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Please do this !!!

Posted 21/01/2009 - 09:15 by The Biggest Ban...

2009-01-20 (All day)

Remarkable isn't it how the Irish Government, without hesitation, step up to the mark to protect depositors interests when the Anglo Irish Bank collapses ?

A very great pity however that the pathetic IOM Government didn't have the balls to do the same.

Suggest as many people as possible write to HM The Queens representative on the Island with your thoughts and stories. I have done this several times and NEVER FAIL to get a prompt and meaningful reply.

His Excellency
Vice Admiral Sir Paul Haddacks KCB
The Lieutenant Governor
Government House
Ile of Man
IM3 1RR

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French bank to acquire Kaupthing's Luxembourg Private Banking Accounts

Posted 20/01/2009 - 09:14 by barrona

2009-01-20 (All day)

An article appeared in a publication I receive on a daily basis stating the above. I couldn't access the full article to obtain further details. However, it is frustrating to see other countries dealing with this debacle in a proper professional manner whilst the IoM govt and the UK govt appear to be doing nothing.

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KSFIoM – in liquidation provisionally (“the Company”): in response to JJB Sports plc announcement

2009-01-13 (All day)

Michael Simpson, joint liquidator provisionally and partner with the Isle of Man firm of PricewaterhouseCoopers, commented:
“I will be taking a careful and considered approach in respect of the collateral shares, particularly given the material size of certain of the shareholdings. I have and continue to take advice in this regard. I would stress that there is no requirement for me to dispose of these positions within a set timeframe or in a time pressured manner and that my role is to optimise the recovery for creditors.”
[continues]

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Royal Skandia acknowledge "frozen funds"!!

Having heard nothing from anyone about money held in KSFIoM "bond wrappers" this is their latest offering. Does anybody know yet whether bondholders are still being considered at all?

Dear XXXXX

Thank you for your email.

This is to confirm that we have received your query and a response will be sent to you in due course.

In the meantime, we can update you on the latest developments with regard to Kaupthing Singer & Friedlander;

On the 27th November, the Court adjourned the petition for the winding up of Kaupthing Singer and Friedlander (Isle of Man) until the 29th January 2009.

This will give the relevant Governments and interested parties time to consider alternative and more beneficial options for depositors than would be available under formal winding up procedures.

Royal Skandia representatives attended court and supported the adjournment. Along with other members of the Manx Insurance Association, Royal Skandia will continue to strongly and vigorously lobby at the highest level for further negotiations to urgently take place regarding the release of frozen funds and press the relevant Governments to reach a satisfactory conclusion for this matter.

We would suggest that you regularly check our website, www.royalskandia.com, because as soon as we have any further updates, we will place information here.

Thank you

Customer Helpdesk
Royal Skandia Life Assurance Limited

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Class Action?

Posted 06/01/2009 - 10:16 by grapow

2009-01-06 (All day)

I recall several weeks ago that a firm (Greg Latcham I understand of Bristol) was appointed to commence a Class Action. By the time I was able to speak with them they had "closed their books" and could not take anymore instructions on this matter. This was frustrating to me as like Latchams I toll am in Bristol. Nevertheless as I understand it a victory for this action would create a precedent for anyone else in the same position (I presume?).

Can anyone who is being advised by Latchams update the rest of us on how matters are proceeding?

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IMF Message for Icelandic Foreign Depositors "EXR,

Posted 12/12/2008 - 15:38 by Sophie

2008-12-12 (All day)

Dear Depositors,

Thank you for your message about the issue of foreign depositors with Icelandic financial institutions. We can ensure you that your message was read and forwarded to the relevant authorities.

As you may know, the IMF's Executive Board recently approved a two-year Stand-By Arrangement for Iceland on November 19, for US$2.1 billion. These financial resources will back Iceland 's ambitious economic program, which aims to restore confidence to the banking system, stabilize the krona, and strengthen the budget over the medium term. Importantly, Iceland has expressed its commitment to recognize the obligations to insured depositors, and the IMF takes seriously the Iceland authorities’ commitment to a fair process involving equitable treatment of creditors in the bank restructuring.

You can read more about the IMF’s program with Iceland on the IMF’s website.

Best regards,
Public Affairs Division
External Relations Department
International Monetary Fund
http://www.imf.org
E-Mail: publicaffairs(?)imf [dot] org

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Lord Bach being grilled by House Of Commons Justice Committee

2008-12-11 (All day)

First 30 minutes of video shows Lord Bach looking very uncertain as he is grilled by Alan Beith and other members on the role of the Justice Department and negotiations with Iceland

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UK PM - No depositor has lost money in Britain

Posted 11/12/2008 - 00:14 by MrBanks

2008-12-10 (All day)

Today in PMQ's Gordon Brown stated that no depositor has lost money in Britain - this is clearly carefully worded to mean no depositor in UK institutions - however it strikes me that many depositors have lost money in Britain - about £550m.

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Clerical Medical Investment

Posted 04/12/2008 - 14:15 by Kevin Platt

2008-12-04 (All day)

We have our money invested in Kaupthing via Clerical Medical.
It often appears that institutional investments are worse than any others when it comes to compensation.
Today, Clerical Medical have stated to me that the frozen funds are not in the UK but are held in the Isle of Man.
Can this be correct, surely if the funds are in the IOM then Brown and Darling should not have any jurisdiction?
Any comments?

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Charities get seat on Iceland bank creditors committee

Posted 02/12/2008 - 10:43 by vikingvictim

2008-12-02 (All day)

Total claims top £4.7bn

Administrators confirmed that claims submitted for the purposes of the creditors meeting, plus estimates of future claims, totalled £4.722bn.

The largest claim is from the FSCS, estimated at £3.5bn, while subsidiary company KSF Isle of Man claimed £600m, the pension fund trustees £60m, the charities £47m, and local authorities "tens of millions".

Cats Protection chief executive Peter Hepburn (pictured) told Charity News Alert after the meeting that securing a place on the creditors committee was an important first step, but the coalition would also now be pressing the government for a commitment to a full refund of their money.

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