PMS update

pmslogo_smallLast week I attended a series of information and clarification meetings held by the Administrator in Carnmoney, Newry, Ballymena and Bangor. There are four further meetings to be held after Easter in Armagh, Londonderry, Lisburn and Fisherwick.

The Administrator, Mr Arthur Boyd, has used the opportunity to describe the details of the Scheme of Arrangement and to answer questions which savers have posed. Some of the answers to these questions have been posted here. I believe that most savers have gone away from these meetings feeling reassured and confident of a good outcome.

Overall, the Scheme is well-received by the members because it promises a better and quicker outcome than the alternative of the Society going into liquidation. If liquidated, the smaller savers would receive nothing and the larger creditors would end up with at least 15% less than they are being offered.

It is crucial that all members respond to the offer before May 6th, and as someone said at one of the meetings last week, “not to put the papers behind the clock and forget about them”. So if you are a member and you haven’t voted yet, please consider getting your vote sent off before the end of this week.

At these meetings I have been able to make the point that the additional voluntary deferral option should be seriously considered by congregations who do not need immediate access to all their money. This would really be them taking a small step back in the queue and allowing smaller savers to get access to all their money immediately. I believe that this would not only benefit the smaller savers, but would counteract the negative perceptions of the church during this crisis. If enough congregations would opt for this additional deferral, the actual amount deferred could be very small (perhaps 5% or less) but would greatly benefit a large number of needy people. I encourage treasurers and members of congregational committees to think seriously about this option.

6 Replies to “PMS update”

  1. As a member of a PCI church which has substantial savings in the PMS, I would support Dr. Carson’s suggestion that congregation in this position defer a small percentage to enable small savers (with less than £20K) to receive 100% of their savings back. The gap is so small that it would be a shame if small savers weren’t able to obtain the full amount. It would also mean that the naysayers and cynics couldn’t claim that small savers lost out by not getting all their money back.

  2. I agree WRK. I am have very substantial savings above six figures and have opted for 10% deferral. Congregations can take the lead but individuals have a big part to play. If 30% of total “loans” were deferred it could be as little as 2% deferral all round, a good result and would establish mutuality. Encourage any member who can afford it to deferr. 100% payback to small savers is within our gift.

  3. Luke 18 v 1-8
    Fair and just solution – ha – I don’t think so!
    Make no mistake God is at work and He will soon expose the sinister attempt of church and state to cover up the evil at the heart of this debacle. He will deal with the adversaries of the innocent PMS savers who have been so badly treated
    He is bringing into the light all that has been hidden in darkness. It’s already started folks.
    PCI will be rocked to the core

  4. A good suggestion wholly justified by the probability that in doing so smaller savers would get all their money back. With regard to the negative perceptions of the church these are generally not held against the church at a congregational level but against the church at a church house level. The negative perception of the church were hugely influenced by the lack of leadership shown by the then moderator and clerk of the General Assemby at the start of the PMS crisis.

  5. To be fair at the beginning the church and church officials took too legalistic an approach to the issue. They did not see the human misery unfolding. Thankfully that has changed, but the hurt will take along time to go, unless off course we take a biblical view and give forgiveness allowing the hurt to go much more quickly!

  6. Stafford Carson has shown excellent leadership during the PMS crisis. I sincerely hope that the Administrator’s proposals are agreed and quickly implemented. I also feel that for the sake of natural justice and to promote healing, those Directors in the PMS who are elders in the church should be disciplined by the church. The Directors of the PMS effectively gambled away the savings of PMS shareholders and others. They may as well have taken tens of millions of ordinary people’s money and blown it in Vegas, as what they did, which was to lend tens of millions to spivs and speculators.

Comments are closed.