Alistair protects yet more mainland savers.

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
  • Offline
Posted: Mon, 01/12/2008 - 17:01

And we are still ignored :-(

Article on BBC site.

Alistair Darling has taken the extraordinary step of promising that no retail depositor in London & Scottish will lose a bean, that all depositors will get all their money back, even if they've deposited more than £50,000 at the bank.

0
Your rating: None

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

You should realise

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 13:03

The UK will never, ever, under any circumstances, bail out a bank not in the UK. If they did they would be dragged into bailing out every bank in the world. Its would be political and economic suicide if they did it, UK voters and politicians would be outraged.


UNbelievable !!!

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 02:00

The chancellor fears that if any saver were to lose out from the demise of London & Scottish, that could prompt significant and damaging withdrawals of funds from other small banks and building societies.

So Alistair Darling has taken the extraordinary step of promising that no retail depositor in London & Scottish will lose a bean, that all depositors will get all their money back, even if they've deposited more than £50,000 at the bank.

That was his comment - SO DOESN'T HE THINK THAT IF WE ALL LOOSE OUR MONEY THAT THERE WILL BE IRREVOCABLE DAMAGE TO THE IOM and their banking system - GUESS HE DOESN'T CARE ABOUT THAT !!

I can't speak - I am so angry


Get ito you head.

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 13:06

The IoM is not in the UK, it is NOT his problem and never will be.


Not a bail out but a cash back

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 13:57

Correct, the IoM is not in the UK it is a "Crown Dependency" and as such the UK has a duty of care. He MADE it his problem when he took the action he did in October and landed the problem on his doorstep in London. It can be well argued (see "PACE" meeting) that he brought about the premature demise of Iceland via it's banks in the UK and certainly our demise via executing a clause in the anti-terrorist legislation. It is not a bail out liability for every bank in the world we are talking about, or indeed a bail for KSFIoM in particular. What we have always stated is that, our money is returned to us from London, this is not a bail out.


not a bail out, cash back

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 14:14

Exactly!! We don't want a bail out. We don't need it. Our bank was well run. We want Darling to ensure that the mainland Kaupthing whose assets he froze to return the money it borrowed from its Isle of Man branch. Very simple - it is called business ethics. Darling is in danger of letting his desperation at lossing control of the UK economy and banking system override any ethical values he may have had.


There is no cash

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 16:23

The legendary £550million isn't in the UK (according to the auditors) so it must be in Iceland or more precisely they have blown it. You can't keep blaming Darling anymore because the IoM money wasn't in the bank when he seized it.


Do you know how banks work?

  • Ally
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 16:58

Do you know how a bank works?

If I make a cash deposit do you think the bank just takes that money and puts it in the "safe out the back"? How would it earn the money to pay me interest?

A bank would only keep in cash a very small percentage of its total deposits. Most of the money goes out in loans and mortgages and whatever else the bank decides to invest in.

That is why there is no £550m (or as the claim really is, £600m) sat in cash in London as banks simply do not operate like that deposits are parceled up and lent onwards.

While I have no knowledge of the size of loans between KSF UK and KSF hf in Iceland, seeing as the FSA and Treasury were well aware of the state of Iclandic banks since at least March 2008 you would hope that they would have made the bank decrease its exposure to Iceland.


There is no cash

  • podather
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 16:31

The money was under the control of KSF UK, we are the second major creditor of the bank which Darling collapsed. That the money is not in a big shoe box there is irrelevant, do you think the £2.5 billion the treasury transferred to ING on behave of the edge dpositors was in a bigger box on the next shelf ??? But they still claim they are owed theirs


Dawes, Where did you get this

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 16:29

Dawes,
Where did you get this information from? It is shown in the balance sheet of KSF UK and at no stage has anyone mentioned that it was moved from the UK to Iceland.


Then its not cash, is it?

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 17:28

Its a number on a balance sheet. Its a debt.

Was it previously loaned to Iceland and then moved to the UK to that it could be claimed against the UK assets?

There is no way there was £600M sitting unused in the IoM.

The UK branch doesn't have the money, it not listed as cash by the auditors, total cash was £400M and liabilities of 4.7Bn (There is also a loan book of unknown value). Most of the liabilities is to the Uk Gov so obviously it has taken the money.


Substantiate your statements

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 16:37

Dawes,
Please substantiate your statements. I hope you're not stirring the pot....


... again, on a different

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 17:58

... again, on a different thread this time. :-(


London Scottish: One Bust Bank that Few Will Miss

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 04:08

London Scottish Bank were a nasty piece of work that loaned money to the poor, sometimes at 160% APR. In some areas of northern England, Scotland and Northern Ireland, LSB was turfed out swiftly after the Ulster Defence Association detemined the bank to be 'socially malignant'. Good riddance to a disgrace!


Yes bail out another Bank Darling and continue to ignore us

  • fight theft
  • 10/10/08 28/05/13
  • a depositor
  • Offline
  • Mon, 01/12/2008 - 21:26

Yes this doesn't help us at all and this bank had an underlying pre-tax loss in the six months to April 30 of £7.4m.
Here we are not in a loss situation and only needing our funds returned to be a fully solvent bank again. I'm so angry at Darling that I feel I cannot live in the UK anymore with theives in power - would any of us choose to live in Zimbabwe under Magabe? or in Sicily under the Mafia control, but of course the Mafia treat their fellow Italians better than Darling is treating us!?
Instead of Scotland yard arresting an MP for leak of Goverment inside information of a failry trivial nature I think Scotland yard and interpol should take down Darling who will have blood on his hands if he doesn't come clean soon.


Our Cash Back- Not Bail out

  • sgebbett
  • 20/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 01/12/2008 - 17:12

Yes, it is remarkable that Darling can continue to ignore us- even though we are not asking for a bail out, but just our seized cash back!

Does not the FSCS have any responsibility for compensating Kaupthing UK investors.. because thats where the majority of our money seems to reside


find stronger ways to tell the public

  • Anonymous
  • Offline
  • Mon, 01/12/2008 - 17:30

Someone said earlier that we should pay for advertising space in a newspaper, and tell the nation. We should do this, and foot the bill between us. Can the media and legal teams together look into this, write it, design it and buy the space in a prominent newspaper?!

I get the feeling we're being made an example of as justification to regulate the off-shore banking system.

The whole thing's ridiculous - all this pressure and still being completely ignored.


Open letter to Darling in the Media

  • harrini1
  • 15/10/08 31/05/09
  • not a depositor
  • Offline
  • Mon, 01/12/2008 - 18:50

Broke2 - I was thinking along the same lines - a letter to Darling in the press - big full page that everyone could read...

However, just looked at rates - Daily Telegraph, full page (black & white), 1 day: £46000

Unless we have any contacts in the media??


Go ahead

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 13:11

It will make no difference, absolutely nobody will give a Flying F***. IoM is not a UK bank and its not the UK problem. If the Offshore banks go bust 99.9% of the UK will cheer and say 'Serve's you right for banking there'.


the daily telegraph have been

  • worried jules
  • 13/10/08 14/06/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 03:41

the daily telegraph have been in general, very sympathetic towards us and have run some pro-IOM style articles. maybe they'd be prepared to trade a full page AD for a full page of stories of hardship leading up to xmas.


Open letter to Darling.

  • German Mike
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 01/12/2008 - 20:04

A cautionary word.

If I was Darling, and I'd been bashed silly at the meeting of the Treasury Select Committee, rather than be in contrite mood, I would be determined to get my own back, and sink the IoM and its depositors in the irish Sea by whatever means I could muster. Assumin of course he is a human being.

If an open public campaign is to be followed, it has to be more constructive than telling the world what we think of him. There has to be some way of influencing the man and his staff without rubishing him in public.

Publicity yes, open hostility no, I think.


I agree with German Mike

  • StuPot
  • 21/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 02:52

Darling & Brown have skin that would be the envy of the average Rhino. As irrational as their thinking and actions are, I don't believe it will pay to attack: Better to be constructive. Much like dealing with a dictator. After all that's the way the country is moving.
It seems obvious these 2 are irritated by the offshore system and only see it as a tax haven. We all know how they love taxing the public.


EUSD Taxes Increasing in 2009

  • colinalvin63
  • 28/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 11:24

If the UK Government cause the collapse of the offshore banking system on the Isle of Man, they will cause a major catastrophe. Thousands more people will lose their jobs and thousands even more depositors will stand to lose their savings. The government will be the biggest losers though because the EUSD taxes will rise to 20% I think in 2009, that's 20% of all income derived from savings, ie. Not much different to the tax that would be deducted at source if the savings were in the UK. The government would suddenly lose a large souce of revenue because of one stupid & irresponsible action.


Of course they hate the Off-shore banking industry

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 13:25

So does every other EU country, the UK have been dragging their feet allowing IoM and the channel islands to continue operations. But the political/economic risk of having these cowboy operations have come to light and it would be beneficial to have these banks operate onshore in the UK where the income and taxes would benefit the UK fully (instead of making the channel islanders rich).


The UK has no authority over

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 14:10

The UK has no authority over JSY institutions.
We are independent, and are outside the EU as well.
What our Finance Industry does is ensure compliance with the UK and EU over information exchange.

Your ill-judged comment "Cowboy operations" tarnishes the reputation of LTSB, RBS, BOS, Barclays, Abbey, ING, NatWest ... to name some of the Banks operating in Jersey.

And your comment about "making Channel Islanders rich" is simply ignorant. The greater majority of JSY residents are ordinary people, and they are taxed at 20% exactly the way most people in the UK are. Indeed, we are becoming more heavily taxed under "20 means 20", whereby tax allowances are being progessively reduced to zero.

You are displaying the same ignorant prejudice as thousands of other uninformed "commentators".
Are you a reporter for the Daily Star?
2/10, you should research more.


Well Said

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 02/12/2008 - 16:50

I could not have put it better. Well done.
Comments like that do not help the situation. If you think the offshore banks are run by cowboys why did you put your money here. Get your facts straight or shut up.


Spot On

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 02/12/2008 - 17:01

I agree with you. This muppet is a stirrer. Ignore him.