e-mail sent to info@dcs.im requesting PLAIN ENGLISH

Posted 12/06/2009 - 07:04 by brennajm

Could you please rewrite the script below in CLEAR AND PLAIN ENGLISH please.

eg. What does this mean - "At the meeting of the Depositors’ Compensation Scheme Manager ("Scheme Manager")" ie was there just one person at the meeting - you speak of a "Scheme Manager"?; What is "an event of default"?; Who is/are the "Company"?; What is "Compensation of Depositors Regulations 2008"?

Need I go on?

I am sick and tired of trying to understand jargon when all I want is all my money plus interest back please. I am sick and tired of the Isle of Man's injustice to us who had money saved in Kaupthing Singer & Friedlander bank - a bank that most of us didn't even choose to save with. I am just sick and tired of you lot behaving in such a slimy manner and then expecting us to believe and trust you and, understand your jargon. Could you please try to behave in an honest fashion for once and think of the people whose lives have been ruined by your behaviour and dishonesty. Are any of you religious people? Probably not, because if you were you would not behave with such disregard for people's feelings and their lives. Put yourselves in our shoes for once or, are you so steeped in your own dishonest beliefs that you cannot. Is there nobody in the financial world on the Isle of Man who is honest? It certainly doesn't look like it from where I'm sitting.

Sick and Tried signs out with a huge sigh - knowing full well nobody in the Isle of Man cares a jot.

At the meeting of the Depositors’ Compensation Scheme Manager ("Scheme Manager") held on 27 May 2009 an event of default was declared in respect of the Company. The Depositors’ Compensation Scheme ("the Scheme") has therefore now been activated.

The date of default declared is 27 May 2009.

Under the Compensation of Depositors Regulations 2008 ("the Regulations") the Financial Supervision Commission is the Scheme Manager of the Scheme. The day-to-day administration of the Scheme will be carried out by the Scheme Agent: KPMG LLC has been appointed by the Manager to this role.

A dedicated website has been created for the Scheme, www.dcs.im. Apart from giving information about the coverage of and claiming under the Scheme, this website will later enable claimants to submit their claims on-line and be the main form of general communication to depositors about the Scheme and its ongoing progress. Full contact details for the Scheme Agent are given on the site. All queries about the Scheme should be directed in the first instance to info(?)dcs [dot] im.

It is the intention of the Scheme Manager to co-ordinate with the Joint Provisional Liquidators of the Company in sending out details about how to claim, with the objective of making the overall process, for relevant persons, of claiming under the Scheme and in the liquidation as straightforward as possible. The Scheme Manager wrote to potential Scheme claimants on 5 June 2009 explaining who can, and how to, submit a claim for compensation. The general contents of this letter are also shown on the website here.

The current expectation is that the online claims section will be available on 10 June 2009.

As mentioned above, regular update information will appear on www.dcs.im, and by letter where appropriate.

Financial Supervision Commission

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