Dear DAG - l care for you 'passionately' - signed Allen Bell, Treasurer IoM

  • Anonymous
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Posted: Sun, 15/03/2009 - 09:41

My Sunday letter to the Manx media following Bell's waffle on Manx Radio:



Allen Bell tells Manx Radio he is feeling 'passionate' about KSFIOM depositors

I have never heard so much hypocritical claptrap in all my life!
Allen Bell's only interest is doing what he thinks is best for the IoM.
He is spending £1,000,000 of Government money trying to defend
the indefensible.

The UK Prime Minister has said that the IoM Government should vouchsafe
savings and deposits in its banks just as has HM Government & every other
government in Europe. Then why isn't it doing just that? If it can't then it
has no right to be sponsors of an off-shore financial services industry. It
is as bankrupt as Iceland.

A Scheme of Arrangement is a cosmetic damage limitation exercise, dreamed up
by Allen Bell & his expensive advisors in a naive effort to avoid triggering the
Depositors' Compensation Scheme. That scheme is now out of date anyway, because it
is official UK policy that demands that the IoM now guarantees 100% the deposits

If it did cost £600 million to do so, there's £557 million of depositors' money that
the FSC illegally allowed to be transferred to the UK where it has been frozen by
Court Order.

Pull your finger out Allen Bell -- get that loan (or get the banks to raise that money)
before it costs the IoM umpteen times that money when it's financial services industry
collapses like a pack of cards on top of your head.

Ask not for whom the bell tolls -- it is tolling for Bell!

signed: L.Jim
(a depositor in another IoM bank who has now got his life savings out before
Bell & Co get their sticky fingers on it)

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Allan Bell's 'Passionate care?'

  • Anonymous
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  • Mon, 16/03/2009 - 10:29

Well said Lucky Jim.

If Allan Bell cares about us then he's got a really comical way of showing it.

Regards, TonyC.

@Dear DAG

  • Anonymous
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  • Tue, 17/03/2009 - 09:59

Mr Bell asserts that getting a £600M sovereign loan 'at this time' is not the way forward, but working 'within their abilities' on a Scheme of Arrangement (SoA) is definitely not the way forward either. Depositors placed their monies on the island in complete trust of the financial regulations in force there. These monies represented a lifetime's savings for many of us, and we will never accept the loss of 40% or more of our life's labours. So, although it's never a good time to borrow funds to repay a huge debt, the Isle of Man Government owes the owners of this money their savings back, these ordinary people have been seriously wronged and the funds to right wrongs will be better borrowed today than tomorrow.

This problem isn't going away, depositors have the bit between their teeth now; they are not going anywhere and will hassle and wrastle for their just dues from this inadequate Governance for as long as it takes. Tangling with folk who had prudently saved for their retirement, who are at an age where hope to earn it back is forlorn, is unwise at best and as contemptuously inept as the actions of the FSC at worst. How could anyone conceive that moving the whole sum of £1/2 billion to an Icelandic bank located in another regulator's jurisdiction at a time of heightened concern was prudent and wise? It was way beyond incompetent, it was recklessly stupid. IoM officials have just not come to terms with the enormity of their negligence, the foul impact they have had, and continue to wreak on the lives of thousands - please wake up for all our sakes!

Depositors will not lose their money to the stupid and inept, we spent years earning it, and a few more years spent recovering it will still be a financially prudent course of action given our pre-retiree/retired status. Go to the UK Treasury and borrow the monies expected to be returned from the UK bank; if those expectations are realised then HMT gets its money back, if not, it can go and get the guaranteed sum from the Icelandics, either way, HMG has to account for its role in this calamity and pay its fair share. Now, put your caps back on, put the rods up your backs and go do it!