Interest

Thers been a lot of interest shown in this blog, so feel free to let anyone with genunine interests in it the link.

from the newsletter dec 13th

Published Date: 13 December 2008 By Staff reporterAS Treasury officials met in Northern Ireland to discuss ways of helping mutual society savers, SDLP leader Mark Durkan last night appealed for the Government to ensure that no savers in the Presbyterian Mutual Society (PMS) lose their money.A delegation from the Treasury travelled from London to Belfast yesterday to meet with the Department of Finance and Personnel and the Department of Enterprise, Trade and Investment.They spent the afternoon discussing the review of Northern Ireland credit unions and mutual societies and it is understood that draft terms of reference for the review have now been cleared by the Treasury and passed to Executive ministers.Last night Mr Durkan, who has joined other politicians in lobbying the Prime Minister and Treasury about the PMS, said that savers’ money must be protected by allowing the PMS to be covered by the Financial Services Authority’s (FSA) compensation scheme, which guarantees bank deposits.Mr Durkan said he had discussed the situation with Treasury Minister Ian Pearson and was hopeful that the Government would not allow PMS savers to lose any money.The Foyle MP, who is also the chairperson of the Assembly’s Enterprise, Trade and Invest-ment committee, which has been examining the regulation of mutual societies, said: “The argument that I have made to the Prime Minister is that the financial services compensation scheme should apply to all regulated savings in the UK rather than just to all FSA-regulated savings.“Given that taxpayers throughout the UK are helping to provide liquidity to the banks and given that the financial services compensation scheme was all part of that series of confidence-guaranteeing measures, I believe that in the spirit of that it should extend to all regulated savings in the UK.”And Mr Durkan said if banks complained that the PMS had not paid to be a part of the guarantee scheme, that money could be paid in the interim by DETI and then recovered later.It is hoped if the PMS funds were underwritten it would remove the reason behind the crippling crisis of confidence.Mr Durkan said: “I have had representations from a constituent making a particular case about a family charitable trust with monies in the Presbyterian Mutual Society, and there are a lot of charitable organisations who cannot access money, which is having an impact on their work.”

Aim of this blog...........

Feel free to post any published articles that may help those who have money in the PMS/PCI.
Its so hard to get information so feel free to use this as the source of all the info.