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Wednesday, 08 September 2010

Paterson hails PMS 'progress'

Northern Ireland Secretary Owen Paterson says "real progress" has been made in the search for a resolution of the Presbyterian Mutual Society's financial crisis.

Mr Paterson chaired the second meeting of the Ministerial Working Group on the PMS, which was set up after the General Election to discuss steps needed to resolve the issue.

First Minister Peter Robinson, deputy First Minister Martin McGuinness and Stormont Minister of Enterprise, Trade and Investment Arlene Foster also attended Wednesday's meeting.

"Real progress has been made by the Working Group in considering the options identified at our previous meeting, but a number of technical matters still require additional work", Mr Paterson said.

"This work continues, with the aim of finding a fair and just resolution."

Almost 10,000 PMS members face losing their savings after the society was placed into administration in November 2008.

Last week, former church moderator Dr Stafford Carson called on Prime Minister David Cameron to live up to his pre-election pledge to address the PMS crisis.

Mr Paterson said the PMS working group aims to complete its work before the Conservative-Lib Dem coalition announces its Spending Review in October, when the Government will reveal where public cuts will be made.

"Officials will continue to work together intensively and the Ministerial Working Group will meet again in two weeks," Mr Paterson said.

Mr Robinson said Wednesday's meeting was useful.

"I am very aware of the plight of those who lost savings in the PMS and I welcome the Government's commitment to work towards a mid-October deadline", he said.

"I am determined to make progress and achieve a satisfactory outcome. Indeed, I am hopeful it will be possible to have a report to the Prime Minister agreed at our next meeting."

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15 Comments

At 13:38 on 13 September 2010, Roulie wrote:

Keep up the good work Mr P and your colleagues too for the PMS. Your meetings seem to give us better hope and we're backing you full on!!!!!!!

At 17:29 on 09 September 2010, Defano wrote:

Dave - Dunfermline was riddled with regulatory failures as was Equitable Life and other institutions . The govt is responsible for ensuring that there are proper regulatory frameworks in place. The labour govt instead of tightening regulations in the financial world loosened them. At the end of the day no one can say that this was the fault of PMS savers who were totally innocent. Those placed to financially protect them failed including govt. PMS savers are not spongers - far from it. They seek equitable treatment as afforded to our UK counterparts. Also we do not know if taxpayers money will be required and if it is, it will be loan which will be repaid at commerial interest rates. I trust this clarifies things. Defano

At 16:15 on 09 September 2010, dave wrote:

Quote "but they were victims of a number of very serious regulatory and management errors". So what has this to do with me as a tax payer they should go after who ever they voted in to look after their investments its got nothing to do with the goverment. Defano I am not embittered just sick of people sponging of the goverment

At 16:02 on 09 September 2010, Coranda wrote:

Mr.Owen Paterson and the reconvened Ministerial Working Group are to be commended for their tireless work and effort to seek a fair and just solution to resolve the plight of the P.M.S Savers. We have been proven to be innocent savers. We want to be treated in the same manner as every other innocent U.K. saver.

At 14:11 on 09 September 2010, Averil wrote:

It angers me that some people appear to think savers in the PMS were people who 'invested in the property market'- this is completely untrue... they were normal, everyday people, mainly PENSIONERS, who put their money somewhere they believed money would be safe. PMS information leaflets contained the reassurance that 'money would not be speculated with'. They believed their money would be as safe, if not more so, here than in a traditional bank. Yes, the collapse proved that these beliefs were misplaced, but they were victims of a number of very serious regulatory and management errors. They were unaware. They must be helped out- in my eyes the majority of savers are innocent victims and certainly not 'investors'.

At 12:53 on 09 September 2010, Defano wrote:

Dave seems so embittered for whatever reason and misinformed. Entirely inaccurate description. Would be best to check all the facts before going into a rant. Also what happened in the PMS is similiar to Dunfermline as regards property. No difference. Bottom line is as corroborated in the TS Report - the SAVERS were innocent and could not have known. It is regrettable that he feels the need to tell savers to dry their eyes. Tell that to the wee pensioners and the vulnerable who cannot afford to pay their rates, electricity, buy new winter clothes, heat their homes properly, carry out urgent home repairs, tax and insure cars, pay for funerals etc etc It is Dave who appears to need to move on and perhaps develope a more christian attitude towards his fellow human beings who are suffering the most horrendous physical and mental torture through no fault of their own. Clearly prejudiced against Presbyterian savers whose taxes have help bail out other UK financial institutions. has not complained about them has he.

At 12:44 on 09 September 2010, bob wrote:

crispin jones , If you are correct a full audit into the individual accounts held by pms Should be organised by HM revenue before any govt money is allowed. Damn sure i as taxpayer dont want anybody who has tried to not pay his dues benefiting from public money.