Actions taken or being taken

  • Anonymous
  • unspecified
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Posted: Fri, 10/10/2008 - 04:35

If you are contacting someone, be it media or other, and you feel it might benefit others on the site, please give the details.

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How to catch an MP :-)

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 15:39

Opposite the Houses of Parliament (on the square) was where I started out but my attrition rate was so low it was incredible. I found that the best places were at the corner of Whitehall and parliament square (this is where I had help spotting MPs) as they cross the road here to get to portcullis house (their offices) as well as the tube. Another good spot was between the Abbey and Parliament on the Abbey side of the road, there is a grassy area there where the BBC et al do their on-camera interviews...just grab anyone who has a camera shoved in front of them and you're away!


Now that's what I call

  • Sign
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 18:40

Now that's what I call initiative. Well done, sir.


Diver

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 15:41

There goes my lunch break for the next couple of days!!


Its is good to talk!

  • Last Bel
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 17:23

Very very impressed. Well done good work. Big thank you.


How to lodge a claim with DCS?

  • smokescreen
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:44

The 'helpful letter?' that was posted on the Forum topics states that the DCS has been put into action - so are we any clearer yet about how to go about lodging a claim with them!??


It's very specific wording,

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 12:51

It's very specific wording, and think you have misunderstood. It doesn't say that the DCS was put into action then. It's referring to the fact that the new regulations - £50k not £15k - came into effect then. The DCS will not be triggered until the company is declared to have defaulted, the earliest time this would happen is when the petition to liquidate the company is heard on the 24th. Until then there is no mechanism to lodge a claim.


Council's expect a third of their money back

  • Spongebob
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 12:43

The BBC website notes that the English & Welsh Council's are talking about recovering about a third of what they had invested in Icelandic Banks.

http://newsvote.bbc.co.uk/1/hi/uk_politics/7670752.stm

Now that its been confirmed that the UK govt is fighting our case with the Icelandic Govt, we need to lobby VERY HARD that repayment of our private depositors cash is given priority over repayment of public funds.

Any legal minds out there who can advise of priority of payment in cases like these??


Liquidator has initiated legal steps to recover assets

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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  • Wed, 15/10/2008 - 12:29

BBC Report:
http://news.bbc.co.uk/2/hi/europe/isle_of_man/7670671.stm
Quote:
Lawyers have been instructed by the provisional liquidator of the collapsed Kaupthing Singer and Friedlander (Isle of Man) bank to recover frozen assets

Mike Simpson, Liquidator Provisional, said talks were also under way over the possible sale of parts of the bank.

He said parties were interested in purchasing the business and loan book.

He said: "I have instructed lawyers in London and Iceland to assist me in attempting to receive assets of the bank currently held in those locations."

The directors and existing management structure will remain in place and the directors and their existing management team will assist the Liquidator Provisional with the day-to-day operations.

Parent bank Kaupthing issued a parental guarantee in September 2007 to take responsibility for the liabilities, including deposits, of its Manx subsidiary.

The Financial Supervision Commission (FSC) also confirmed that those with savings of up £50,000 would be protected by the new Depositors Protection Scheme (DPS).


EVERYONE MUST READ - IoM PRESS RELEASE

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:16

News Release

Government Office
Bucks Road
Douglas
Isle of Man, IM1 3PN

No:
Date: October 15, 2008
United Kingdom to act for Isle of Man
on Icelandic bank guarantee

CHIEF Minister Tony Brown MHK has welcomed confirmation that the United Kingdom Government will represent the Isle of Man in discussions with Iceland over the liabilities of the country’s banks.

The Isle of Man Government asked the UK to act on its behalf in pressing the Icelandic Government to honour a guarantee given by Kaupthing Bank covering deposits in its Island subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited.

Confirmation has now been received by the Isle of Man Government that the UK Government will represent the Island in negotiations with the Government of Iceland, which recently nationalised Kaupthing Bank.

The Chief Minister commented: ‘It is encouraging news that the United Kingdom will represent the Isle of Man in its talks with the Icelandic Government. We are looking to the Government of Iceland to honour the guarantee given to depositors.’

Media enquiries: Alistair Ramsay 01624 686243

NOTE to Editors: Constitutionally, the United Kingdom has ultimate responsibility for the Isle of Man in international matters.


IOM STATEMENT

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 17:34

Many thanks HOPPER - Very encouaging news

Has anyone seen any press release from HMG regarding IOM statement yet?
If so please post.


treasury

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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IOM Press release

  • expat3
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:26

Some positive news at last! It's taken along time coming but it's a step in the right direction.
Lets us all keep up the pressure on MP's, the press, local ambassadors etc.


Great News...

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:24

...also see good words coming out of Iceland. See "Good Signs from Iceland" in General Discussions.


Bell has only just arrived

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:17

Bell has only just arrived back on the island and without him I suspect the others couln't act, well I will give them the benefit of the doubt for now.


Government and FSC feeling uncomfortable ?

  • not happy
  • 15/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:09

i have just pulled the statutory accounts of KSFIOM ( available from FSC website for a small fee ... at least they are making money ! ) for the year ended 31 december 2007.
Whilst a number of months out of date, these show ( all numbers in Sterling millions ) a shareholders capital of £ 42 million, deposits by customers of £ 756 million which is balanced ( !?! ) by cash in KSFIOM of £ 95m, loans to third parties ( mortgages etc ) of £ 245 million ( this should be relatively clean and collectible ? ) and "cash at bank with group companies " of £ 477 million ( that would be intercompany loans to you and i !)

Interestingly of the £ 477m, £ 396 million ( up from £ NIL !! in 2006 ) was lent back to Kaupthing Iceland; and only £ 79 million was lent to Kaupthing UK ( down from £ 142 m in 2006 ). Basically most of the deposit money taken by KSFIOM is in Iceland and NOT in the UK if the 2007 numbers are anything to go by.

here's a question ..... how could the regulator allow so much money to flow back to Iceland on the back of a piece of paper that says " guarantee". the regulator is there to protect the bank's assets on behalf of the customers. i would assume that the regulator would have to have given some form of waiver against the various banking rules for the valuation of assets. allowing over 56 % of the banks assets to flow back to other group companies cannot be smart and is possibly significantly more than that !

Also, the accounts show that under liquidity risk ( they are joking aren't they ! ) that most of the intercompany loans ( £ 385 million of the £ 477 m ) was recoverable within " sight less than 8 days ". So did the Board of director's call in these loans .... that would have been in the best interests of the bank ( KSFIOM ) which would ensure that they had met their fiduciary duties .... D&O insurance ?

i am sure that the liquidator will be addressing these issues, as part ofn the process of what actions to take. but it may allow all of us a little bit more leverage.

hope the above synopsis helps


Kaupthing Edge vs. "old" S&F ?

  • osprey
  • 15/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 17:53

I read a story (cannot find it now ...) that the Internet based Kaupthing Edge that has been marketed in many countries has a special legal status in that the money always went straight to Iceland. This may explain that swift increase in claims on Iceland.

I had an old-fashioned deposit from the time before S&F was bought by Kaupthing and had no internet access, only paper statements. I wonder if that OLD money was lent to the UK and used for own loans and whether money is "earmarked" in some legal way so that we actually have different probabilities for recovery depending on what kind of account we had ... any ideas?


Individual depositors

  • Lash Canino
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:57

Thanks for the useful info... but does it say how much of the GBP 756 million was deposited by INDIVIDUALS as opposed to organizations (which are not covered by the DCS)?


Even more reason why we need the Parental Gaurantee

  • TheThurloSquire
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 12:36

Based on these accounts the Parental Gurantee is at the core of us recovering our ALL of money...thank goodness that Tony Brown is now getting the UK Gov't involved.....


Good snooping

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:27

Good snooping Not Happy

Those figures although 10 months out of date now are rather infuriating. Guess we really need to know how much was still held at closure of accounts.


Wow... that's really interesting...

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:18

would you mind emailing these accounts to me. I'd like to do some number crunching. Blair


Excellent work

  • Pat
  • 10/10/08 30/11/12
  • unspecified
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  • Wed, 15/10/2008 - 11:17

Just like to say the list of questions is excellent - many, many thanks for your hard work, all concerned. I have written, so far, to David Cameron, UK Treasury, Iceland equivalent of FSC, IOM FSC, the MP of my old constituency, as many newspapers as I could, (only received a real reply from the Guardian), my son has written to his MP. Perhaps we should write again to the politicians, at least, raising some of your questions? Once again thanks.


Treasury Select Committee

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 11:22

Have sent an e-mail to John McFall. Chairman of Treasury Select Committe

mcfallj(?)parliament [dot] uk

Other members of committee include:-

Nick Ainger MP Carmarthen West & South Pembrokeshire Labour
Mr Graham Brady MP Altrincham and Sale West Conservative
Mr Colin Breed MP South East Cornwall Liberal Democrats
Jim Cousins MP Newcastle upon Tyne Central Labour
Mr Philip Dunne MP Ludlow Conservative
Mr Michael Fallon MP (Sub-committee Chairman) Sevenoaks Conservative
Ms Sally Keeble MP Northampton North Labour
Mr Andrew Love MP Edmonton Labour
Rt Hon John McFall MP (Chairman) West Dunbartonshire Labour
Mr George Mudie MP Leeds East Labour
Mr Siôn Simon MP Birmingham Erdington Labour
John Thurso MP Caithness, Sutherland and Easter Ross Liberal Democrats
Mr Mark Todd MP South Derbyshire Labour
Sir Peter Viggers MP Gosport Conservative


ACTION

  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
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  • Wed, 15/10/2008 - 14:42

Hi-everhopeful here. We have lived abroad for 34 years and are currently in France so a) we can't vote in the UK and b) we don't have a UK MP to write to. I have so far written to Channel 4 twice, once to the IOM newspaper and to the liquidator and also the FSC so can you suggest anyone else I/we can write to preferably in the UK government as you have done so we can keep up the noise level? I would like the media to be aware that we depositors are normal "savers" not "investors" and that we have lost our life's savings through no fault of our own. We weren't chasing stupidly high interest rates as Northern Rock and Abbey etc were offering very similar rates.

bblair's questions are excellent and comprehensive.


SUBMITTING THE QUESTIONS TO BROWN & BELL

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 10:58

THE QUESTIONS ARE NOW SAT ON TONY BROWNS DESK WAITING FOR HIM TO RETURN FROM A MEETING (PRINTED OUT). CONFIRMED THAT HE WILL SEE THEM AS SOON AS HE IS BACK AT HIS DESK.

I know folks are still thinking of new ones & Blair has done a fantastic & tireless job coordinating this, but, with the great help of folks on the Island with personal contacts, there was an opportunity to ensure he sees them asap. Opportunity taken.
People are understandably demanding action, not more talking. This is action. We can't promise he responds in the way we all would like, and we need to give him some time to consider his respones.
LIKEWISE THE QUESTIONS ARE ALSO WITH ALAN BELL

STILL WORKING ON THE BEST WAY TO GET THESE TO PWC SO THAT THEY GET THE ATTENTION THEY DESERVE


hopper I just emailed you the

  • expat
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:18

hopper I just emailed you the link you might need!!!!!


Thanks

  • Sign
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 15/10/2008 - 11:27

Good man.


Outstanding effort by all

  • Toast8
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 11:16

Outstanding effort by all concerned. Well done Blair for the comprehensive formulation of the questions.


Thanks Hopper. Getting them

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 11:07

Thanks Hopper. Getting them also to Mike Simpson of PWC should remain a priority I think.


Hopper - Amazing!

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 11:04

Now let's keep pressing for some face time. I can be there Friday.

Also, I sent you an email with more detail on a "corporate finance" solution: would you take a gander? Blair


Don't credit me....

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:24

All the credit to Dave on the island - his contacts have proven critical. I am just the go between


well done. when are you

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 11:03

well done. when are you intending to press them both for replies? are you giving a 24 hour response?


I suggest you thank dave

  • expat
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:21

I suggest you thank dave bradden very much


ok...

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 15:34

Thanks Dave!


Ng

  • sad
  • 10/10/08 31/10/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 10:57

sorry if i'm being thick as pig poo..... how do i tract past posts ( more than the 10 i can see in recent comments) do i have to trawl through all the posts. I'm starting to get obsessive/compulsive!! thanks for all you have done to keep us all in touch...a real sanity saver...


NEW MOVEMENTS IN TYNWALD

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 10:25

If you care to check Manx Radio news a body of members of the House of Keys are pressing for fuller information about what is going on. Lets hope - providing it doesn't muck up anything else that is going on- that they succeed. Lets all remember to try and avoid a "Gordon Brown" -i.e. jump in with the first thing that comes into the head and watch the catastrophic ripples - as in pensions etc (and most stuff this feller has done while in government).


God, I bet this lot have

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 10:36

God, I bet this lot have travel rugs in the Allegro's. They shouldn't even need to consider the matter, they should be demanding it before their little island goes the same way as KSF - bankrupt.


Part of the problem

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 10:55

Part of the problem is that, unlike Parliament in the UK, Tynwald meets only intermittently. They aren't due to meet again until Tuesday next week - so we get this odd situation whereby it's members are writing petitions to one of their own government departments!

If they were meeting they'd be able to stand up in the House of Keys and ask the ministers questions.


ACTION - QUESTIONS FOR IOM GOV AND PWC

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 07:44

I've received tremendous imput on a set of questions to be put to IOM Govt and PWC. Here are the edited set of draft questions below. These will be fine tuned today and I'm hoping we will secure key meetings soon. Will be working with Hopper and Expat to do that. Sorry for the length of this post - there are probably too many questions, but I didn't want to lose good stuff. We can prioritize later. Thanks for all the good input. Blair

Isle of Man - Questions for Tony Brown (Chief Minister) and Allan Bell (Treasury Minister)

  1. Can you confirm that the interests of the IoM are being fully represented at the current talks being held the Icelandic authorities and the UK government.

  2. Can you confirm that you have formally asked for the Icelandic authorities to honour the parent guarantee to KSF(IoM)

  3. Can confirm that you have made formal representations to the UK Treasury to return in full the deposits of KSF(IoM) held in KSF London

  4. Have you asked the UK government to insist that any loan from the IMF to Iceland includes a condition that Kaupthing, as a state owned company, honours its guarantees to subsidiaries

  5. In light of the UK’s role in triggering the receivership of Kaupthing, has the IoM government requested that the UK government help guarantee the deposits in the absence of a guarantee from the Icelandic Government?

  6. Has the UK Treasury acknowledged the presence of KSF (IOM) assets in the UK? Quantify. What is the status of negotiations with UK regarding KSF (IOM) assets held there?

  7. What is the status of the UK Treasury delegations talks with Iceland? What actions / decisions have been made / taken with respect IOM depositors in these talks?

  8. What else is being done by IOM government to protect/advance depositor interests?

  9. What steps has the UK Government taken in representing the IOM’s interests in this matter?

THE COMPENSATION SCHEME:

  1. Can we obtain a detailed overview of how the compensation scheme works?

  2. If we apply for compensation do we lose out on any recovery of assets by the liquidator? (Important for large deposits).

  3. Would the compensation scheme apply to un-recovered balances, that is, the amounts owed to depositors after the recovery and distribution of assets. Or does the scheme apply to the original amount of the deposits?

  4. From IOM's point of view, is it better for the liquidator to recover as much as possible first and then have depositors claim against any remaining net losses?

  5. What is the IOM planning to do to properly fund the compensation scheme if it turns out to be needed?

IMPROVING COMMUNICATIONS

  1. Given the international nature of the customers of KSF(IoM), can you organize a bi-weekly conference call during which you can update the depositors on any progress?

PWC - Questions for Mike Simpson

BASIC FACTS AND FIGURES

  1. How much of depositor's money is available on the IOM?

  2. Exactly how much does KSF (IOM) owe to Individual depositors? Versus companies /partnerships/other non-individual depositors?

  3. How much cash is actually currently sitting in the IoM branch of KSF?

  4. Breakdown number of depositors and size (distribution) of deposits.

WHERE ARE THE ASSETS?

  1. What is the geographic breakdown of the IOM banks assets? By instrument (cash, loans, mortgages, other) and buy location (IOM/UK/Iceland/Other).

  2. Were the cash deposits representing private customer balances held in KSFIoM held in a segregated client account in KSF London ? Yes or no ?

  3. How much is in Iceland, and what is it's legal status. Is it in the form of a loan to Kaupthing that the bank is in default on, or what?

  4. How much is in the UK, and what is it's legal status: we have all read the rumors that 60% of the depositors money was with Kaupthung UK.

  5. How much money is in illiquid form, and what is a reasonable time scale for its recovery?

  6. Can we be given a liquidity profile of the assets and a summary of those assets in default?

PROCESS AND PROCEDURE

  1. What is the significance of the October 24th deadline?

  2. What is the legal significance of formally going through the process of “winding up”? What does that mean? And does it close off any options for the survival of the KSF (IOM) operation as an ongoing enterprise or as a takeover?

  3. If there are dire consequences attached to the winding up process, can we petition for an extension of this deadline to allow time for further work?

  4. Can we be given a complete outline of the liquidation process and schedule from this point forward?

  5. Does Mr. Simpson have sufficient staff and resources to handle this matter?

  6. What can the KSF(IOM) Action Committee do to assist Mr. Simpson in his efforts on our behalf?

KSF (UK) AS A DEBTOR TO KSF (IOM)

  1. We understand that KSF (UK) is a major debtor to KSF (IOM).

  2. Can you describe this intercompany loan portfolio – one loan or many?

  3. Is the UK company in technical default to the IOM company?

  4. As we seem to have a derivative interest in KSF (UK), can you please summarize its current situation?

  5. Is Kaupthung IOM an unsecured creditor of Kaupthing (UK)? Where do “we” rank relative to other Kaupthing (UK) creditors?

ACQUISITION INTEREST

  1. In terms of the potential acquisition of KSF(IoM) as a going concern, are any potential buyers currently engaged in due diligence ? How advanced?

  2. Do all of the expressions of interest in KSF (IOM) involve honoring depositor balances?

  3. Can he provide comment on potential acquisitions of KSF (UK) or KSF parent in Iceland? And how these might effect KSF (IOM) depositors?

  4. Is there anything that the KSF(IOM) Action Committee can do as depositors to make KSF IoM more attractive to a potential buyers?

  5. Is it part of your mandate to actively solicit interest or even “broker a deal” among parties with a vested interest in this matter?

  6. Could KSF(IOM) retain an agent to structure a collaborative bailout? Given the probable shared liabilities of the many interested parties (Kaupthing hf, Icelandic govt, UK govt, IOM govt, IMF), might they might be persuaded to collectively fund or subsidize the acquisition of deposits by a third-party “white knight” bank.

RECOVERY PROCESS STATUS

  1. What precisely is being done to recover depositors monies believed to be either in the UK or Iceland?

  2. What precisely is being done and by whom to formally register our ownership of the monies held by UK government in form of frozen assets

  3. Has the UK acknowledged the presence of KSF IOM assets in the UK?

  4. Has the UK acknowledged the rights of IOM depositors to a share of 4bn that has been publicized?

  5. What is being done to manage a claim of ownership with the UK authorities?

  6. What is the current status of your discussions with Ernst & Young in London?

  7. Please confirm our understanding of the split between where the funds have gone (60% KSF UK, 25% loans in normal course of business & 15% IoM loans)

  8. How are long term loans made by KSF likely to be dealt with in terms of getting the money back to the depositors - drip feed the repayments back on an annual basis?

  9. Can he assess the estimated percentage recovery for ordinary IOM depositors at this point?

PARENTAL GUARANTEE

  1. What hopes are there for drawing upon the KSF parental guarantee?

  2. Can we be provided with a copy of the KSF parental guarantee?

  3. Has the guarantee been reviewed for its legal significance?

IN-FLIGHT TRANSACTIONS

  1. What are the rules surrounding the distinction between in-flight transfers and in situ deposits?

  2. What is the cut off date for a transaction to be recognized as in-flight?

  3. How much of the KSF (IOM) deposit base is considered to be in-flight?

  4. How much of the in-flight transactions found their way to KSF (UK) accounts? Other intermediary banks?

  5. What is the current status of the CHAPS and BACS transfers initiated prior to Thursday 9 October but which were never completed?

  6. Will in-flight transactions rank ahead of in situ deposits?

CREDITOR RANKING

  1. Where do we as depositors stand in line for payment with respect to any other creditors? Bond holders? Employee salaries? Suppliers?

  2. How much is owed to creditors ahead of the depositors? $ and %?

  3. Will all depositors be treated in the same way: individuals, small business accounts, charities etc? Would all receive the same % in the pound calculated on total deposits vs total asset recovery?

LEGAL ACTION

  1. We understand that PWC has retained legal counsel to press KSF (IOM) interests. Have claims or notices of action been filed? With KSF (UK)? With UK Treasury? With Kaupthing hf? With Icelandic Government?

  2. Which counsel is being used? Can you post the content of these claims to the KSF website?

  3. Can you summarize KSF(IOM)’s overall legal position with respect to these parties?

IMPROVED COMMUNICATIONS

  1. Given the international nature of the customers of the former KSF(IoM), please can you organize a bi-weekly conference call during which you can update the depositors on any progress?

Wow, now thats what i call a

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 11:47

Wow, now thats what i call a list of questions, whilst i doubt they will have answers to all at this statge it should give them a damn good idea of what we expect to get answers about.
Thanks to everyone who helped compile and think of this list, lack of information seems to be our biggest enemy at the moment, with more information we should hopefully be able to plan our next phase.

I think the only thing not in there is what poducts does Tony Brown use to keep his moustache under control.....sorry couldnt resist lol


monkeyface - so glad you are

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:00

monkeyface - so glad you are about to lighten mood. I am dreaming about the names on this forum they have become so familiar!!. I have an image of you as the kid from 'Jumanji' who becomes half monkey!


Lighten the mood

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 12:08

lol thats a very interesting image, right now i feel more like a badly shaved robin williams (not fat though), im only 33 but feel about 65 after this. Im glad if i am able to assist in any way in lightening peoples moods. I have always had a rather sharp and vicoious tongue when needed ;)


petition

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 10:25

bblair,
ok if I steal relevant points to put into the petition?

malc


COLD-DOSE

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 10:22

Care to look at the above list and correct any factual errors if they exist?
Are there any questions glaringly missing?


Extra questions

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:45

Question: In regards to the compensation scheme, what is the status of money that was in the process of being transferred ('in flight') and was shown as debitted from the account, yet did not get creditted to the destination account - will it be counted as part of the account balance for compensation?

(It will only affect some people, and only if we get to the stage where it's having to fall-back on the compensation scheme, but a positive answer on this would probably give some folks some piece of mind.)

Question: Will the Isle of Man Government consider advancing immediate 'hardship payments' against the compensation fund to those who are short of day-to-day funds as a result of this situation?

Question: Will the Isle of Man Government follow the practice in the UK of borrowing to fund the compensation up-front, then have the banks repay the compensation fund over time, thus ensuring that depositors do not have to wait for years to receive payments?


Questions

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 11:03

A few of the questions have pretty straightforward answers, but it wouldn't hurt to ask and get confirmation.

There are also some really good questions there that would help clarify things immensely - presuming of course that they have the answers to them!

Specific things:

Under 'recovery process': "What precisely is being done and by whom to formally register our ownership of the monies held by UK government in form of frozen assets?"

Is this the £4bn of seized Landsbanki assets? Or the money in KSF UK (which isn't held by the UK government)?

Might also been an idea to ask on what specific grounds the FSA in the UK moved against KSF UK - we know it was breach of 'threshold conditions', but not which exact terms in the conditions.


Thanks CD

  • 491
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:14

I've copied your excellent points for possible inclusion in a second draft. With regard frozen assts, I think the question did and should refer to both/all. PWC should be hitting all bases. I imagine threshold condition refers to some sort of Basel Capital Adequacy rule, but we can ask. Blair


Threshold Conditions

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 12:35

The threshold conditions are a specific set of criteria the FSA set for regulated financial companies. Some are straightforward (e.g. you can't trade as a bank if you're in administration or bankrupt). Some are more complicated, like requirements for liquidity.

They can be found on the FSA website if you poke about.


Threshold conditions..

  • 491
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 13:21

You are probably right, but I'm all poked out today :)


Questions

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 15/10/2008 - 11:04

[duplicate deleted]


Thank you

  • shafted
  • 10/10/08 12/12/09
  • a depositor
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  • Wed, 15/10/2008 - 09:39

Nice to be back on line thank you for compiling an excelent resume of the questions to pose to gov and Mr Simpson