Presbyterian Mutual Society asks for help!!!!

[lynchbhoy]

It is a private loans and savings institution, strictly for members of the presbyterian church.

6% £12m loaned  to churches,
9% £17m to commercial property developers,
13% £26m to private landlords for 'buy to let'
42% £85m to developers for building sites and development land.

Looks like the society rules favour the repayment of the depositer who have over 20k as against the depositer who have less than 20k. The societies own rules are arseways inclined.
Their investment portfolio is very suspect considering the way they used the  'thrift for presbyterians'  manifesto to suck in savers.

Ah at last , presumably the answer?
I expect that they must hav methods to ensure this is the case?

Either way, whatever about their religion (and the 'whataboutery' regarding if this was a catholic institution doesnt surprise me)
these guys from what was said on here and what I have heard elsewhere to back it up , WOULDNT join the regulatory bodies that would have secured their institution in the event of crash/failure/bankrupcy etc.
This seemed to be based on a religious/sectarian/bigoted rational, so they are suffering now for their bigotry etc.
Pity the poor ordinary sods that lost out their savings though.

[pintsofguinness]

Yes, life is a bitch, the sooner people realise it and stop living in cloud cuckoo land the better.

Life is what you make it.

Because everything that happens in life is in our control?

[carribbear]

Thats one financiial institution I will be delighted to see go under...and take as many of them with it as possible

[Maguire01]

It is a private loans and savings institution, strictly for members of the presbyterian church.

6% £12m loaned  to churches,
9% £17m to commercial property developers,
13% £26m to private landlords for 'buy to let'
42% £85m to developers for building sites and development land.

Looks like the society rules favour the repayment of the depositer who have over 20k as against the depositer who have less than 20k. The societies own rules are arseways inclined.
Their investment portfolio is very suspect considering the way they used the  'thrift for presbyterians'  manifesto to suck in savers.

Ah at last , presumably the answer?
I expect that they must hav methods to ensure this is the case?

Either way, whatever about their religion (and the 'whataboutery' regarding if this was a catholic institution doesnt surprise me)
these guys from what was said on here and what I have heard elsewhere to back it up , WOULDNT join the regulatory bodies that would have secured their institution in the event of crash/failure/bankrupcy etc.
This seemed to be based on a religious/sectarian/bigoted rational, so they are suffering now for their bigotry etc.
Pity the poor ordinary sods that lost out their savings though.

"At last"?
I thought we had established that ages ago?

[Gaoth Dobhair Abu]

Totally agree. It's old people with retirement savings that will suffer the most here and that's nothing to be laughed at. I can guarantee that if the Catholic Church had a similar Society, the parents or grandparents of a large proportion of people on here (including some of those sneering) would be in the same situation.

However, rather than a government bailout, i think the Church should bail it out, as i'm sure it was the trust in the Church that would have been a primary motivation for such people investing there in the first place.

I agree with you on this point, which again brings me back to the big shopping centre/conference hall on Gt Victoria st/Fisherwick Pl. (currently being renovated at the Belfast rate payers expense) sell it and they could repay all the old dears their money and still have some left over for tea and scones.

[Maguire01]

Totally agree. It's old people with retirement savings that will suffer the most here and that's nothing to be laughed at. I can guarantee that if the Catholic Church had a similar Society, the parents or grandparents of a large proportion of people on here (including some of those sneering) would be in the same situation.

However, rather than a government bailout, i think the Church should bail it out, as i'm sure it was the trust in the Church that would have been a primary motivation for such people investing there in the first place.

I agree with you on this point, which again brings me back to the big shopping centre/conference hall on Gt Victoria st/Fisherwick Pl. (currently being renovated at the Belfast rate payers expense) sell it and they could repay all the old dears their money and still have some left over for tea and scones.

If i'm not mistaken that's because of its listed status rather than a handout to the Church as such. And just right that such buildings should be preserved.

[Gaoth Dobhair Abu]

Totally agree. It's old people with retirement savings that will suffer the most here and that's nothing to be laughed at. I can guarantee that if the Catholic Church had a similar Society, the parents or grandparents of a large proportion of people on here (including some of those sneering) would be in the same situation.

However, rather than a government bailout, i think the Church should bail it out, as i'm sure it was the trust in the Church that would have been a primary motivation for such people investing there in the first place.

I agree with you on this point, which again brings me back to the big shopping centre/conference hall on Gt Victoria st/Fisherwick Pl. (currently being renovated at the Belfast rate payers expense) sell it and they could repay all the old dears their money and still have some left over for tea and scones.

If i'm not mistaken that's because of its listed status rather than a handout to the Church as such. And just right that such buildings should be preserved.

Still doesn't take away from my main point, sell the building, it probably has a preservation order on it anyway, therefore would be saved from destruction.

[T Fearon]

Report on bbc news on Friday showing the property this sect owns in Glasgow City centre, which is breathtaking. If the freestate government is stupid enough to bail out a sectarian sect then I hope it has the sense to commandeer some of these assets.

Looks like this cult was in contravention of its own beliefs, helping the rich get richer etc. Feel sorry for the people it has deluded, then again I feel sorry for people deluded by protestantism and its false beliefs generally

[nifan]

bail out a sectarian sect

Your own sectarianism is quite tragic.

I feel sorry for people deluded by protestantism and its false beliefs generally

I feel sorry for people deluded by religion, especially those deluded enough to dislike other people who have a remarkably similar set of beliefs to be almost the same fecking religion.

[T Fearon]

I don't dislike any people (though 5 Sams and Hardy do put that assertion to the test frequently) I dislike protestantism, not protestants, and I am quite entitled to hold that opinion.

[Maguire01]

I don't dislike any people (though 5 Sams and Hardy do put that assertion to the test frequently) I dislike protestantism, not protestants, and I am quite entitled to hold that opinion.

You're a bit like Iris and Ian Jr then? Hate the sinner, not the sin?

Can you not see your own hypocrisy every time you use the word 'sectarian'?

[T Fearon]

Actually no I can't. Now if the PMS admitted members to join regardless of their religious affiliation then it would be non sectarian.

[Double Cross]

Yes, life is a bitch, the sooner people realise it and stop living in cloud cuckoo land the better.

Life is what you make it.

Because everything that happens in life is in our control?

Have another happy meal bubba  Maybe a few prozac for desert 

[nifan]

I don't dislike any people (though 5 Sams and Hardy do put that assertion to the test frequently) I dislike protestantism, not protestants, and I am quite entitled to hold that opinion.

Is this the same way you dislike the IFA not Ni fans (then openly attack ni fans often anyway)

Disliking protestantism is not sectarian, but an organization supporting Presbyterians is?

If the catholicism was talked about int he same way as you talk about protestantism youd be one of the first to cry sectarian.

[T Fearon]

Wrong again. I have criticised the behaviour of North of Ireland fans but my main gripe has always been with the IFA for its pandering to unionism and loyalism and its consequent failure to create a genuine cross community side.