UPDATED....The DAG versus the IOM Government

Posted 24/02/2009 - 13:46 by Lucky Jim

Let's get one thing crystal clear...

(1) The IOM Government is looking after the interests of the IOM

(2) The DAG is looking after the interests of its members..

The two are not compatible

The British Prime Minister is now saying as a matter of policy that ALL governments should vouchsave ALL savings & deposits in their banks in their jurisdiction.

What is the IOM Government going to say to that?

If it says 'Yes' then it MUST do what HMG is demanding & change its policy to come into line and return depositors's money. How it does that is up to it.

If it says 'No' then as a Crown Dependency it is telling Her Majesty the Queen that they do not accept Her Majesty's Government's policy because the interests of the Island must take precedence over any idea of protecting any deposit that was put in the trust of the Kaupthing bank.

Unless & until the IOM Government says Yes then it looks almost certain that we are going to be stuck with the IOM's Scheme of Arrangement.

However, the Deemster (judge) has made it clear that what the IOM Government presents as its final SoA on 9 April must have within it a statement to the effect that acceptance of the SoA does not preclude any subsequent legal action the DAG may pursue to recover through the courts money owed to depositors.

Thus irrespective of the outcome on 9th. April, the DAG's only course of action will be to pursue through the courts its just claim to recover its members' money

Members can be assured that the London Team is holding discussions with legal counsel & an announcement will be made in due course.

This blog is now updated by:

which offers the DAG an encouraging new initiative

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