ACTION STATIONS! TRAFALGAR is in sight! the first shot has struck 'em hard!

Posted 23/05/2009 - 12:52 by Lucky Jim

The DAG has already achieved a victory in defeating the throughly discredited SoA through an historic internet campaign bringing together members from all over the world under the DAG banner.

The first shot has hit home smack on the poop deck of the IoM.

The IoM Government's Scheme of Arrangement was rejected because those with more than £50,000 in savings considered that it was drawn up to vouchsafe primarily the interests of the government, the Island & the taxpayers. The interests of depositors was a secondary consideration. The IoM 'admiral' Tony Brown has confirmed it admirably!: “We were looking at the Island, and what was best for the Isle of Man in its totality”

The whole principal of banking is that retail deposits are secure and can be called upon by creditors in the confident expectation that they may be returned in accordance with the conditions on which they were deposited. Not so in the IoM! The FSC was caught with its bloomers down & now to cover its blushing derriere its Chief states that no one can deposit in the Island without accepting some risk. That is a ludicrous statement... and he’s paid near £250,000 for saying it! Yes, he's the man that lost your £532,000,000 in KSFUK!

Before the battle of Trafalgar Nelson weighed up the strength & weakness of the enemy. Like the great admiral we have done the same, cooly, calmly sensibly knowing that justice is on our side.

The strength of the IoM is in it being an off-shore finance centre claiming to be a market leader with a triple A rating. It is well placed to find a solution as it is one of very few governments in Europe that is not in debt, having deposits in excess of of £60 billion.

The weakness of the IoM is its heavy reliance on its financial services industry to maintain the economy & preserve the continuing independence of the Isle of Man. The government & its agencies are forever parading its virtues. Those virtues are vulnerable to the effects of the financial crisis, & the ability of the banks to sustain growth in a recession. It also risks having a bad image if jiggery-pokery comes to light in the way its finance houses do business.

The Kaupthing debacle is a huge thorn in the side of the government It needs to face the fact that the interests of the Island would be best served & protected by the government taking steps to preserve its reputation & credit rating by calling on its Treasury to submit a viable proposal that would resolve the Kaupthing debacle to the satisfaction of all parties.

The DAG should not have to tell the Treasury how to do it. It has enough brains to be familiar with the means & mechanisms by which this can be achieved. Sufficient to say that the present balance sheet offers a secure basis for a financial resolution through an imaginative plan that can be achieved at a negligable or zero cost. It should be possible to restore up front all deposits & recover the outstanding assets of the bank over time to assure maximum returns to the IoM Treasury for its outlay.

A cost/benefit analysis will demonstrate that this imaginative plan will restore to the Island the reputation that it is jealous of safeguarding. Anything short of such a plan will bring about a huge loss in confidence in the integrity of the Island›s financial services industry and the reputation of the IoM as a off-shore centre in which people may deposit safely & securely.

A failure to come up with a plan will result in the DAG lobbying the UK parliament for the enactment of a statutory instrument to enforce the international agreement on the IoM government. If this fails then the government will leave the DAG with no alternative but to resolve the issue through the courts. That will result in restoration of deposits plus interest plus award of damages. Then the battle of our Trafalgar will be well & truly won, and the IoM will sink to the bottom of the irish Sea.

What can Members do now?

Next step in the battle -- everyone grab a cannon!

Here are a few cannon balls for the next salvo!

  • ALL members should write to every newspaper editor, tell your story (again?) Tell him the IoM is refusing to honour international agreement to safeguard your money. Tell him HM Government could force the IoM to come into line but refuses to do so. Show him how this runs contrary to what the UK Prime Minister has said. Say Gordon Brown is all words but no action. Say it is his democratic duty to see that the IoM conforms with his words & policy to protect your money.

  • if you live on the Isle of Man, demonstrate outside the Court on 27 May with a simple banner lile I WANT MY MONEY BACK NOW!

  • make full use of the crisis at Westminster. MP’s are running scared. Suddenly they are listening to their constituents as they have never done before! If you have an MP write to him to appeal to bis decency (he will like that!) Tell him the constitutional position (quote the footnotes below) & ask him to lobby the government to require the IoM to accept the international policy agreement for governments to safeguard the savings of depositors. Tell your MP you don’t want to be fobbed off, so not to pass your letter to a civil servant or a Minister. Call upon him to do his democratic duty & respond to you as a person if he wants your vote. Give him your telephone number & invite him to call you if he has any queries about your request. Say you want to know what he is going to do now on your behalf.

  • Send a copy of the mail to your MP (edited as necessary) to the editor of your local newspaper & to a few daily newspaper editors. This will work wonders!

  • join up with a few other IoM members to organise a peaceful sit-in at the Treasury offices. Wear a mock Gurka hat. Perhaps dress in sackcloth. Put false medals on with TAXPAYER written on them. Alert the Press of what you propose to do & have a banner saying something like: NOW PLEASE WORK TO GET ALL OUR MONEY BACK!
    Don’t move until the Treasury Minister has spoken to you to assure you he will do his best to see that jusitce is done. If the police are called tell them why you are there. Only leave if they say you will be arrested if you don’t. Ask them under what law you would be arrested. If you are prepared to be arrested go quietly. The Press will make lots of noise for you! The chances are you would be released without charge. if you are charged to appear in court 2000 depositors will be there to support you!

  • dress as a beggar & sit outside the government offices, or the KSFIOM bank, (preferably with your dog if you have one). Have an appropriate banner like THIS LOT HAVE MADE ME BROKE Tell the Press what you are doing. It will make great front page story! It will hit the national papers, TV, etc..! (put a crust of bread on a plate with a glass of water)

  • Any IoM member fancy dressing up as a town crier to announce the death of the SoA and to proclaim the just cause of the DAG? If you need help in writing a script with the punch lines in, let me know. Let the newspapers & TV know where you will be announcing the news. Let them have copy of your news as it will stand a good chance of being published.

The wind is set fair in the DAG's favour. It's time to make a few waves!

The UK Prime Minister said at his Press Conference on 18 February 2009:
"we need a regulatory transformation so that people can feel that their
savings and their depositis are safe....... That is why we are saying in this
document that changes that we make will have to apply to all jurisdictions round the world."

(full text:

** Kilbrandon Report 1972-73
“The UK Parliament does have power to legislate for the Island without their consent on any matter in order to give effect to an international agreement”
[Source: Hansard, House of Commons Debates, 3 June 1998, cols. 471 and 465].

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