have seen coming out of Westminster for some considerable time.” Three years, £225million in compensation, and 6 disqualified directors later and the Northern Ireland Ombudsman, Tom Frawley, agrees with the Treasury Committee. From the …

The begining of the end of the PMS saga: and the continuing slow end of the PCI?

Turgon on August 3, 2011, 11:57 am | Readers 95

The cheques for the PMS savers are finally arriving. After three years this sorry saga is beginning to come to an end. A number of people deserve some credit in this affair but there are others to whom blame should rightly be attached. The savers themselves are completely innocent. There may have been claims that the PMS scheme was too good to be true but that is easy to say from the position of the financially astute (or with hindsight). …

Six former PMS directors facing disqualification identified

Pete Baker on March 21, 2011, 3:25 pm | Readers 99

As previously noted, the Northern Ireland Department of Enterprise, Trade and Industry had written to six directors of the [in adminstration] Presbyterian Mutual Society [PMS] to inform them that the department has decided “that it is in the public interest to seek disqualification orders” against them. And as I said then. A sceptic might ask whether the disqualifications are connected to the announcement by the UK Chancellor in October of a £25million grant and a £175million loan to the NI Executive for the PMS [reg …

DETI seeking disqualification of 6 PMS directors

Pete Baker on November 18, 2010, 6:58 pm | Readers 26

The News Letter reports that the Northern Ireland Department of Enterprise, Trade and Industry has written to six directors of the [in adminstration] Presbyterian Mutual Society [PMS] to inform them that the department has decided “that it is in the public interest to seek disqualification orders” against them. From the News Letter report The DETI letter said the intention to disqualify the accused was based on conduct which “makes you unfit to be concerned in the management of a limited company”. …

Owen Paterson: “the momentum is increasing further…”

Pete Baker on September 23, 2010, 1:33 pm | Readers 14

That would be the ‘momentum’ of the Ministerial Working Group on the troubled Presbyterian Mutual Society which met, again, yesterday. From the Northern Ireland Secretary of State’s statement Financial Secretary to the Treasury Mark Hoban came to Belfast for the first time in his ministerial role to attend the meeting. Secretary of State for Northern Ireland Owen Paterson MP chaired it. First Minister Peter Robinson, deputy First Minister Martin McGuinness, NI Minister for Enterprise Trade and Investment Arlene Foster and Minister of State …

“We are fully aware of the urgency of this matter…”

Pete Baker on July 21, 2010, 4:31 pm | Readers 681

The BBC reports on a meeting today chaired by Northern Ireland Secretary of State, Owen Paterson, and attended by NI First and Deputy First Ministers Peter Robinson and Martin McGuinness, Finance Minister Sammy Wilson, Northern Ireland Minister Hugo Swire and Mark Hoban, financial secretary to the Treasury. The topic? The troubled Presbyterian Mutual Society. From the NI Secretary of State’s statement Speaking after the meeting, Mr Paterson said: “Both before and since the General Election, the Prime Minister and I have …

Presbyterians debate PMS

Turgon on June 11, 2010, 1:31 pm | Readers 26

The PMS debacle continues to create problems within the Presbyterian Church. At the general assembly there was a proposal that ministers donate £1,500 each to help kick start a £1 million hardship fund for the PMS savers. The minutes of the meeting drily note that the proposal was withdrawn “By leave of the House” and instead the following was passed 274 for: 164 against. That the General Assembly authorise the General Board when and if appropriate to ask ministers to …