Advertise our need for banking facilities

  • Cawdor
  • 13/10/08 31/05/09
  • a depositor
  • Offline
Posted: Tue, 18/08/2009 - 22:40

First - apologies to ng - perhaps this is more appropriate as a new Forum rather than the new Group that I placed it in. I am happy for the Group to be discontinued - no members yet.

If my understanding of the DCS payout is correct, very soon we hope to have cheques to deposit and many of us don’t know where to put them. I, for one, am not happy just to put it in another IoM bank.

Why not place a small advert in the FT, say, and at the same time email its content to all mainland UK and Irish banks (Europe too, if desired) along with a press release to all UK papers, especially those with an ex-pat edition, explaining what we’re doing.

Purposes are
1) to find a satisfactory home for our realised funds,
2) to show the IoM that a significant sum is about to leave their shores,
3) to bring wider attention to our plight. I would expect news editors to pick up on the ‘quirky’ aspect of the story.

An outline draft follows. If the DST considers this worth following up, please feel free to amend and check detail. I’m sure there are better wordsmiths than me out there. I’ve tried to be brief.

Draft begins

Attention all bankers in UK and Ireland
A large number of potential depositors expect shortly to have significant sums to put in safe keeping and wish to invite you to tailor an account to suit their needs or make your existing accounts available to them.

The banking industry will be aware of the debacle unleashed upon depositors with Kaupthing Singer and Friedlander (Isle of Man) Ltd. in October last when action by the UK Treasury precipitated the fall of the bank, thus depriving some ten thousand people of their hard-won savings. Despite the heavily-spun speeches of Gordon Brown for governments to support their banking systems there remain serious questions about the culpability of the Treasury and the failure of the UK Financial Supervision Authority and the IoM Financial Supervision Commission properly to discharge their responsibilities. A more detailed summary of the situation may be read on ksfiomdepositors.org.

Although Tony Brown (IoM Chief Executive) has admitted ownership of the problem to the UK Treasury Select Committee and undertaken to solve it, the experience of depositors has been that the Isle of Man Treasury has done all in its power to frustrate the depositors and avoid invoking its Depositors’ Compensation Scheme.

With the bank being placed in liquidation only at the end of May, depositors, now creditors, hope to receive some of their funds in September. Owing to the mistrust that many feel towards the Isle of Man and repeated shortcomings of its regulatory procedure a great number of these people are reluctant to place these funds with another institution of the island. Many are British expatriate workers, resident offshore, and, while the Treasury proclaims there is no barrier to their opening accounts on the British mainland, their experience has been that banks appear to have a policy of not accepting such applications.

Hence the need for a safe haven for our savings. A great number of us need to find a home for our sterling cheques in the coming weeks and do not want to place our funds back in a regime that has let us down. And in the coming years liquidation may yield more of our funds so we may once more build up our hard-earned savings.
So over to you. You will know our basic requirements and often have suitable products already – if only you will grant us access to them. We are neither terrorists nor tax-dodgers, just honest folk who have been let down badly by people in whom we placed our trust. It is likely that suitable responses will be brought to our attention via our web site, ie we’re doing your promotion for you! Thanks.

Draft ends

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New group for bank account needed

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Wed, 19/08/2009 - 10:15

Certainly no apologies needed, it's a good example of how a "group" might be used - for a topic which will be of considerable interest to some people (myself included) and of little or no interest to many others. So, I'm in the same boat - need a safe place to deposit my relatively small sum.

My thoughts:

  • I don't know if DST would want to get involved, and suspect that they won't (no doubt they're busy enough already)

  • Whilst advertising has the benefit of increasing public awareness of our situation, I'm not sure if advertising would be the best approach to find an appropriate bank. My suggestion would be to hand-pick a few good banks (I'm not sure on the definition of good!) and then contact them, asking them to make a proposal if they're interested. Personally I favour Co-op - http://www.co-operativebank.co.uk - as I believe them to be at least one of the more ethical banks. ING is perhaps among the best too at least in terms of being modern and efficient. Probably select three banks, invite proposals, and choose the best. If we managed to make a deal, that would probably be newsworthy, so the PR angle could still exist.

  • It has occurred to me before now that some bank might be prepared to offer a preferential loan in respect of anticipated dividend payments - this might help a few people who need capital to buy a house, etc. This is probably a small minority, perhaps not even significant - just an idea.

Suggested way forward

Send email, based on Cawdor's draft to one or two and see what response we get.