Don't Bank on the IOM website
Hi,
I have just published my Don’t bank on the Isle of Man website. You can find it at:
http://www.iombankfailure.com and http://www.iombankfailure.info (soon)
Please feel free to suggest additions, corrections or improvements.
The object of the site is to explain why the IOM isn't a safe place to bank in the words of the IOM establishment. I’d prefer to keep the site fairly small with good quotes from IOM officials and factual commentary rather than a repository for loads of videos. Perhaps someone could collect them all together under a You Tube channel. I’d be happy to create a link
If you know of a good quote from IOM officials I’ve missed, the more negative the better, with a source please let me know.
You might wonder why I chose “iombankfailure” as a domain name rather than something based on “Don’t bank on the Isle of Man”. I felt “iombankfailure” was easier to remember than something like “dontbankontheisleofman” which is a bit too long or “dontbankontheiom” which is a bit cryptic being more difficult to pick out the individual words.
Regards, TonyC
Don't Bank on the IOM website
Hi,
I'm please to announce that I've completely revamped the iombankfailure.com (and iombankfailure.info) website. The content and appearance is largely unchanged but the website is easier to maintain and adding new features will be much easier.
The big changes are that comments can now be attached to most pages, and the videos page now uses a Youtube feed of rather than just providing link to a google search for "don't bank on the iom"
Regards, TonyC
Once again Tony, well done! I
Once again Tony, well done!
I see you have already a couple of comments on the main page.
Onshore Accounts for British Expats
TonyC,
Many thanks indeed; your website has just proved very useful. After long and careful consideration I have finally decided to transfer my remaining savings from the IoM to UK onshore. I am based in Dubai so I visited the Lloyds TSB branch over here in Jumeirah but initially they gave me the usual spiel of not being able to offer UK based bank accounts to non resident UK Expats and offered me their IoM based offshore alternative. I immediately emailed their branch manager in Dubai and countered their position by stating that the IoM was an unsafe home for my hard earned savings; I gave your website link as a reference and cited the Select Committee’s admission that the DCS would be unable to support any more systematic or major bank failures.
After reading your website, the branch manager called me back and is now providing me with every assistance to get an onshore account opened up. She accepted that Lloyds TSB IoM is an offshore limited company entity and would not be fully protected in the event of the bank going bust or the IoM branch being sold off; as was the case with the Derbyshire sale to KSF IoM.
Apparently there are no legal issues with an Expat holding an onshore account; it’s merely a matter of verifying my identity and source of funds which the branch can do from Dubai. My advice to Expats when looking to open up an onshore account with a UK based bank is don’t take “No” for an answer.
Regards,
Softad66, Glad to be of
Softad66,
Glad to be of service.
Regards, TonyC
DON'T BANK ON THE IOM VIDEOS
I would point out that the 2 videos I started the Don't Bank on the IOM video campaign with have by themselves been visited 10,000 times? I forgot to add up the total of the other videos which have also been very successful. I have now put THE NEW DICTIONARY FOR THE IOM ON TWITTER. Anything we can do to spread the word is helpful and I am sure others could contribute words to Twitter with even more impact. Evelyn conned2008
Well done Tony. It looks
Well done Tony. It looks good.
A few corrections and queries on points of fact:
Allan Bell (not Alan Bell)
FSC = Financial Supervision (not Services) Commission
Re the time line:
April 2009 - Another 'early' payment of up to £10,000 made to depositors."
I didn't apply for these, so don't have the exact dates of payment, but my understanding is that the first was paid in January 2009 and the second in February 2009 (at least to those who applied immediately). Maybe someone could confirm this? The two EP schemes were approved by Tynwald on 20 Jan 2009 and 5 Feb 2009 (with claims to be made by 31 March).
This is not accurate. The costs imposed on depositors were those incurred by the Liquidators and the legal costs of the DAG in opposing the scheme. The (substantial) costs incurred by IOM Treasury were paid by the Treasury (& hence indirectly by the IOM taxpayers).
Re the DSC:
I haven't checked, but am not aware of any EU directive on this. If there is one, a reference would be good. In the UK (since Dec 2010) compensation has to be paid within 20 working days after the claim is approved - and (at least in the pre Dec 2010 regulations - I haven't checked the latest version) that has to be done within 5 working days of the claim being made. Which implies payment within 25 working days of the claim being lodged by the depositor.
Anrigaut, Thanks. I've fixed
Anrigaut,
Thanks. I've fixed the inaccuracies.
I got the timings for EU depositors' compensation from here.
http://europa.eu/legislation_summaries/internal_market/single_market_ser...
There's a link at the bottom of page.
Regards, TonyC
Tony, Thanks for the link to
Tony,
Thanks for the link to the EU legislation. Interesting. It might be worth also including the clear statement (at the start) that "Deposit-guarantee schemes must intervene as soon as deposits become unavailable". Not exactly what happened in our case! While -as you say - the IOM is not bound by EU legislation, they do like to boast that they are in line ...
Can you fix your links in the "Links" and "Other Crown Dependencies" sections so that they are all 'clickable' (most are not at present)?
Regards,
Anrigaut
EXCELLENT! Post the link everywhere you can.
All people affected adversely by the IOM government's role in the KSFIOM
failure, and their blatant lack of consideration or sense of right or truth,
should please copy and paste the link
to all newsgroups, community or interest forums, hobby groups, etc-even your facebook page- The more people in the world who read this and warn their aquaintances and friends, the better. PULL the PLUG on the IOM and LET IT SINK! They do not deserve to be the custodian of ANYONE'S money!