First dividend payout on 4th September

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
  • Offline
Posted: Sat, 29/08/2009 - 03:10

Please could someone clarify what this first dividend means??? Is it in addition to the DCS? Or is the first installment of the DCS?

To rephrase: as a depositor with money far in excess of 50k in the bank, is this 'over and above' the 50k I am expecting under the DCS?

Any help much appreciated ... :-)

5
Your rating: None Average: 5 (1 vote)

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

In order to properly

  • jeffwilkins
  • 21/10/08 14/11/09
  • unspecified
  • Offline
  • Mon, 07/09/2009 - 09:26

In order to properly calculate the dividend it is necessary to take the amount confirmed in the letter sent out by Mike Simpson on 28th August. This is referred to as (Amount admitted for dividend)

Then add back any EPS payments already received this will take you back to the amount of your original claim. and

Then calculate the dividend of 24.8% ( original claim /100 * 24.8)

Deduct the EPS payment and this should equate to the amount of dividend you have now received.

Hope this helps

Jeff Wilkins


Received incorrect amount

  • Equus
  • 14/10/08 08/06/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 05:42

We received money from Kaupthing on Friday but the amount was incorrect. We only received 22.1 in the pound instead of the 24.8 as announced by the liquidator. We have not applied for the DCS and we based our calculations on the amount admitted for dividend that was sent to us in a letter from the liquidator dated 27 August (this was our original balance less deferred interest and the EPS payment we received of £20,000). In our case we've been short changed over £15,000. So check the amount you receive.


Equus, re incorrect amount

  • Anonymous
  • Offline
  • Sun, 06/09/2009 - 12:50

It appears from what you have written that you took your account balance and deducted the EPS payment from that and then applied the declared percent of first payment to that figure. That is not the way it is done. Apply the declared dividend percent to your account balance to come up with the amount that is due you and then deduct the EPS payment from the calculated amount.

In other words the EPS payments are deducted from the calculated dividend and not from the account balance.


Mine's in

  • arny
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 04/09/2009 - 15:55

But don't tell my wife.


Money received

  • caledonia
  • 14/10/08 30/09/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 16:19

from Liquidator this afternoon via CHAPS/International. I can at least put the heating on this winter when the snow comes .............


Money received

  • lat
  • 06/02/09 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 15:14

Just checked my bank and the first payment is there. 24.8% of balance minus deferred interest, less the money from the early payment.


Money received

  • Julie
  • 03/12/08 14/07/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 16:11

Just checked my account, monies in at 24.8% less 20,000GBP. Long way to go for 100% return.
Just tried to open an account with Hinckley and Rugby B.S. They have just returned my cheque stating only UK residends can apply. Where does this leave the IOM resident's status. I live in I.O.M. Trying to get my money out. So if I.O.M people cannot open an account there isn't any chance for anyone living abroad. I have lived in ENGLAND for 67yrs. I retired to the I.O.M 3yrs ago. I am now 70, what a worry in retirement if I have to leave my money with these banksters!!!!
Also tried ICICI bank. Same response what a state of affairs!!!!!!!


Hi Julie

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 06/09/2009 - 10:49

Hi Julie, Think you getting too worried about this, I too live in IOM and had funds in KSF. This was a one off and in reality not of IOM making. Why are you looking around off Island for a possible KSF. ICCI Really !!!!.

I work in a bank and I would say that finding an acount on the Island is as safe as anywhere at the monent, Ok the rates may not be as attractive but is that not why many are in this now (rate tarts) chasing the higher rates ?

I would ask a question to you and everyone, after chasing the big buck is not a lower rate but bank safety now more important.

And before I get everyones story about how they ended up in KSF I already KNOW, I have been in this from day 1, think some of you may be just making people panic too much on how unsafe IOM is.


banking on IOM

  • banna
  • 15/10/08 01/03/10
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 15:11

It's not a question of safety of money on IOM - it's a question of the integrity of the people running the island's banking system. The KSFIOM saga makes 2 things crystal clear:
- IOM Treasury and FSC have only one aim. It is to protect their own backs.
They don't give a damn for the people who put money in the island's banks. The SoA story and the posturing and half truths that went with it make that abundantly clear.

  • the island's authorities and justice system are in business to make sure that those on the island who are responsible for KSFIOM's problems are never brought to justice and to make sure they have protection the courts and the authorities are prepared to manipulate the truth and hide the facts. IOM should be ashamed of the way it has mishandled this disaster.

Leave or put money on IOM? You've got to be out of your mind! The crucial factor is that IOM authorities are so untrustworthy that they do not deserve to have a finance sector.


financial suicide..

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 15:19

thats what it would be to have money on that island, .Someone questioned me the other day dont they think it will have an effect on people depositing there.? I just looked at them and said maybe they really have not understood the severity of all of this. I mean we are going to be permanent here for a long time, they just cant get it. Pickanninys video the other side of Aspden says it all on youtube, its spot on.


I.O.M Banks

  • Julie
  • 03/12/08 14/07/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 13:07

So you think to wait 5-7yrs to get your monies back ? Is OK at the age of 70. Well I think it is better to put you money in a country that pays you back in FULL in weeks and not one where you have to go to court to try and stop the goverment getting their hands on it. Who puts 550million off Island? Was this nothing to do with the FSC or the I.O.M. They think we invested. What sort of people are they that make that statement and hold on to their job?

I only contacted ICICI out of interest not to invest there.

Do you think a country of 80,000 people can sustain 1 or 2 banks going down. Does the I.O.M have a bank of last resort. Has the I.O.M agreed with G Brown, that depositors must be protected. NO they still think we invested so you take the risk (good one) . They state you should not put more than 50,000GBP in one bank. I think we would now all agree but we trusted the FSC etc. But these people put 550 million in 1 bank when they knew trouble was ahead, then blame us for being stupid

Very sorry but my money is leaving. Best of luck to you and your money. Could be OK but why risk it in I.O.M if G brown is to be believed better in England (another good one)


Julie

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 06/09/2009 - 14:08

We al have to make judgements how we think fit and if you feel happy in moving it elsewhere then that is your decision. Good Luck


No, with the greatest

  • DAKON
  • 28/02/09 31/05/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 14:57

No, with the greatest respect, good luck to you. The IoM cannot self sustain without outside banking business - if the government (if you can call that chicken shed a government) and the banking institutions do not recognize that they have back skuttled the depositors of KSF, and that they need to unconditionally do something to help rather than tell lies and cheat like a bunch of cheap pikies, then I am sorry to say that you will all be on coin op electricity meters very shortly. The UK clearly intends to make an example of you, and who knows, was that the original intention worked out by the actuaries behind this - save a goodly wedge into KSF UK and see the IoM made an example of?

In anycase, it wouldn't be prudent to take the people that keep you in beer and knickers for complete fools - it wouldn't take much to have the lights turned off on IoM banking very quickly, think on about that. It's amazing or perhaps it's just the failure of English to complain even when they have their head hanging off, that there has been a determined attempt to shut the rock down.


I'm sorry, but as a point of

  • DAKON
  • 28/02/09 31/05/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 11:07

I'm sorry, but as a point of principal, you honestly cannot be suggesting that anyone puts a shirt button into the isle of man while KSF depositors are treated with such contempt?


Dakon

  • Julie
  • 03/12/08 14/07/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 14:04

On the button well said


Possible bank???

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 16:25

Loathe as I am to mention an IoM bank, I rang the Anglo Irish Bank (IoM) today where I have a small deposit to check on their status. The woman I spoke to said that the first 50k of all deposits were covered by the DCS (although seemed vague when I mentioned that this was due to revert to 15k soon) and that the Irish government guaranteed anything above this amount as the bank is fully nationalised.

The question here is whether Ireland could turn into another Iceland ... only one letters difference. Hmmm ... still thinking that UK banks - if you can manage to open an account - are the best option at the moment.


Have a care about Anglo Irish

  • merlina
  • 26/01/09 01/06/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 16:35

Earlier this year I read that Ireland covers all deposits in their banks BUT with regard to IOM branch, they will pay out after IOM has repaid DCS. In other words you wont get anything because as we know IOM wont have any money to pay DCS, which lets Anglo Irish Ireland off the hook.


Also Money Received!

  • mikeexpat
  • 31/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 15:23

I also received the first payment. 24.8% of balance minus deferred interest.
I have never applied for Early Payment or DCS, so nothing was deducted.


Me too

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 15:31

Money in .


@bellyup

  • burns284
  • 19/04/09 30/11/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 15:41

Direct from liquidation or DCS ?

I presume the former.


Liquidator

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 16:19

From the Liquidator


Mine is not received ..

  • Ohdear
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 04/09/2009 - 15:29

Mine is not showing and I have already completed the payee details on the DCS web site. Is anyone else in this situation? Do different people receive at different times?

Thanks


DCS using slower route

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Sat, 05/09/2009 - 13:30

Not received DCS yet. Assume it should show about Tuesday. Anyone received DCS by bank transfer yet?


Mine has not hit my account yet ?

  • MichaelB
  • 16/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 04/09/2009 - 17:03

I just checked online and nothing is showing in my account yet either. I will wait till Monday before asking questions.
What a giant mess all this has become.

I will never be able to buy a home again as all proceeds from our house sale in Sept 2008 ( £500K ) was deposited in KSF IOM for short term safe keeping. Now with a 5-6 year drip ffed of 80% ? I will never have a big enough lump sum .


A cheque arrived this morning ????

  • MichaelB
  • 16/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 05/09/2009 - 09:09

A cheque arrived this morning ??

This despite DCS having two bank account details completed and confirmed at the DCS web site ???

They dont even seem to be able to get that part right .... what a bunch of cocks !


CHEQUE

  • joyce p
  • 15/10/08 n/a (free)
  • a depositor
  • Offline
  • Sat, 05/09/2009 - 09:18

LUCKY YOU.SEEMS YOU ARE THE ONLY ONE TO GET ANYTHING FROM DCS.

PUT IT IN QUICK EXPRESS CLEARANCE BEFORE IT BOUNCES


its not over yet michael b

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 18:58

we are all in the same boat, weve all had to change our lives. Just campaign with us , its best to have tried your best in this mess . Tomorrow is a mystery


But it IS all over, let's get

  • DAKON
  • 28/02/09 31/05/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 15:08

But it IS all over, let's get used to it. It's all about bringing down as much as the IoM as you can now - when they see the next wobble, then maybe someone will consider that the money necessary to get us somewhere close to where we were is nothing compared to the hole that the collapse of the banking industry will cost.

My 25% will be set to work directly, it is better to just get on and work rather than wasting time doing anything else - unfortunately others don't have the same choice.
However, any chance I get to put another depositor off the IoM as a safe banking island, I shall actively take. Nothing personal you understand, just like my 220K wasn't anything personal..


DCS -timing would seem to be different

  • Anonymous
  • Offline
  • Fri, 04/09/2009 - 15:41

I think that the money so far received is from the liquidation as opposed to the DCS. Apparently the 24.8% is being received today but as yet I don't think that there is any sign of the money being claimed under the DCS. If anyone claiming under the DCS has received their money please correct me?

Why there should be a timing difference I don't know. BACS normally takes 2-3 days which is the process that the DCS is using.


DCS payment BACS or CHAPS?

  • silvesc
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 15:52

Are you sure DCS is using BACS?

I thought I saw somewhere that they will be charging us for electronic transfers - even to UK banks. That would imply they would be using CHAPS, which should go in same day.


BACS I'm pretty certain

  • Anonymous
  • Offline
  • Fri, 04/09/2009 - 16:01

Somewhere in the DCS blurb it says that they are using the BACS system. They also state that for transfers within the UK banking system that there is unlikely to be a charge.


BACS

  • silvesc
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 16:10

Great. I for one would have gladly had 20 quid (or whatever) deducted to guarantee safe and timely arrival of the rest of my 50k deposit.

Lets just add it it to the very long list of sorry, dithering actions by IOMG.


silvesc

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 06/09/2009 - 11:06

Just for anyone who does not know, there was a little while ago a new payments process set up called FP (faster payments) and is same day and FREE. I sent funds from IOM bank to RBS and it was there in a few minutes on the same day so they could have used this method if they wanted to. I guess we have waited 11 months so 2-3 more days will keep.


silvesc

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 06/09/2009 - 11:05

Just for anyone who does not know, there was a little while ago a new payments process set up called FP (faster payments) and is same day and FREE. I sent funds from IOM bank to RBS and it was there in a few minutes on the same day so they could have used this method if they wanted to. I guess we have waited 11 months so 2-3 more days will keep.


@silvesc: Aren't you lucky, and so stupid!

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 02:43

You got your payment now because the SoA was knocked back by DAG, well more or less. And you speak of dithering actions from the IoMG. They were fraudulent my friend. But you're so stupid you don't get it do you?.
What about the rest. I don't know who you are "silvesc" but you don't appear to be much use to anyone.
I would welcome your response.


Is there any particular need

  • DAKON
  • 28/02/09 31/05/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 10:43

Is there any particular need for that? The guy may not have understood the difference between the DCS and the liquidation payout, but is there really any need for that?

On the subject of fucking stupidity, would you care to let us know just how much you stand to lose? not so flaming smart are you now? just like the rest of us.

Don't give me how smart DAG have been either, the choice of at least one of the lawyers tends to prove different.


@DAKON: The answer to your question...

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 07/09/2009 - 05:34

: a lot (at the very least ten times more than the guy I replied to)
Not so fucking ( your expletive you self satisfied plonker ) clever? Yes I agree. I was preoccupied with something else at the time. Everybody has their priorities, but then again I made an application for a transfer, spoke to the lying bastards in the IoM and it wasn't actioned.
You miss my point, my friend. You want to elevate your language to the level of expletives then wise up.
Your posting is so thin that I wonder what intellectual, or more importantly moral, authority you claim.
You have only just surfaced, where have you been?
I'm not going to sink to your level, the level of the self interested sewer rat. What do you suggest? What would you have done. Where is your comfort zone? Where are you located' You are a mystery. Yet you obviously are an opiniated soul.
But my attitude appears to be different to yours, as 'silversc's (whatever).
I'll leave at this DAKON: You're so ******* clever then tell us what would you have done?
Give us your take? Yes go on!


So Tao

  • DAKON
  • 28/02/09 31/05/09
  • a depositor
  • Offline
  • Tue, 08/09/2009 - 01:16

Why were you rude to him? he only mentioned that he would have paid £20 for express transmission of his funds, nothing else - though he may have misunderstood the way the DCS paid as against direct liquidation.

Firstly - you are no friend of mine, let's make that clear - and don't dare to take a moral high ground - you were completely ignorant and got pulled for it. I'm not interested in your half-baked excuses about being pre-occupied at the time, or actioning transfers - it's done now, you are just the same as the rest of us, a loser - but that didn't give you the right to have a dig at the other poster.

I've been around for ages, don't worry about that, I've also watched your pompous attitude on a couple of occasions, but this time, you happened to catch old DAKON on a day where he was bored with pompous twits.

Oh, and what I would have done is of no importance, it is gone and dead, it is what I am doing now, and what I wrote on my little proof of debt that matters.

Think on about that.


@DAKON.

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 08/09/2009 - 06:41

You're so wrong. It wasn't an excuse, it was a reason. I flew back to the UK in March to open an Investec account, to move some money out of the harm's way that Kaupthing presented. The writing was on the wall.
It's a long story but i thought I'd finesse the move. A little older and a little wiser now.
The idiocy, the fraud that we were caught up in, continues.
You read the press.
You apparently are happy to do nothing but watch your small corner.
But the larger picture continues. And you are 'so smug' by your own admission.
What happens the next time? In fact what is happening now?
Try to think a little bigger 'old DAKON'.
I guess you're so old it doesn't matter.
My point was that the IOMG's actions weren't just 'messy'. They were incompetent in extremis.


@tao -- your insulting comment

  • burns284
  • 19/04/09 30/11/09
  • a depositor
  • Offline
  • Sun, 06/09/2009 - 10:42

This sort of insulting remark to another depositor is surely not helpful.

You should save your contempt for those responsible for the situation we find ourselves in.

An apology to silvesc would be in order.


We're not going to get anywhere unless...

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 07/09/2009 - 05:46

.... we stay angry. And it's unfortunate that silvesc recieved the brunt of my anger at that point.
There is no secret about my contempt for those responsible for the situation. I offer them no quarter.
But neither do I offer quarter to those that don't fight.
Let's get the situation in context.


So gracious

  • DAKON
  • 28/02/09 31/05/09
  • a depositor
  • Offline
  • Tue, 08/09/2009 - 01:37

Of you to apologize at the same time as making your explanation.

Fighting or just becoming sad and vindictive?

At least I've got a lump of life in front of me (i hope) that I can enjoy, what is the point in sitting pissing broken glass ever day making my own life and my family life a misery, trying to change something that is a done deal?

You think on about that. And remember that none of us need your approval to do as we se fit.


@DAKON: We don't need approval......

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 08/09/2009 - 06:52

---when the 'shit hit the fan' the IoM apparatus was found to be deficient.
The IoMG has spent a significant amount of money defending some IoM operatives against the charge of negligence. This charge still stands and it is our best chance of a just ending. Your commentary doesn't assist us in this quest.
YOU REFLECT.


DCS

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
  • Offline
  • Fri, 04/09/2009 - 17:52

IOMG strikes again.. The DCS is actually paying out AFTER the first divedend!!! How pathetic.

The USA pays immediately and the UK has a traget of 2 weeks. The IOM manages a whopping 11 months!!!!!

Don't bank on the isle of man.....................


@pipho

  • burns284
  • 19/04/09 30/11/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 15:48

My assumption also -- hence my question to bellyup who did not specify.

Simpson must be using CHAPS (expensive same day service) and have money to burn -- OUR money !


Defered interest

  • arny
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 04/09/2009 - 09:23

This morning I have received confirmation of my proof of debt by post. An amount of "deferred interest" has been deducted from my balance as at 09 Oct 2008. Have others been treated this way?


deferred interest

  • grandmaparis
  • 13/10/08 30/09/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 10:12

I have received exactly the same letter with "deferred interest" deducted. Does it mean that we will get it later?


Deffered interest.

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 04/09/2009 - 10:43

PwC is not stating that you will not ever get interest but that it is their intention to try and pay everyone their money back 100%. if there is money left over after that then they can look at the interest angle ie it has been deferred. This i assume is because someone with £10m on deposit could be in line for a very large payouit in interest and every penny someone gets in interest someone else does not get as the dividend would be comparitively lower to compensate. If you get 100% back you might get interest as well.
John


Deffered interest?

  • Lostinspace
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 05/09/2009 - 01:34

Sorry, don't quite understand this bit about deferred interest?

My understanding is that everything is based on your account as of 9 October last year. On my statement, then, I had my cash on deposit (hah!) then some 000s of pounds of interest kindly added on....

So is the case that the Liquidation only refers to the "cash on deposit." ?

Confusing, as ever.....


First dividend/DCS question

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 04/09/2009 - 06:16

I see that we are now going to receive 24.8% (today - 4th September) instead of the projected 22.1% as our first dividend.

Can I check with someone - does this mean that we will receive the 24.8% today or the 50k covered by the DCS? I ask as someone for whom the 24.8% is a slightly smaller amount that 50k.

Would love to get to grips with this ... thanks!