DAG PRESS RELEASE on Justice Committee Meeting, 10 December

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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Posted: Sun, 14/12/2008 - 23:54

The Press release is on the Public Site:
Link: http://www.ksfiomdepositors.org/press-release/how-can-uk-ministry-justic...

The text is reproduced here:

How can the UK Ministry of Justice look after the international interests of the IOM when doing so brings it into conflict with its sister Government Department the UK Treasury?

Worse still, how can the MoJ delegate the interests of the IOM to the UK Treasury when seemingly it has no intention to act on its behalf?

Lord Bach: ...whether it be the Treasury or the MOJ there has been no conflict between the two departments at all as to their role.

FALSE!
Was it in the best interests of the Isle of Man that £557m of assets from KSFIOM was allowed to sit in the UK, giving no advance warning when the authorities planned to introduce legislation that specifically led to these assets being frozen, the knock-on effect of which was the demise of KSFIOM?
If this had been reversed and the IOM government had introduced its own similar legislation that had frozen the assets of a UK bank on the island, penalising over 10,000 depositors and bringing desperation for many UK taxpayers, do you think the UK government would have let that situation persist?

Lord Bach: ….no time did our regulator advise or require these deposits to be made, the discussion did not extend to the giving of any assurances by the FSA …that the IOM branch would be treated preferentially, under our insolvency rules and law the IOM branch ranks like any other creditor of the bank…

FALSE!
The Ministry of Justice, the very UK Government department responsible for the justice and welfare of the UK tax payer and the safeguard of the Crown Dependencies appears totally unaware of the legislation introduced by the UK Government and sponsored by the UK Treasury that ensures an IOM bank does NOT rank like any other creditor of the bank since clause 27 states that no assets can be returned to a related party i.e. KSFIOM without the approval of The Treasury. No other creditor of KSFLondon is being treated in this way. What is the MoJ doing about this?

Lord Bach: …. Well that's I think a matter [representing IOM interests to the Icelandic Government] still under discussion as I understand it, but it is not an issue that the Ministry of Justice has taken a leading role in. As you know the Treasury has agreed to represent the interests of the IOM…and it will be the Treasury that will represent the Crown Dependencies interests as far as Iceland Government is concerned as to the money it receives from the IMF.

FALSE!
As yet despite it being TWO MONTHS since the bank's assets were frozen, NO-ONE has represented IOM interests to the Icelandic Government and it appears that the IMF loan has been approved by the UK Government with due regard to the interests of UK depositors in Landbanski but without considering the interests of UK depositors in KSFIOM.
The Ministry of Justice has delegated its responsibility to The Treasury who clearly is conflicted given its role in introducing the very legislation that led to the downfall of KSFIOM, not forgetting their ongoing authority inhibiting KSFIOM from becoming a normal creditor of KSFLondon.

How does the Ministry of Justice believe it is fulfilling its constitutional role given these circumstances?

Lord Bach: … Frankly the relationships that there is between the crown dependencies and her Majesty's government …it's so good to make us believe that all sides will act sensibly

FALSE!
How can the UK Government's actions regarding KSFIOM be regarded as sensible. This is clearly a one way relationship where any requests for sensible help from IOM are ignored and all instructions from UK Government must be obeyed.

When will the Ministry of Justice start fulfilling its constitutional responsibility in representing the Isle of Man in its discussions with Iceland and the IMF?

When will the UK Government admit that it has made a mistake and is harming the interests of thousands of UK depositors in order to gain a power advantage over a Crown Dependency (somewhere in the Irish Sea!!)?

When will this nightmare end for KSFIOM depositors?

NB: Updated 15/12: Link: http://www.ksfiomdepositors.org/press-release/breaking-news-are-we-take-...


pdf files of the transcript of the Justice Committee Meeting are on the link at the TOP of this Post

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There is an update edition to the Press Release

  • Lucky Jim
  • 13/10/08 31/05/09
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  • Mon, 15/12/2008 - 19:57

Just to let you know that an update to the Press Release has been issued

Link: http://www.ksfiomdepositors.org/press-release/breaking-news-are-we-take-....


JC Press Release update

  • mikepapa
  • 10/10/08 n/a (free)
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  • Mon, 15/12/2008 - 21:16

Thanks Lucky Jim,

Could the Core Team please send this press release [or suitably edited version] to David Heath MP and Lord Bach on behalf DAG and ask them to respond with their comments?

IMHO this would carry much more weight than individual depositor e-mails.

Cheers


emails to Lord Bach et al

  • Nixi
  • 20/10/08 31/05/09
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  • Mon, 15/12/2008 - 22:36

We're on it.. thanks Mikepapa


Fighting spirit

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 15/12/2008 - 10:53

My dad was buried on Friday after a short but brave battle with cancer.
He was about 47 when the government of the time closed down his place of work, apparently under a statutory redundancy scheme whereby all the staff would be looked after, on the grounds that they were losing their jobs "for the greater good".
However as soon as they were out Keith Joseph and his department tried to stiff them, claiming the statutory scheme did not apply to them, but did to other institutions.
It took about 12 years for the government to finally be beaten. They lost at every level in court but just kept appealing.
In the end, Dad got all the money he was due, but the sheer misery of this fight against injustice and state-sponsored legal steps to prolong it, truly ruined his life.
Let us all vow now not to let these crooks defeat us. The Nu-Labour "I'm allright Jack" crowd, spouting about justice and fairness and feather-bedding each of their nasty little nests.
Let us refuse to take defeat as a possibility but resolve irrevocably to hound Brown, Darling, Bach and each and every one of their time-serving maggots until we - British citizens - are given fair and just recompense for the dire consequences of their actions.
It may take time. It will take mighty efforts. But in the end we will prevail. We cannot allow this stain on British democracy of British citizens having their life-savings taken by the British government using secret powers to remain unrighted. This is the true legacy of Blair and Brown - and nothing else. At the end of the day, to them - nothing matters, nothing at all. Just them and their own pride and self-aggrandisement.
I pray we will all have the strength to endure this trial - and that it will not destroy our lives as a previous government's mean actions did to my father.
Rouse up the blood. Its time to take this to war - and I want Bach's head on a stick for starters.


With deepest sympathy

  • cottesmore
  • 21/10/08 16/07/12
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  • Tue, 16/12/2008 - 19:36

I realise we have never ' spoken,'I just wanted to add how sorry i am for you and your family.
It seems, you have the grit determination and strength to take the 'fight' to HMG.
I am convinced of a victory for you and all of us.
Regards,
Mark


Truly sorry

  • David9J
  • 10/10/08 31/05/09
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  • Tue, 16/12/2008 - 15:39

Deep condolences for your loss to you and your family. It puts so many things in perspective. I hope that it will be the happy memories of your Dad that prevail and sustain you. Take care.


don't let the buggers get you down

  • sambururob
  • 10/10/08 n/a (free)
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  • Mon, 15/12/2008 - 20:51

Many condolences on the passing away of your father. Don't worry. We won't let them get away with this. Don't let the buggers drag you down - put energy into your family situation and keep emailing as directed by the web-site team. Thet won't beat us - they are only politicians - we are real people.
All the best.


Transcript not quite complete

  • anrigaut
  • 19/10/08 30/10/09
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  • Mon, 15/12/2008 - 09:00

Well done all concerned for this excellent press release and for the work involved in preparing the transcript.

Unfortunately, however, the final contribution to this part of the meeting seems to be missing from the transcript. This may be because the discussion was interrupted at this point by a short diversion (about 2 minutes) about Sark. But then came what I found to be one of the most ILLUMINATING Q/As, between David Heath and Lord Bach (as transcribed and posted earlier by expatfrance1).

David Heath MP: If I could just come back to the core issue ...

David Heath MP: You are then entirely satisfied that the interests of not only the banking sector in both the Isle of Man and Guernsey but also those who deposited monies with the banks in those countries were safe guarded from the first point of action of the Treasury in freezing the assets of the Icelandic banks and since, and that those depositors interest are now safe guarded in so far as any depositors interests are safe guarded in the United Kingdom?

Lord Bach: Yes I am.

It seems important that this be added to the DAG transcription.

IMO it would also be useful if this surprising affirmation by Lord Bach could also be developed - and refuted -in a press release. Seems to me our interests were certainly not safeguarded equally "from the first point of action of the Treasury" - ie on 8 October when UK (retail) depositors were bailed out while we were left to drown in the Irish Sea - no?


OOOPS!

  • Nixi
  • 20/10/08 31/05/09
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  • Mon, 15/12/2008 - 10:03

Thanks for this!! It is my fault entirely for assuming that once the committee moved on to Sark, that that was the end!
I've spoken to the team and we'll use this for a follow up..

Please feel free to conmtact me using my "contact form" if a good PR angle emerges.. We can't always use them depending on the timing and what's gone before.. But we're just too busy to trawl the CHAT site for possibilities all the time..

Thanks again!
Nick


I also think that this

  • expatfrance1
  • 15/10/08 31/05/09
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  • Mon, 15/12/2008 - 09:02

I also think that this important statement should be added to the Press Release.


For press release ?

  • anrigaut
  • 19/10/08 30/10/09
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  • Mon, 15/12/2008 - 09:44

Just read an excellent comment by Flat_broke on the BBC blog (#308) following the Justice Committee meeting. Could it be used as a basis for a further press release?


..and who said "nothing is happening?"

  • Lucky Jim
  • 13/10/08 31/05/09
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  • Mon, 15/12/2008 - 00:27

Thank you sleeplessnight & teapot for doing this Press Release!

This is gunpowder folks! Let's hope & pray the media puts a match to it!


...and who said "nothing is happening?"

  • gazfuk
  • 12/10/08 31/05/09
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  • Mon, 15/12/2008 - 07:36

I think you are referring to my post titled "Dying Cause?", (note the question mark).

What I actually said was "...there is little 'news' as such appearing" and this was the case at the time. Indeed many posters on this site have commented on the lack of information from Mike Simpson.

So, now there is some news. Good. Well done to those who have arranged these discussions and feedback. Thank you.


I assume that this has been

  • expatfrance1
  • 15/10/08 31/05/09
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  • Mon, 15/12/2008 - 07:30

I assume that this has been sent to the various press organisations?


Media flooding

  • glen07
  • 21/10/08 n/a (free)
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  • Mon, 15/12/2008 - 08:13

Is there something the members can do to send this to media - both national and local sources? Has a copy been sent to the BBC blog site?


I have posted

  • bellyup
  • 10/10/08 09/01/10
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  • Mon, 15/12/2008 - 11:35

I have posted a copy of this on the BBC blog

For any newbies who have yet to add their comment its:

http://www.bbc.co.uk/blogs/ipm/2008/11/a_twist_in_the_expat_tale.shtml


DAG Press Release

  • nr8209
  • 12/10/08 31/05/09
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  • Tue, 16/12/2008 - 04:28

Copies forwarded to Daily Telegraph, Guardian, Observer, Private Eye and my MP, Stephen Byers. Mr. Byers said he would write to Alistair Darling regarding my last enquiry then respond with his reply. As I have not heard anything I will assume that Alistair Darling has neglected to reply. Do you think it is worhwhile sending this to the USA press? Thanks to the great writers that prepared it. Give me the bullets and I'll fire them off wholesale.