Treasury

Freedom of info request

Posted 07/04/2009 - 12:31 by icdbrazil

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FYI link below shows my request, their cop out response and my appeal.

http://www.whatdotheyknow.com/request/ksf_iom_savers

Pearson-Treasury latest comment...

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Pearson yesterday stated, "We expect the Icelandic Government to support deposits in branches of Icelandic banks."

Response to my MP - HM Treasury's Paul Myner Letter 10th Feb

Posted 06/03/2009 - 22:28 by Alastair

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I like many depositors who wrote to our MP's have received recently a letter from my MP which forwarded on to me a response from HM Treasury dated 10th February signed by Paul Myners.

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

2009-01-23 (All day)

MANX FOR NOTHING
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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The art of Lobbying is Persistence! Keep at it!

Posted 17/12/2008 - 08:48 by Nixi

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Phone your MP's Office.. INSIST on a reply from the Chancellor

Chancellor pledges £2.2bn to UK depositors in Iceland -

Posted 21/11/2008 - 00:59 by steveejeb

2008-11-21 (All day)

Icesave Again !

"The Treasury has guaranteed to pay £2.2bn to UK depositors who lost money in Iceland's collapsed bank Icesave, it was revealed yesterday. It will then reclaim the money from the £6.8bn support package the International Monetary Fund has allocated to Iceland. The figure was the amount paid to Icesave as a guarantee to cover Britons' savings when its parent company Landsbanki went into receivership last month, a Treasury official said."

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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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UK treasury faces massive claim from Kaupthing (and IOM depositors?)

Posted 30/10/2008 - 08:45 by romasanta

2008-10-28 23

Kaupthing has instructed the international law firm Grundberg Mocatta Rakison LLP to begin a preliminary inquiry into the circumstances surrounding the transfer of the assets of Kaupthing Singer & Friedlander's UK subsidiary.

The law firm is also considering whether it can act for KSF (Isle of Man) depositors.

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