Presbyterian Mutual Society asks for help!!!!

Jimmy Joe · January 30, 2009, 09:12:31 AM

Moderators in appeal over society

The Presbyterian Mutual Society went into administration in November

Twenty-three former Presbyterian moderators have written to the British and Irish governments.

They have asked them to help the Presbyterian Mutual Society, after it went into administration in November.

The moderators said this was partly caused by the government not extending its savings guarantee scheme to the society.

The Very Reverend John Dunlop has said the prime minister has a moral obligation to help.

"Whenever Gordon Brown became prime minister he said he would be guided by the ethics and morals of his father," he said.

"Now Gordon Brown was raised in a Presbyterian manse, his father was a Presbyterian minister.

"So Gordon Brown understands what moral and ethical obligations are.

"It may be that there is no technical legal obligation to help the mutual society but we believe that there is a moral obligation to help the mutual society."

Earlier this month, the PMS administrator, Arthur Boyd, wrote to 9,500 investors recommending that they accept a proposal, which he said would give them some of their money back.

He recommended an "orderly run down" of its business over time.

If this plan is to go ahead, more than 50% of investors must vote to back it by the deadline of noon on Friday.

http://news.bbc.co.uk/1/hi/northern_ireland/7859869.stm

Tony Baloney · January 30, 2009, 10:25:00 AM

Morals don't figure all that highly in high office. Are these societies, credit unions etc not covered by the same bailout as the banks etc?

Maguire01 · January 30, 2009, 10:37:27 AM

Was the PMS not regulated like other banks/financial institutions?

Hereiam · January 30, 2009, 10:51:11 AM

I am glad to see this money pot go to the wall as I believe it was more or less used by prod's to buy land and property and to stop Catholics gaining any advantage over them.

Gaoth Dobhair Abu · January 30, 2009, 11:02:00 AM

Sure the Pressers have a big building in Belfast City Centre on Great Victoria Street, sell it and all the financial woes would be solved in one fell swoop!

http://www.spiresbelfast.co.uk

nifan · January 30, 2009, 11:05:28 AM

They use that building for loads of conferences etc so they may actually make some profit with it anyway GDA.

Gnevin · January 30, 2009, 11:13:52 AM

Quote from: Hereiam on January 30, 2009, 10:51:11 AM
I am glad to see this money pot go to the wall as I believe it was more or less used by prod's to buy land and property and to stop Catholics gaining any advantage over them.

Some of you lot are unreal with how bitter you are .

scud · January 30, 2009, 11:22:43 AM

Quote from: Hereiam on January 30, 2009, 10:51:11 AM
I am glad to see this money pot go to the wall as I believe it was more or less used by prod's to buy land and property and to stop Catholics gaining any advantage over them.

Thats a ridiculous statement to come out with

thejuice · January 30, 2009, 11:43:30 AM

Quote from: Gnevin on January 30, 2009, 11:13:52 AM
Quote from: Hereiam on January 30, 2009, 10:51:11 AM
I am glad to see this money pot go to the wall as I believe it was more or less used by prod's to buy land and property and to stop Catholics gaining any advantage over them.

Some of you lot are unreal with how bitter you are .

I thought he was taking the piss, no?

Donagh · January 30, 2009, 11:48:22 AM

Not sure if there is a connection with the Presbyterians but there is an organisation that provides finance to keep land out of Fenian hands - their slogan is "Ulster is being sold, help us buy it" (really):

http://news.bbc.co.uk/1/hi/northern_ireland/2897169.stm

Bensars · January 30, 2009, 11:49:05 AM

There is an irony however, that as an organisation they dont allow catholics to join/invest, yet are appealing to the irish government ( amoung others) to bail them out.

T Fearon · January 30, 2009, 11:53:20 AM

I note that the cult followers actually have the gall to ask the 26 county government for help, yet burn the Irish Flag on the 11th of July bonfires,and proclaim the free state to eb a foreign country etc.

Credit Unions (those affiliated to the Irish League of Credit Unions in Dublin, and which many prods refuse to join because of this), are among the most regulated institutions, regulated and auditted by the FSA, ILCU And North of Ireland Registrar. Those in the North (which means all except those set up by prods because they wouldn't join so called taog ones) affiliated t the ILCU has members savings insured up to £15,000 indivually, and could not invest in property etc.

If the banks and building societies had been as well regulated we wouldn't be in the current mess

Hardy · January 30, 2009, 11:58:18 AM

Sometimes reading this board depresses me.

Hereiam · January 30, 2009, 12:02:44 PM

Nothing to do with bitterness I am just tellin it as it is. Its not my fault some people think that this is not going on. Tony makes a good point with the credit unions I know prods who will not go near it for money or savings because it is seen as a place for Catholics. Answer me this, who here knew the Presbyterian Mutual Society existed before they went bust.

nifan · January 30, 2009, 12:18:24 PM

It always has to be insidious doesnt it

If you listened to some people nobody would ever do anything except to stick it to the other side.

Most of the people who have money in this sort of thing would be the usual people with some small savings, probably a good few elderly people and the like too.
The gloating because you think these peoples motivation was to keep the catholics down is tragic, and if reciprocated by the other side would of course be used as proof of their bigotry.