The Continued Scandal of PMS
The Continued Scandal of PMS
The recession may be officially over, unemployment rates may be declining and it may no longer be a hanging offence for a politician to talk about seeing the green shoots of recovery.
But all this is of no interest or benefit to the long suffering victims of the Presbyterian Mutual Society who have still not been recompensed for the bungling incompetence of the organisation they put so much trust in.
Earlier this week the Treasury Sub Committee visited Northern Ireland to conduct an oral hearing into the scandal.
The transcript is now available – although I am legally obliged to point out that witnesses have not yet had the opportunity to correct any errors and so therefore they have not been formally approved.
It constitutes a searing indictment of the buck-passing that has characterised the political response to the scandal. And it is clear that chairman John McFaul and his committee are unimpressed with the devolved government’s failure to identify the problems at PMS and its subsequent response to the crisis.
A Ministerial working group was set up and was due to report in September of last year. Members comprised the Chief Secretary to the Treasury; the Economic Secretary to the Treasury; the Secretary of State for Northern Ireland; the Minister for Finance and Personnel, Northern Ireland; the Minister for Enterprise, Trade and Investment, Northern Ireland; the First Minister and Deputy First Minister
A top team if ever there was one. Yet despite the obvious urgency and real hardship the PMS crisis has caused this report has still not been published
At the hearing Finance Minister Sammy Wilson blamed the delay on the failure to secure a deal to sell the Society to a bank. This was not a view that was accepted by the committee.
And whilst politicians continue to avoid taking responsibility to sort the problem out, costs continue to mount.
According to official documents by 16 November 2009 administrator Arthur Boyd had charged £437,944.55 for his services, this despite discounting his own rate from £225 per hour to £180 with similar reductions for his staff. No doubt Mr Boyd and his team have worked tirelessly and the huge revenue this represents is thoroughly merited.
However the fact that this desperate crisis has still not been resolved and the Administrator is still required is a telling indictment of a lack of collective political will to act in the interests of innocent and defenceless savers.
0 comments
Blog post currently doesn't have any comments.
other blog posts
Many voters in Northern Ireland will be astounded at the latest opinion polls which are predicting a hung parliament after the impending General Election.
Posted:
06 March, 2010
The spin doctors who are trying so hard to “humanise” political leaders are making a big mistake.
Posted:
27 February, 2010
Toyota’s fall from grace is one of the most spectacular corporate disasters we’ve ever seen.
Posted:
13 February, 2010
It has been an appalling few weeks for politicians, political parties, indeed the entire political process in Northern Ireland.Now that a deal appears to have been done the true extent of the damag...
Posted:
08 February, 2010
Arlene Foster, Acting First Minister proudly declared on Radio Ulster this week: “Devolution is delivering.” The problem, of course, is that it isn’t.
Posted:
30 January, 2010
more blogs »