Darling

Letter to Danny Alexander, Chief Secretary to the Treasury

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Here follows a copy of the letter that I posted by courier to Danny Alexander two days ago.

DAG Team -Please call BBC Newsline

Posted 17/03/2009 - 21:07 by icdbrazil

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I called the BBC Newsline unit that reports on the IOM to see if I could get them to report on the KSF IOM Depositors plight in light of the recent news that Darling had agreed to release funds frozen

Darling accused of Not Warning UK Institutions Of Icelandic Melt Down

Posted 30/11/2008 - 01:46 by steveejeb

2008-11-30 (All day)

.............The news comes as Chancellor Alistair Darling is under fire from the Liberal Democrats as to how much the government knew about the parlous state of Iceland's finances in the run-up to the financial crisis.

Lib Dem Treasury spokesman Vince Cable wrote to Darling after it emerged he held talks with the Icelandic finance minister over the crisis in the summer. Cable asked him to explain why he didn't warn UK institutions their investments could be under threat, and still hasn't received a reply. Lord Oakeshott, the Lib Dem's Treasury spokesman in the Lords, said: 'Mr Darling can't be bothered to reply to questions about hundreds of millions of British cash trapped in bust Icelandic banks.'

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Three-legged scape goat

Posted 27/11/2008 - 13:04 by steveejeb

2008-11-27 (All day)

IoM Today reports: THE UK Government is orchestrating a campaign to make the Isle of Man the scapegoat for the Kaupthing banking crisis. That was the claim by Treasury Minister Allan Bell as UK prime minister Gordon Brown repeated his chancellor’s warning over the need to look again at the relationship between Britain and the Isle of Man.
Earlier this month, a high-ranking delegation from the Island returned reassured from a meeting in London after Lord Chancellor Jack Straw insisted there were no plans to change our constitutional relationship.

But in an interview on BBC’s Politics Show on Sunday, the UK Prime Minister set alarm bells ringing again.

Asked what could be done to help British people who could have lost all their life savings after putting their money into Icelandic owned banks in the Isle of Man, Gordon Brown replied: ‘I have had a number of people write to me about this and I’m obviously very concerned about this because the Isle of Man is not within our jurisdiction for regulation.

‘We have guaranteed the savings of people in, in British banks in a number of cases, even though they were owned by Icelandic banks themselves.

‘This is now a matter that the international authorities are dealing with. We are talking to the International Monetary Fund, who’ve had a deal with Iceland, about the repayment of debts that these banks have entered in to.’

He added: ‘This is something that we’ll have to pursue internationally and I think we may have to look again at the relationship between the Isle of Man and Britain in this respect.’

Treasury Minister Mr Bell said: ‘This is quite clear this is an orchestrated campaign by the UK.

‘Mr Brown’s language exactly mirrors that used by the Chancellor (Alistair Darling). It is quite clear this is an orchestrated response to the situation that they find themselves in over Kaupthing. They want a scapegoat. There is no doubt in my mind at all.’

A government spokesman said: ‘We are following up the Prime Minister’s brief comments on the Politics Show on Sunday about the relationship between the IoM and Britain, made in the context of bank depositor protection.

‘Earlier this month the UK Lord Chancellor Jack Straw stated there would be no review of our constitutional relationship.
‘As to regulatory matters, the Isle of Man has actively engaged in past reviews such as the Edwards Review, assessments by the IMF and most recently, the UK House of Commons Treasury Committee.

‘Similarly, the Isle of Man will welcome any review proposed by Gordon Brown as it would provide another opportunity to show that the Island is well-regulated and internationally responsible.’

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Three-legged scape goat?

Posted 27/11/2008 - 12:35 by steveejeb

2008-11-27 (All day)

IoM Today reports: THE UK Government is orchestrating a campaign to make the Isle of Man the scapegoat for the Kaupthing banking crisis. That was the claim by Treasury Minister Allan Bell as UK prime minister Gordon Brown repeated his chancellor’s warning over the need to look again at the relationship between Britain and the Isle of Man.
Earlier this month, a high-ranking delegation from the Island returned reassured from a meeting in London after Lord Chancellor Jack Straw insisted there were no plans to change our constitutional relationship.

But in an interview on BBC’s Politics Show on Sunday, the UK Prime Minister set alarm bells ringing again.............

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When will we get our cash back? Compensation urged for the thousands of investors trapped in ‘low risk’ products

Posted 25/11/2008 - 10:54 by Elpasout

2008-11-25 (All day)

Alistair Darling pledged that UK savers in failed Icelandic banks would get their money back and last week those with Icesave, owned by Lansbanki, started to receive cheques.

That was scant comfort for those in offshore subsidiaries of such as Kaupthing Singer & Friedlander Isle of Man (KSFIOM), who are not covered by Darling’s pledge.

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Conservative Graham Brady, Liberal Democrat John Thurso and the committee's chair, Labour's John McFall, gave their reaction to the Chancellor's comments to TSC

Posted 09/11/2008 - 14:28 by Elpasout

2008-11-09 (All day)

Conservative Graham Brady, Liberal Democrat John Thurso and the committee's chair, Labour's John McFall, gave their reaction to the Chancellor's comments.

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Comments on the BBC from Treasury Select Committee members after 3/11 meeting

2008-11-07 (All day)

Conservative Graham Brady, Liberal Democrat John Thurso and the committee's chair, Labour's John McFall, gave their reaction to the Chancellor's comments. Even Labour's McFall was surprised by Darling's tax haven comment and they all understand, thanks to our efforts, that we are ordinary hard working savers, not tax evaders. A further investigation by the TSC is promised. Short but encouraging.

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Iceland bank failure may cost UK Treasury $1.3 bn

Posted 06/11/2008 - 16:13 by steveejeb

2008-11-06 (All day)

The British government has set aside 800 million pounds ($1.3 billion) for British savers who lost their money when Icelandic-owned Internet bank Icesave collapsed last month, the Treasury announced Thursday.
The approximately 230,000 British depositors whose money vanished when Icesave's parent bank, Landsbanki, went into receivership in October will receive compensation to replace all of their lost savings, Treasury chief Alistair Darling said in a statement.
He also reiterated a pledge he made last month that "no depositor in Icesave" would lose any money as a result of the bank's collapse.
Normally, the government only guarantees up to 50,000 pounds ($80,000) of savings, but it has made an exception in this case to reimburse British savers for the full amount of their losses.
The government is expected to begin paying compensation to savers next week, and it hopes to pay the majority of claims this month.
The Treasury is in discussions with Iceland to recover some of the money, claiming that the first 20,887 euros ($26,791) of each British saver's deposits should be covered by the Icelandic government.

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Darling accused of washing his hands...

2008-11-04 (All day)

Published Date: 04 November 2008
THE UK Chancellor has been accused of 'washing his hands' of British depositors who invested in the Isle of Man.
And Alistair Darling told a Treasury Select Committee investigating the banking crisis that the government would need to have a look at the relationship between the UK and the Isle of Man, which he described as a 'tax haven sitting in the Irish Sea'.

His comments were described as 'astonishing' and 'unprecedented' by Treasury Minister Allan Bell.

And they will come as a bitter blow to the thousands of depositors in Kaupthing Singer & Friedlander who face losing savings and investments totalling hundreds of millions of pounds that were frozen when the UK government put the bank's London subsidiary into liquidation.

Michael Fallon, the committee's deputy chairman, accused the chancellor of 'washing his hands' of the interests of British investors who had put their money in the Isle of Man.

Mr Darling replied that his obligation was to protect the money in the UK bank.

He said go to the next stage of taking responsibility for 'something done in the Isle of Man or Guernsey or another country would be quite a signifcant step to take'.

Mr Darling continued: 'The Isle of Man and Guernsey operate a specific regime, and quite deliberately for tax reasons and others, people choose to go in there.

'They are regulated by the Isle of Man authorities, and I would have to think long and hard before saying, for the first time, the British government would underwrite savings made in another jurisdiction.

'It's not something we would lightly do.'

Shocked Mr Bell said the Chancellor's comments came as a 'complete bolt out of the blue'.

'It's absolutely unprecedented and totally outrageous what he's done'.
There's not been a hint about a problem with our constitutional relationship and if there was this is not the sort of forum to make that sort of announcement.'

Mr Bell said he suspected that the only reason Mr Darling has said those words was to 'deflect attention' from the fact the UK government had slipped up by freezing KSF (IoM) deposits in the UK.

He said the comments were totally inaccurate and the Isle of Man was not a tax haven and had not gone 'cap in hand' to the UK to sort out its problems.

'We don't have banking secrecy, we are fully open and transparent. The key to this is Iceland. This is not a problem of our making.'

Mr Bell said the UK could be looking for a scapegoat for its own financial ills. 'Whether there is a wider agenda - well the situation is so serious that to speculate does not help at all.'

He said the Chancellor had been under considerable pressure during the committee hearing so he didn't know whether the comments were made 'off the cuff' or were pre-planned.

Mr Bell said he wanted urgently to speak to the UK's Ministry of Justice to obtain an explanation for the Chancellor's comments and obtain a full transcript of the hearing.

He added: 'We need to calm down and speak to the UK's Ministry of Justice - I suspect they are just as surprised as us.'

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