PMS savers running out of patience
THE concept of the ailing Presbyterian Mutual Society in administration for another five years is a nightmare situation for the 9,500 investors and there is relief that the High Court has limited an extension to a year.
A barrister representing people with money loaned to the PMS argued strongly that elderly investors might not live long enough to enjoy their investments, if it took five years to satisfactorily resolve an impasse that has caused much anguish and considerable financial hardship for many in the Irish Presbyterian Church.
The appalling PMS wrangle over the Society's descent into acute financial difficulties has now gone 18 months without any sign of investors getting their money back and this week's High Court hearing was the latest bid by stakeholders to achieve a positive outcome.
Many congregations have considerable amounts of money invested in the PMS and, obviously, their needs are not as pressing as the plight of thousands of individuals – upright and loyal Church members who deserve much better treatment than they have experienced to date.
Mark Horner QC, in a High Court submission, contended that a five-year continuation of the PMS administration would mitigate against the elderly.
"Over five years some may die; some may not have the opportunity to enjoy the fruits of their savings," he said.
The PMS crisis has been under consideration by our politicians and banks without any satisfactory resolution. Which, from the precarious position of the investors, is simply not good enough.
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Thursday 24 May 2012
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