£10,000 EPS2 application forms now on IOMG site

  • Anonymous
  • unspecified
  • Offline
Posted: Tue, 10/03/2009 - 11:53

For those who have yet to receive the £10,000 Early Payment Scheme forms and guidance notes, they can now be accessed on the following IOM govenment site.

http://www.gov.im/cso/faq_gfs.xml

However, I believe these forms should not be used by those who applied for the £1,000 EPS as these individuals will receive personalized EPS2 forms in the mail.

4.5
Your rating: None Average: 4.5 (2 votes)

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

EPS2 Beware

  • srcoates
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 10/03/2009 - 15:55

Everyone should read the 'Legal Situation Update' http://www.ksfiomdepositors.org/public-page/legal-situation-update prior to making an application for this payment. In particular this section of it;

"The Early Payment Scheme

By the Early Payment Scheme the IoMT acquires the rights and in particular the votes of depositors to the value of what is paid. This means that unless agreement is reached to the contrary the IoMT will have significant influence over the voting on its proposed Scheme. We would hope that IoMT will agree not to exercise any right to vote, which will give rise to a conflict. We believe this to be an absolute pre-requisite for the Scheme to go forward."

This means that the IoM Government could be aquiring a bigger say/vote (depositor numbers and value) in whether the SoA is implemented. That is not to say the SoA is not the best course open to us, the DAG Strategy Team say we and our legal people do not yet have enough information and clarification to make a definitive judgement.

Their strategy could be a pre-emptive Trojan Horse---unless you absolutely need the cash perhaps it would be better not to make an application just yet---we need ALL the depositor numbers and values possible to give our legal team the most support on April 9th.


EPS2 Application forms

  • Johnny
  • 04/11/08 31/05/09
  • a depositor
  • Offline
  • Tue, 10/03/2009 - 19:42

I do not know in what capacity you reply; "srcoates", but you have provided a timely and important warning to depositors who may be submitting their applications for early payment under the amended scheme.

This is a very serious matter and frankly I do not understand what the Action Group is thinking of in not issuing a general warning, and indeed in making these forms available on the website without making any caveats to Depositors. It is essential that the reservations you express be communicated to all registered members, before those who are desperate or unwary, dilute our negotiating power by signing away part of their rights.

This website needs a major rethink as it does not provide effective access to the sort os service that I think is required.


EPS2 - Johnny

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
  • Offline
  • Tue, 10/03/2009 - 20:31

Hi Johnny,
It would be difficult for any of the Group to I say 'dictate' to the members whether to accept or reject the EPS1 or 2. It was initially meant to be a hardship payment for people who were/are basically destitute, mainly due to 100% of their money/savings being 'frozen' in KSFIOM.
I am unaware that the forms have been made available on this site, but perhaps a member has linked to them for the benefit of others who wish to avail themselves of them, and find it easier to access them from here.
There are already several topics on both EPS1 & 2 on the forum web site.
Could you be more explicit as to what your requirements are for the major rethink of this website - thanks


EPS2 Application forms

  • Johnny
  • 04/11/08 31/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 08:36

Good Morning Tricky Dicky!

Thanks for the comments.

Of course one cannot dictate, but people need advice and guidance and this should accord with the strategy of the action group. I have just made a payment to DAG to support the initiative following an emailed request. This would be a better way to communicate such advice than to leave it up to members to try and find their way about what is right now a very complicated website.

The website looks like just a kind of discussion board filled up by messages posted by the members. Clearly you speak with some knowledge, but presently one has no way distinguishing chatter and rumour from authoritative statements.

I would suggest that there should be an area reserved for clear statements of the Action Groups policy and advice about matters such as EPS1 and EPS2. What you have said about EPS2 makes perfect sense, if that is the position of DAG then one should make it clear somewhere. Otherwise it is just left for people to stumble across.

There is really far to much "noise" on the website for anyone to be able to find specific guidance on a particular matter. I know it might be helpful for people to swap their views, but I think it needs more structure and an "official" section for advice, together with section for those seeking guidance on a specific matter, or wishing to raise a particular point for consideration by those steering the group.

There is a direct link on this website to IOMG inviting people to get EPS2 forms, without any specific advice. Why not associate the advice you have given with this link?


EPS2 - Johnny

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 08:57

Hi Johnny,
One of the problems there has been on this site, is that members, without causing offence, have not really grasped the Group concept, which would keep the general chatter on the site down a notch or two, and also members I guess who are not online for long periods probably only look at the front page of recent posts - thats an observation not a criticism.
The other point would be that there is a lot of useful information on the Public Site which I feel is under utilised, for example there is an update from the legal team : http://www.ksfiomdepositors.org/public-page/legal-situation-update which talks about both the SoA and EPS schemes - whether or not it answers your question I'm not sure - but until definitive documents are issued then guesswork for what its worth, is all we have.


EPS2 Application forms

  • Johnny
  • 04/11/08 31/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 09:33

Hello again Tricky Dicky,

The statement by srcoats on the EPS2 matter is the sort of clear guidance that is needed. It needs to be prominent and communicated effectively. Everyone will be getting these forms and tempted to make an application for up to £10,000, giving away valuable voting rights.

And yet it is quite unlikely that visitors to the site would find srcoates advice amongst all the other noise. It is very difficult to navigate around this site.

I have taken a look at the Public site. Even the name Public does not suggest a place where a member would look for service or advice. When you get there it is almost as confusing as the other areas, even some of the tabs at the top don't seem to work properly.

Sorry to be so negative, I'm sure a lot of work has gone into it.


EPS2 Forms

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 10:25

Hi Johnny,
Not everyone will be getting the forms, they are not sent out to every depositor, if you wish to apply then you need to download them for yourself.

As regards the site, it was initially set up in a couple of days after the bank went into provisional liquidation, hopefully at that time for 2 -3 months, and has expanded exponentially to cater for the increasing number of members, topics and comments. I suppose it could be completely replaced, but that may confuse infrequent users even more, and in light of present timescales ie Court Hearing 9th April, perhaps after that date is the time to review this particular topic


Forms

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 13:15

Thanks all for the clarifications, as I have applied for neither it will be intersting to see if I receive any forms at all, I hope they make good firelighters as I am starting to run out of kindling for the wood burners.


TD

  • sad
  • 10/10/08 31/10/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 12:34

yes, everyone will be sent the form for the ESP2 (10,000UKP) although they are available on the IOMG wed site. however anyone you aleady claimed on the 1000GBP ESP 1 are asked to only to respond with the 'postal' papers as these carry some 'number or pre-approved status......


Regarding the EPS2 forms

  • Anonymous
  • Offline
  • Wed, 11/03/2009 - 12:31

Tricky, as you said not everyone will receive an EPS2 form by mail. This was explained on the IOM website as delivery is not trustworthy in some countries. It is for that reason I mentioned that the forms and guidance notes were now available to depositors at the link I indicated at the beginning of this thread.

Unfortunately, the intent of the message has been distorted by those who probably have no need of the £10,000 Early Payment. For many this will either represent a sizable portion of their deposit with the bank and / or allow them to survive a little longer while waiting for this whole mess to come to the best conclusion.


Website and EPS2

  • Johnny
  • 04/11/08 31/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 10:49

Hello again Tricky Dicky

I understand that the website was set up in a hurry and it could certainly be improved. However, if we are expecting something groundbreaking on 9th April, perhaps it does make sense to leave it for the time being, as you say.

I was sent the application forms by IOMG without asking for them. I did not make any application under EPS1, so I assumed that they were being sent to everyone.

In the meantime, If there are any important matters of information or guidance for members, it might be best to send a general email.

If everyone is as thick as me they have no chance of finding what they are looking for on the website.

regards


TD :-) only a few hrs, not days

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 10:54

TD - :-) you slur ng, matt and a good many others -- they had this up & running within a few hrs of the banks demise, I found it in the very early hrs of the 10th - hence sometime on the 9th when the guys first "went live". 11am on the 9th when the KSF IoM servers shut dwn --- and the worst fears realised with that screen of ...........


Steady On

  • srcoates
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 11:24

Steady on skint, it is not what TD was doing, he was defending the site and explaining how it is a consequence of its evolution. We all applaued ng, matt etc it has been a lifeline for us all.


srcoates - hence the **:-)** smilie

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 11/03/2009 - 11:53

I know - hence the smilie :-) face in front of the comment,

to signify a tongue in cheek comment - I'm sure TD will have picked it up as meant and not intended as anything other than that.


Early Payment Scheme (No 2)

  • Johnny
  • 04/11/08 31/05/09
  • a depositor
  • Offline
  • Tue, 10/03/2009 - 12:33

The documents sent by the IOM Government to Depositors detailing this scheme cover over 20 pages, and include an Application Form, Memorandum of Assignment and Guidance Notes.

Has the Depositors Action Group provided any advice to members in this respect? Would DAG advise members to complete and submit the application forms?

On a more general point: Does anyone know of any facility on this website to make contact directly with DAG and seek advice on such matters?


Re £10,000 EPS closing date

  • Anonymous
  • Offline
  • Tue, 10/03/2009 - 12:11

It is interesting to read in the guidance notes for the EPS2 that there is NO firm date whereby one must submit their application for the £10,000. Following is a statement to that which I extracted for the notes now on line.

What is the deadline for returning the Forms?
No deadline has been set for receiving applications under Early Payment (No. 2) Scheme. As previously, it is intended that the Early Payment (No. 2) Scheme will continue to make payments to eligible depositors until it is likely that depositors will start to recover funds currently frozen in their KSF IOM account. These payments are most likely to arise from either the implementation of an agreed Scheme of Arrangement, a liquidation distribution to KSF IOM creditors or compensation payments, following any activation of the Depositors Compensation Scheme (“DCS”). Treasury will therefore be working closely with the Scheme of Arrangement Administrators, the Provisional Liquidators and DCS Scheme Manager in relation to the closing date of the Early Payment (No. 2) Scheme.

Once a closing date for the Early Payment (No.2) Scheme has been set, Treasury will give 30 days notice of the closing date by advertising in the local press and also placing a notice on the Isle of Man Government and FSC websites.