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PMS update

April 2nd, 2011

The Administrator has given an update on the current state of play with regard to the Presbyterian Mutual Society. This is what he said:

I am pleased to be able to tell members and creditors that the Court has approved the process by which I will put a proposed Scheme of Arrangement to a vote. The proposed scheme is designed to facilitate the pay out of those sums provided by the Government and the Presbyterian Church in Ireland by way of financial assistance. I expect to be able to send the proposed scheme and voting papers to members and creditors next week. They will receive all the information necessary on which to make a decision to accept or reject the proposed scheme. If it is accepted, it will require to be sanctioned by the Court before payments can be made. At this stage it is not possible to be precise about timings, but all being well I hope to be in a position – if the scheme is approved – to process payments in late June/early July.

This should come as good news to all PMS savers. Once the details of the Scheme of Arrangement are unveiled, there will be a number of information and clarification meetings around the country to explain it, so that creditors will have a clear idea of exactly what they are being asked to approve. It may also need to be pointed out to them what the implications will be if they give a thumbs-down to the Scheme. The details, times and venues of those meetings will be sent out out to all savers by the Administrator.

It is my hope that creditors will vote in favour of the Scheme and that those congregations and individuals who are in a position to leave a small percentage of their money in the PMS for a few more years will do so. In that way, smaller savers will stand to get all their money back immediately. Throughout this campaign, that has been our goal, and with good co-operation all round, it can be achieved.

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