DST PR:- The misery continues for depositors in KSFIOM

Posted 02/10/2009 - 16:16 by Anonymous

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Press Release 3 October

The misery continues for depositors in KSFIOM
(Sent to all major news outlets)

The forgotten victims of the credit crunch

2009-09-25 23

The panic may have subsided since last year, but many savers and investors are still fighting to reclaim their cash from collapsed banks.

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IoM depositors take fight to Trafalgar Sq's fourth plinth

2009-09-14 23

After launching a YouTube campaign to raise awareness of their plight, disgruntled depositors in collapsed bank Kaupthing Singler & Friedlander Isle of Man (KSFIoM) have taken to the fourth plinth in London's Trafalgar Square to voice their gripes.

Nick Campling, representing the KSFIoM Depositors' Action Group (KSFIoMDAG), took to the plinth last Saturday as part of sculptor Anthony Gormley's One & Other live art project.

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Rabbit ramps up IOM YouTube revenge campaign

2009-08-06 23

Thumper the rabbit, whose ‘parents’’ savings are trapped in collapsed Kaupthing Singer & Friedlander (KSFIOM) has hopped on the YouTube bandwagon, making a video warning would-be savers not to bank on the Isle of Man, with similar clips pulling in thousands of viewers.
The rabbit's video is one of nine which have collectively attracted over 6,600 viewers on the popular website in the past fortnight, as members of action group KSFIOMDAG decided to use the site as a platform to raise awareness of their plight.

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KSF victim in YouTube attack on IOM govt

2009-07-30 23

A masked expat pensioner whose savings are trapped in collapsed bank Kaupthing Singer & Friedlander (KSFIOM) has launched a scathing musical attack on the Isle of Man Government via YouTube.

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Responsible Governance?

Posted 25/03/2009 - 18:49 by IceCrusher

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IoM lawyer, Jonathan Smalley has expressed his opinion in the Isle of Man news that an inquiry into the background of KSFIoM's failure is essential.

Depositors in IoM shafted by UK Govt over money frozen in KSFUK

2009-01-23 (All day)

Depositors in the Isle of Man branch of bust Icelandic bank Kaupthing Singer Friedlander may not elicit huge public sympathy, but there are non-tax dodgers among them who have been well and truly hung out to dry by a British government that has long encouraged banking in the crown dependencies.

Just before Kaupthing went under in October, the Isle of Man branch forwarded £530m of its customer deposits to the bank’s London branch. This did not give the depositors any protection under the UK financial services compensation scheme, because their cash had been deposited on the Isle of Man; and the money is now available to pay off the banks’ UK, rather than Manx, depositors and creditors instead.
The £530m transaction followed discussions, which remain shrouded in mystery, between the British and Manx regulators. Soon afterwards, Kaupthing collapsed and the Treasury froze its assets here in the UK, insisting that none of the deposits by then over here should be returned to the Isle of Man.

When it comes to negotiating compensation from the Icelandic government, the depositors are now reliant on the British government, a task that the Whitehall department responsible, the Ministry of Justice, has palmed off to a Treasury notoriously dismissive of the depositors’ plight.

Last month MoJ minister Lord Bach nonetheless insisted everything was fine. Asked at a parliamentary committee hearing whether he was sure “those [Isle of Man] depositors’ interests are now safeguarded, insofar as any depositors’ interests are safeguarded in the UK?” he replied categorically: “Yes I am.” But a swift bollocking from the Treasury must have followed, for by the time the transcript of the hearing appeared a footnote had been added: “Note by witness: I am satisfied by the steps taken by the UK government in the interests of the people whose deposits the UK regulatory authorities are responsible for.” In other words, not those in the Isle of Man. For IoM depositors who might have got their hopes up, this translates as: you’re still shafted.

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Kaupthing Depositors Street Protests - Belgium

2009-01-11 (All day)

Belgian Press article and video footage of Belgian Kaupthing Depositors street protests.

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Tynwald to debate KSF depositors' fund

Posted 16/12/2008 - 09:40 by A chic nicks dr...

2008-12-16 (All day)

Depositors could each receive £1,000 if members support what's called "an advance payment to defined depositors", which would involve the transfer of a total of £11 million from government reserves.

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Kaupthing savers will be offered £350m package

2008-12-10 (All day)

Depositors and bondholders in the collapsed Kaupthing Singer & Friedlander Isle of Man bank are to be offered a £350m compensation package by the island's government and banks, it was reported yesterday.

More than 8000 savers and investors, mainly British, stand to lose £800m in the liquidation of the Icelandic offshore bank, which has been twice postponed to enable talks about some form of rescue.

The report said the package would use government and bank contributions to enhance the island's existing compensation scheme, and add to any available assets from the provisional liquidation of the company. The government's maximum contribution would be £150m and that of the banks £200m. A similar scheme in Guernsey has been funded with £100m.

The IoM government said it was working with the provisional liquidator to achieve the "best possible outcome" for depositors, and expected an indicative value of the bank's assets to be announced in mid-January.

An insurance industry spokesman said all depositors, including life insurance company policyholders, could expect to do "significantly better" from the rescue package.

The IoM government is also understood to be planning to provide immediate emergency pay-outs of around £1000 to help small depositors in cases of hardship.

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