Presbyterian Mutual Society asks for help!!!!

[pintsofguinness]

Ha! I never realised there was protestant only banks. 
I say f**k them.  Why weren't the regulated by the FSA like any other finnancial institution?

[nifan]

Was it Presby only, or protestant only?

[pintsofguinness]

Was it Presby only, or protestant only?

Good queston, I wonder did they allow non pres protestants deposit money.

[nifan]

Actually a bit of searching I found:

"Membership is confined to members of the Presbyterian Church "

Should I also now gloat as I, and my family, where excluded from investing?

The report also claims the average investment to be several thousand pounds, hardly the evil developers being talked about earlier.

[armaghniac]

"Membership is confined to members of the Presbyterian Church "

This is the idea of a mutual society, a group that help themselves. There are plenty of credit unions open only to people in a particular job or a particular area. This was a credit union that lost its way in getting too big and getting involved in risky ventures that are beyond its original mission.

[pintsofguinness]

Should I also now gloat as I, and my family, where excluded from investing?

I wouldnt say I was gloating, but I do think "f**k them"

[slow corner back]

There is a strong rumour round where I live that a local developer ( Pres) who became very big very quicklly was being heavily backed by this society. He is now in serious financial trouble but you would not believe it if you read his press releases. Rumour is he is the man who broke the bank. Unsure if this is any more than a rumour.

[pintsofguinness]

There is a strong rumour round where I live that a local developer ( Pres) who became very big very quicklly was being heavily backed by this society. He is now in serious financial trouble but you would not believe it if you read his press releases. Rumour is he is the man who broke the bank. Unsure if this is any more than a rumour.

I heard he was buying up land to keep the catholics away from it.

[slow corner back]

Not sure if that was meant to be a joke pints but this guy is more into houses than land.

[Maguire01]

Why would any Catholic choose to deposit money in a specifically Protestant institution when there are numerous secular banks and credit unions?

Why wouldnt they if the interest rate was very enticing ?
Would it be that they were not allowed ?

Would you invest money in the 'Orange Order Mutual Society' (if there was one), rather than the Ulster Bank if there was a difference of 1 or 2% in interest rates? This was a 'private' institution - as an outsider, i wouldn't invest money where i didn't know exactly what was happening, or where there was no sign of regulation.

Out of interest, does anyone know just how favourable the rates were with this institution?

[lynchbhoy]

Why would any Catholic choose to deposit money in a specifically Protestant institution when there are numerous secular banks and credit unions?

Why wouldnt they if the interest rate was very enticing ?
Would it be that they were not allowed ?

Would you invest money in the 'Orange Order Mutual Society' (if there was one), rather than the Ulster Bank if there was a difference of 1 or 2% in interest rates? This was a 'private' institution - as an outsider, i wouldn't invest money where i didn't know exactly what was happening, or where there was no sign of regulation.

why wouldnt I
would nationalists not be allowed - judging by your comments?
if it was a great interest rate my answer would be yes, I would possibly invest.
why not ?

[Maguire01]

Why would any Catholic choose to deposit money in a specifically Protestant institution when there are numerous secular banks and credit unions?

Why wouldnt they if the interest rate was very enticing ?
Would it be that they were not allowed ?

Would you invest money in the 'Orange Order Mutual Society' (if there was one), rather than the Ulster Bank if there was a difference of 1 or 2% in interest rates? This was a 'private' institution - as an outsider, i wouldn't invest money where i didn't know exactly what was happening, or where there was no sign of regulation.

why wouldnt I
would nationalists not be allowed - judging by your comments?
if it was a great interest rate my answer would be yes, I would possibly invest.
why not ?

Good for you - go for it!
Personally, i wouldn't take the risk when there's a regulated option.

[nifan]

Would you invest money in the 'Orange Order Mutual Society' (if there was one), rather than the Ulster Bank if there was a difference of 1 or 2% in interest rates? This was a 'private' institution - as an outsider, i wouldn't invest money where i didn't know exactly what was happening, or where there was no sign of regulation.

why wouldnt I
would nationalists not be allowed - judging by your comments?
if it was a great interest rate my answer would be yes, I would possibly invest.
why not ?

If there was a OOMS I would assume that only members of the OO would be allowed to invest - as only presbys may invest in the PMS, police officers in the PMAS etc etc.

As maguire says I would not take the risk either, though I have sympathy for those who did not appreciate the risks they where taken - I am sure plenty of people just assumed they could rely on their church to keep them right.

[lynchbhoy]

Why would any Catholic choose to deposit money in a specifically Protestant institution when there are numerous secular banks and credit unions?

Why wouldnt they if the interest rate was very enticing ?
Would it be that they were not allowed ?

Would you invest money in the 'Orange Order Mutual Society' (if there was one), rather than the Ulster Bank if there was a difference of 1 or 2% in interest rates? This was a 'private' institution - as an outsider, i wouldn't invest money where i didn't know exactly what was happening, or where there was no sign of regulation.

why wouldnt I
would nationalists not be allowed - judging by your comments?
if it was a great interest rate my answer would be yes, I would possibly invest.
why not ?

Good for you - go for it!
Personally, i wouldn't take the risk when there's a regulated option.

ok
that dosnt answer the question, prior to all this credit crunch etc when we werent concerned about the ass falling out of the banks
why wouldnt I take up this option, would I not be allowed - why
you seem to have a problem with it?

whoever nation/religion etc owns the banks shouldnt be a consideration. eg I used bank of islam over in dubai ....

[Tyrones own]

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 .

It does of course happen G, There was a big estate being sold beside me a few years back and the local
prods were falling over themselves to buy it up quickly.... one did and of course with the fact that he was unable
to afford it proceeded to cut down most all of the 2 or 3 hundred year old trees that lined the drive in to it (probably about 3/4 mile)
to sell for fire wood made a complete balls of what was once a beautiful place,
still couldn't afford it and had to put it back on the market and this is the best part... sold it to a man from down around Moira i believe
thinking he was a prod..turns out he was a catholic with a prod sounding name
Bitter, G.......... I think you could say that!