A. Darling: the IoM has NOT requested a loan from HMG

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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Posted: Thu, 19/03/2009 - 15:32

At the TSC meeting today Alistair Darling said that as far as he is aware no request has been made by the IoM Government for a loan from HMG.

When discussing the SoA the Tynwald did not raise the idea of a loan being a preferred solution that would meet the demands of KSFIOM depositors.

However, some time ago Allen Bell said that the idea of a loan had been discussed with the UK but had been rejected.

Can I hear you gnashing your teeth ?

This is my letter today sent to the Manx Herald before I heard Darling's comment:

Sir,
In line with UK policy all European governments have underwritten the savings in banks in their jurisdiction. The IoM is the only Country not to do so. If it so determined it could ask for a loan from he UK Treasury, or raise the funds from the wealthy banks on the Island, or obtain a loan from the Cayman Islands, in order to bridge the small gap in the accounts of KSFIOM so as to meet the just demands of KSFIOM depositors.
The Scheme of Arrangement is an act of betrayal of the trust that thousands of ordinary, decent people from all over the world put in the Isle of Man. It will go down in the history of the Manx as the beginning of the end of the IoM as a trustworthy off-shore financial centre.

L.Jim

All very infuriating, but there is still time for the IoM to ask for a loan from the UK Treasury!

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Loan to IoM: DAG Strat Team

  • Anonymous
  • Offline
  • Thu, 19/03/2009 - 18:36

Thanks LJ.
This has been noted and we are on it!

Best
Nick


A new ray of hope ?

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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  • Thu, 19/03/2009 - 16:17

I have just sent this follow-up letter to the Manx Herald:

Sir,
At the end of his evidence to the Treasury Select Committee this afternoon the Chancellor of the Exchequer said that as far as he was aware the IoM had NOT made a request for a loan to resolve the KSFIOM issue.

There has been no resolution in the Tynwald to debate the idea of a loan, I assume because Allen Bell had said some time ago that he had raised the idea with the UK and it had been turned down.

So, it is not too late for the IoM to formally request a loan to fill the relatively small hole in the KSFIOM accounts that will enable the whole issue to be resolved to everyone's satisfaction and the least cost to the Isle of Man. The UK Treasury is sure to agree as it would enable the IoM to come into line with the UK and the rest of Europe. The £550Million of KSFIOM's assets in the UK presently frozen by court order could be set as part collateral in the negotiated terms of the loan.

L.Jim


IOMG Request for loan

  • merlina
  • 26/01/09 01/06/09
  • a depositor
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  • Thu, 19/03/2009 - 16:16

I suggest we now e-mail Twynford, Allen Bell, all IOMG to demand they ask for loan from HMG.

We should add that we will no way accept an SOA until we have proof they have requested a loan and the reply published.


Now being referred to the DAG Strategy Team

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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  • Thu, 19/03/2009 - 16:20

I am referring this to the DAG Strategy Team & I feel we should let it take the lead as to what action the DAG should take. It could be a good one for our new Public Relations officer to take up...


@LuckyJim

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
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  • Thu, 19/03/2009 - 15:48

Agree, there is still time for them to ask / get loan and some excellent arguments why it should be done. But how do we push this?

See http://chat.ksfiomdepositors.org/forum-topic/fyi-my-response-manx-radio-...
reference getting matter tabled for Tywald. So far seems that Bell has dismissed it, but it has not been formally debated.

I think there are convincing arguments to support this approach and we need somehow to get the IOM Government to wake up to this. The door opener for them to go to UK is GB´s statement ref all juristictions should protect savers (& evidence of FSA shortcomings), then there is the early release of funds to Weldon to push for release of KSF IOM monies. Then IOM pay down large chunk of loan. Could be cheaper for them compared to SOA ??


Are they all liars

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Thu, 19/03/2009 - 15:36

Who to believe are they all liars?


Unfortunately my faith in

  • TykeinSingapore
  • 12/10/08 22/06/09
  • unspecified
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  • Fri, 20/03/2009 - 06:11

Unfortunately my faith in those who pursue politics and power has never been great, it is now so low that it is reaching the equivalent of absolute zero, a level that I seem to remember from school that was not achievable by mankind! There appears to be no end to their lies and half truths?


Scum

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
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  • Fri, 20/03/2009 - 07:04

These so called politicians in the Isle of Man (led by an electrician and a currently Rambo haired hairdresser) are embarassingly pathetic. They refuse to acknowledge their mistakes and to 'fess up to their responsibility. By dithering, trying to protect their reputations (via their SoA), and going behind our backs (with regard to capturing our votes via the EPS) they are making matters worse for themselves in the long run.
As the Economist says:"History also suggests that countries that adress their banking crisies quickly and creatively (as Sweden did in the early 1990's) do better than those that dither. This is expensive and painful, but cautious penny pinching governments end up paying more than those that tread boldly." Please take note, Messrs Brown and Bell.