Derbyshire BS was recommended by the Daily Telegraph Newpaper

  • thaichris
  • 02/11/08 31/05/09
  • a depositor
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Posted: Mon, 02/02/2009 - 13:34

I am not sure if this is useful but I invested into the IOM Derbyshire Building Society on a recommendation by the Daily Telegraph Newpaper buisiness section, Saturday edition if I remember.

Just for info

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We became depisitors of Derbyshire.........

  • howagcr
  • 18/10/08 31/05/09
  • a depositor
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  • Sat, 21/02/2009 - 04:12

My wife and I became depositors of Derbyshire Offshore on recommendation of the online newspaper Investment International. Lateron KSF took us over upon recommendation of Derbyshire.
howagcr


Perhaps all the people who

  • nivit
  • 19/10/08 31/05/09
  • a depositor
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  • Mon, 02/02/2009 - 16:07

Perhaps all the people who became depositors in Derbyshire Offshore "on a recommendation by the Daily Telegraph News paper business section", should write to said newspaper and ask them to run an article on our treatment by the Derbyshire it seems that would be the least they could do.


Derbyshire

  • Lostinspace
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 02/02/2009 - 14:44

Exactly! It was the same with me. Then I got a letter on Nov 20, 2007 from somebody called Aidan Doherty at a bank I had never heard of, Kaupthing Singer & Friedlander who, among other things stated that....

"Kaupthing Bank hf which has a credit rating from Moody's (Aa3) and from Fitch (A) will provide a full parental guarantee in respect of customer deposits. This guarantee will replace the parental guarantee from the Derbyshire Building Society from the date of completion of the transaction, MEANING THAT CUSTOMERS CAN CONTINUE TO HAVE PEACE OF MIND REGARDING THE FULL SECURITY OF THEIR DEPOSITS."

The capital letters are mine, while on another sheet there was a paragraph about the Kaupthing Bank giving an "IRREVOCABLE AND BINDING UNDERTAKING' that....so long as Kaputhing Singer and Friedlander (Isle of Man) Limited remains its subsidiary, it will at all times be able to discharge its financial obligations as they fall due."

So what happened to all that? It sounded fantastic at the time, now all the smart boys have managed to weasel their ways out of that and the guarantee seems forgotten.

Just another in the long litany of scandals re KSF, IOM, HMG and Iceland itself....


Letter

  • Dolobran
  • 14/01/09 14/07/10
  • a depositor
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  • Mon, 02/02/2009 - 14:57

Same with me and I STILL have the letter ! and the wonderful brochure that was sent with it


Derbyshire

  • romans
  • 13/10/08 n/a (free)
  • unspecified
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  • Mon, 02/02/2009 - 14:54

And ours too .


letter

  • chd
  • 13/10/08 30/09/09
  • a depositor
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  • Mon, 02/02/2009 - 14:53

Do you still have the letter? Could be used as evidence against bank managers?


conned by Derbyshire supporters

  • sambururob
  • 10/10/08 n/a (free)
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  • Mon, 02/02/2009 - 14:50

This is the history of our deposit too.


Misleading marketing

  • 9-10
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 02/02/2009 - 21:59

Derbyshire depositors got the full monty on how safe their money was.
To complete the illusion the word ' iceland ' was absent from the blurb.

Isle of Man Banking Law states.....
" The licensing policy that the Commission adopts for the banks is based upon the fact that the Island has no lender of last resort and is too small to shoulder high risk, or start-up, operations."

The sale of derbyshire should not have been approved to a subsidiary of a bank from a jurisdiction with no lender of last resort
(in common with the iom) and where the parents ability to pay was difficult to verify.

Actually it was the 2nd approval......
On 1 January 2007 the Isle of Man ( kaupthing ) operations were sold into the icelandic jurisdiction.
Previously it was a subsidiary undertaking of Ksf uk , and had it remained so, our deposits would have been looked after
( as with nothern rock and b & b ).

The iom gov FAILED massively in putting our deposits within such a small economy.
They had 2 ocassions to consider this situation, and in accepting the risk they are not without blame.


More misleading marketing?

  • user1123
  • 14/10/08 31/05/09
  • unspecified
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  • Mon, 02/02/2009 - 22:12

Are the regulators still allowing entities to use the DCS as an attraction to investors? Should they?
An Irish bank was quoted in the press today as saying that investors are covered by both the DCS and the Irish scheme!


Marketing / promises

  • 9-10
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 02/02/2009 - 23:06

Its apparent that the dcs is quite successful at pulling in small depositors with a promise of security.
Our move to an iom bank was based on the " surety " of this scheme.
Publicity wise the iom gov realise that an intact dcs scheme in this climate will give the 'appearance' of security.
Could the banks keep a straight face and continue to plug the DCS ( if triggered ) without attracting awkward questions.