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20/08/2010
£4m Church Refurb Angers PMS Savers
Savers from the beleaguered Presbyterian Mutual Society (PMS) have hit out at the Presbyterian Church for spending over £4m renovating its Belfast HQ.
The church has spent £4m replacing stonework on the exterior facade of Church House and now has interior refurbishment work planned including an upgrade of the main assembly area, work to move the entrance to Fisherwick Place plus a new reception and exhibition area.
When the PMS collapsed in 2008 nearly £10,000 investors lost their money. Larger savers have now received 12% of their money back but those with less than £20,000 saved in the society have received nothing.
Harry Hume of the PMS Savers Coalition said: "I think it is a smack in the face. To glorify a building into a palace is not necessary at a time of hardship for so many Presbyterians."
However former Presbyterian moderator Stafford Carson commented: "When money is given for a particular project, it is not possible for us to move this money to a fund for the alleviation of PMS savers."
In June the NI Executive held a meeting to discuss plans to borrow money from the Treasury to help PMS savers.
Cameron 'Talks Cuts' As PMS Savers Hope
(GK/BMcC)
The church has spent £4m replacing stonework on the exterior facade of Church House and now has interior refurbishment work planned including an upgrade of the main assembly area, work to move the entrance to Fisherwick Place plus a new reception and exhibition area.
When the PMS collapsed in 2008 nearly £10,000 investors lost their money. Larger savers have now received 12% of their money back but those with less than £20,000 saved in the society have received nothing.
Harry Hume of the PMS Savers Coalition said: "I think it is a smack in the face. To glorify a building into a palace is not necessary at a time of hardship for so many Presbyterians."
However former Presbyterian moderator Stafford Carson commented: "When money is given for a particular project, it is not possible for us to move this money to a fund for the alleviation of PMS savers."
In June the NI Executive held a meeting to discuss plans to borrow money from the Treasury to help PMS savers.
Cameron 'Talks Cuts' As PMS Savers Hope
(GK/BMcC)
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Cash from the NI Executive is to be used as part of a huge £225m rescue package for the collapsed Presbyterian Mutual Society. A deal is thought to be in an advanced stage with the Presbyterian Church set to hold a meeting of its General Assembly to discuss the bailout of the Presbyterian Mutual Society (PMS).
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