ANALYSIS: PMS ruling is welcomed
THE court decision to cut the administration period of the stricken Presbyterian Mutual Society from five years to 12 months was welcomed last night.
Campaigners felt that the proposed five-year wait was totally unacceptable – especially for older savers with their life saving out of reach.
A creditors' committee is also being formed to further campaign for a resolution, especially for savers with under 20,000 who were last month controversially excluded from receiving any payment.
The five-year-to-one ruling emerged at the High Court yesterday, and was welcomed by investors as "a good step forward, but there's a long way to go".
Harry Hume, representative of the PMS Savers Coalition, said: "The five-year ruling was totally unacceptable and the reduction to 12 months will concentrate a few minds. I am also delighted that a five-strong creditors' committee is being formed and that will apply more pressure.
"Hopefully, the pressure will give savers with less than 20,000 some cause for optimism. Most of the elderly savers will be in that category."
Joy Entwistle, whose elderly mother falls into that category, said: "It's a small step forward, but I fear it won't effect a speedy solution. It's really is a disgrace the way people like my mother are being treated.
"My main criticism is the lack of information. My mother isn't computer literate, but I am, and it's typical that the PMS website has not be updated since February 12."
Stephen Reilly, who is involved with the PMS Savers Coalition, also described the five-to-one as "a small positive step", but added that the Presbyterian Church in general was sitting on its hands.
"Frankly, I'm dispirited and disheartened at the attitude of the Presbyterian Church – clergy and members – in general," he said.
"I'm glad that a creditors' committee is being formed and they must strongly represent the small savers. But the Church in general must get motivated and use this change to one year to concentrate minds – religious and political – and get this mess sorted out."
A spokesman for the administrator – Arthur Boyd said that a result of the judgement, a detailed and formal letter will be sent to all members and creditors and until that happens they could not make further comment.
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Tuesday 14 February 2012
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