General Discussions

  • ng
  • 11/10/08 31/12/20
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Posted: Fri, 10/10/2008 - 05:39

Any general chat about what is going on that doesn't fall into any other categories.

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skint again now

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 12:02

quite simple I am skint again now


Right U R

  • Wanda
  • 12/10/08 31/08/09
  • a depositor
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  • Mon, 13/10/2008 - 10:14

I agree wholeheartedly with your observation, humphrey and it's so good to be able to laugh in the midst of all this heartache! Whoever said "laughter is the best medicine" was spot on. I think it's the perfect example of the good ole "British Bulldog spirit" at work. Btw, the inspiration for my nickname came as I "Wanda" how the hell I got myself into this mess!


I would just like to point

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 10:34

I would just like to point out i dont have a face like a Monkey!!!! at least i think not lol


Short Term Plan / Action Today

  • 491
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 09:47

(I'm cross posting this from the Actions Taken thread... to get a broader audience - please respond there if comments are action oriented - Cheers. Blair).

I’d like to suggest a short term plan (3 days) for an “ad hoc” spokesperson team. Why? Because the situation is very fluid and changing every day. It’s important before things become too settled (possibly against our interests) that we get information and ensure representation. These (IMHO) are the first important steps to achieving 100% recovery. Everything else – or just about – can wait. (We can worry about democratic election of an official long term spokesperson and his/her team next week when we see how things lay and who can be permanently encamped in IOM). So I propose the following.

Short Term Objectives (3 days)


  1. Get Current Status Update from IOM Govt and PWC.
    Because if we are informed we can make better decisions as a group and right now there is very little on-the-record information. We can draft questions for this later today.

  2. Ensure Representation.
    There are political talks between Iceland and UK – and the first assurance we need is that the IOM Chief Minister’s request for UK representation of our interests at these talks has been officially accepted. I’m not hearing it and until I do I will assume the opposite. If it is confirmed that UK govt is in there only for its own interests then I suggest that Tony Brown get on a plane to Reykjavik…pronto. And I think this group can do much to influence that flight. But lets find out first… officially.

  3. Establish a Regular Process of Reporting from IOM govt and PWC
    Our IOM spokesperson can also request a regular meeting / briefing from the IOM govt and PWC. I propose that our spokesperson have meetings or teleconferences with IOM Chief Minister and PWC liquidator twice weekly. On the record. 30 minutes. What’s going on? Teleconferences can be very useful because everyone can dial in to listen. Questions put by our spokesperson could be formulated here prior to each meeting. I think this would go a long way to addressing the anxiety that is pervasive.

To accomplish these objectives, I propose that our best representative in IOM (I’d suggest Expat if he’s willing) take a series of questions (drafted in this forum in the next 12 hours) to an on-the-record meeting with the IOM Chief Minister and the PWC liquidator.

I can help support this initiative - drafting coordinating questions etc, but I'm not in IOM. I may go there shortly if it would help and if we can get the audiences we need.

FUNDING FOR OUR TEAM: I'd also like to suggest that this group provide some modest short term funding for Expat and anyone else who is staying in IOM to support our interests. There are several hundred of us - and I'm sure we could collect a modest budget to cover Expat (et al) out of pocket expenses for the next week or two. 400X $10 = $4000.... or $50 each... whatever it takes.

Thoughts?

Blair


I agree with the plan

  • lesleys
  • 10/10/08 31/05/09
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  • Mon, 13/10/2008 - 13:02

And having just tried to get through to someone in the UK Treasury who might actually give a fig I am now madder than ever.

I would be happy to be put to work: We are living in the USA at present so can't make the trip to IOM just yet but can do drafting or other organizational tasks. (I am a managemnet consultant by profession so have some skills).

Bblair, is there a way to share somethig with you off line relative to your item 2: I am not sure if this reply is seen by all?


action plan - Blair

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Mon, 13/10/2008 - 10:40

I am in support of all above suggestions, however I think the situation will start changing rapidly and hopefully daily correspondence with for e.g PCW, will be required and I wonder if to ensure all areas are covered we elect individuals for different roles with regard to liaison with specific and individual parties so that they don't become bombarded and can update and correspond with a specified person from our group - e.g PCW, FCS, IoM Gov.

If enough agree this the way forward let's act quickly and establish who corresponds with whom so they can contact them asap and inform them and create direct 'hotlines' to information.

you seems very savvy bblair and your suggestion of co-ordinating and collating questions is a good one and would fit well with the above.

plesae also see my suggestions re immediate funding for EXPAT. My computer is slowing up so I cannot refer to where I posted it.

I am available to speak to anyone and take any actions today if anyone has suggestions they think should be for-filled but are not available to do so?


BBlair

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 10:20

I agree with your thoughts.

Getting the U.K. goverment to formally announce that it is acting in our interest is of paramount importance. Also to acknowledge that the IOM funds have been caught up in the UK seizure side of things and that this will be looked at/acted on. THe IOM goverment is not giving away much at all but the U.K. goverments silence is deafening.


Apologies for my multiple

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Mon, 13/10/2008 - 11:00

Apologies for my multiple postings, my p.c is really slowing up for some reason


sleepless - have removed your

  • occams razor
  • 10/10/08 31/05/09
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  • Mon, 13/10/2008 - 11:06

sleepless - have removed your duplicate posts (moderator: occams razor)


Occams zazor - thank you! I

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Mon, 13/10/2008 - 11:15

Occams zazor - thank you! I think my computer is as hot and bothered as I am. Just turned him off for a well deserved rest and hopped on another. Was concerned I had picked up a virus - another conspiracy theory abounds!!!!


Move to "Actions Taken" Thread

  • 491
  • 11/10/08 31/05/09
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  • Mon, 13/10/2008 - 10:54

Thanks Monkeyface. Can I suggest that we move this conversation on Short Term action to the Actions Taken or Being Taken thread... I'm just worried that (in a few mins) this idea will get buried in all the General Comments posted in this thread. Blair


monkeyface - agree this needs

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Mon, 13/10/2008 - 10:49

monkeyface - agree this needs setting as our group priority.


EXPAT - thanks for the posting

  • sabi Star
  • 10/10/08 n/a (free)
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  • Mon, 13/10/2008 - 07:08

thank you Expat from all of us. How long can you stay there?


I will stay as long as it

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 07:19

I will stay as long as it takes, not sure I have enogh left to get on the ferry anyway! the news is getting more complicated bt the second!


I reiterate my offer to

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 09:10

I reiterate my offer to provide some subsidy for your efforts ... indeed, I think most here would be prepared to assist in that regard if needed.


Not sure i want my 15 minutes of fame but......

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 07:00

hello all
I at last managed to log on! I am ready to do a BBC camera interview. I am informed that there is much activity going on and we shouldn#t point fingers, we need to show we are calm and rational under great duress. The parent company guarantee is in my and others view the focus right now, that is what i supspect is what much of the icleand discussions revolve around. there is a statement that iom is in contact and involved as stated on a post below, i want to get that out to a braoder audience because this is global now.
I have great support and back up both on and off island, some very cool thinkers in this with us/me. I am trying to make sure we don't get lost in this, we have checked the accounts of KSF iom as best we can access and as the FT says we have/had a solvent solid bank that has been caugt in the crossfire. no blame here UK did what they needed to do, now they must extract the price. I support that and will say so, i am alone physically but I can i openly say that my distraught wife is giving me so much support I could not ask for more.
bear with this i hope there is resolutuion in sight


Good luck !!!!!!!!

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Mon, 13/10/2008 - 08:58

Well done Expat.
You have everyones support.


Thanks

  • jot
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 08:55

You have all of our support - thank you


Thanks

  • Sign
  • 11/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 08:20

Expat,

Thank you for all your efforts to date. I am sure that the 100+ users on this site, as well as the other KSF (IOM) account holders, appreciate your hard work and wish you every success.


Hi Expat You might be alone

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 08:13

Hi Expat

You might be alone physically but you have the thoughts, support and total backing of all of us and our families. You will do fine, stick to the facts, lace with a bit of the personal and you will give an excellent interview.


100% support of your

  • sleeplessnight
  • 10/10/08 30/06/09
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  • Mon, 13/10/2008 - 07:51

100% support of your comments.

I think the majority of us are thinking rationally now (though there have been moments of madness as realization sank in and I haven't drank so much wine for a long time!) and as long as we can sustain some calm and therefore logic we can find the best possible solution. Many of us don't know how we will feed ourselves and families next week point - but we have all been a great support to each other.

Thank you each and everyone of you.


Support

  • skintinKL
  • 13/10/08 31/05/09
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  • Mon, 13/10/2008 - 07:36

I'm sure you have all our support behind you. You are right ablout being calm and rational at this point. Hope it goes well.


Thank you!

  • brokefirefly
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 07:12

Just wanted to say thank you for everything you're dong, I'm in Alaska and about to go to bed, so good luck with everything today. Thank you also to everyone for their input to this site: without it I'd have been staring at the black screen of the Kaupthung IOM site all weekend!
I hope there's a resolution soon, but in the meantime to those of you who are active in this, please keep letting us know what support you need........


Thank you and goodluck

  • Last Bel
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 08:28

May I say that we are I/we very grateful for your and all other for the good work being done. It such a good feeling we all support each other in these stressful times.


e-mail IOM Today newspaper for info.

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
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  • Mon, 13/10/2008 - 06:30

May I suggest e-mailing www.iomtoday.co.im/contactus.aspx
to ask them for more/any information?
Their headline is over 48 hours old and other news is stuff that was on Bloomberg yesterday afternoon.
I understand they are closely linked to the powers that be in IOM.


Getting more help from UK government - how many British citizens

  • ws
  • 13/10/08 31/05/09
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  • Mon, 13/10/2008 - 06:21

It may be helpful in pushing for action from UK government if we could provide some rough numbers on % of savers affected are actually British citizens. (I'm not suggested we don't fight for everyone) - but the UK govt may be more favourably inclined to fight for IoM depositors if they think there may be long-term benefits to them (ie Brits may return home at some point, pay taxes and vote!).
Similarly if there are a significant number of other nationalities present, then they can encourage their governments to also lobby Iceland for help.


Domain www.kaupthing.co.im is registered to Kaupthing UK

  • sami
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 06:08

"Kaupthing Singer & Friedlander, One Hanover Street, LONDON, W1S 1AX United Kingdom"

With respect to mrken30, who's provided the domain name registration for Kaupthing Iceland, you prompted me to check the domain registration for kaupthingsingers.co.im, which is in fact the address IOM used for their site. I'm not sure which domain you checked with 'whois', but that Iceland information is not shown against kaupthingsingers.co.im.

This proves further that IOM was extremely closely linked with UK. I was expecting to find it registered to Iceland, but I was astounded to see it was in fact London.

But even so the e-mail server argument is no less valid, even if the IOM domain name was registered to parent, the reason being that it would be quite reasonable for a parent company to register the domain names of its subsidiaries. However the siting of a physical server has legal implications, aside from the domain name, and this is what their IP address appears to show.

My point was that if e-mail services were being hosted in UK (and by this I mean the Microsoft Exchange software or equivalent), then there was a chance their web server for the on-line banking system was too.

The implication of this is that certain UK laws would be enforceable, because the IOM server was situated in UK.

As a rough example, the payment of taxes due from on-line sales in an Internet business, is determined by the physical location of the server and not by the country in which the company or trader is located.

I don't think we should make too much of this at the moment, and I hope I haven't made too much of an issue about what may be a minor technicality, but it is something we might have to re-visit, should we find ourselves later arguing the case that IOM and UK were rather closely linked.


Off topic - any good banks in Singapore?

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
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  • Mon, 13/10/2008 - 05:52

Anyone know about the quality of banks in Singapore? I understand this has become an off-shore center.
Also - I've heard Mauritius is develping banking services - otherwise - ideas to put one's money? Presuming anyone still has any.
Some are saying IOM will become part of UK after this - a province of Wales or N. Ireland as won't survive alone after this crisis if depositors lose confidence and pull their money. Ditto Channel Islands won't survive. That may be good for us - as we will all have our money guaranteed! UK govt. will be please about that - no near off-shore banking - but it will cost them.


Friends Provident - account from man on the inside!

  • tubefly
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 04:47

Yes there are many others - in this case Friends Prvident who are in the fray.

The following is an Email communication from Friends Provident:

Dear Intermediary,

The following is an update on the situation relating to deposits held
with KSFIOM

A public meeting was held in the Isle of Man on Thursday 8th October,
to which Friends Provident International Limited (FPIL) sent a
representative. The following is our interpretation of the situation:

A spokesman for KSFIOM stated that all information and assurances
provided by bank staff over the last week were given in good faith and
based on the information that they were receiving from their parent
company in Reykjavik and their sister company in London.
Problems arose on Wednesday 8th October as a result of the UK
Government freezing the assets of KSFIOM's sister company in the UK.
Approximately 60% of KSFIOM's capital backing deposits was held with
the UK company in London, so this action seriously affected KSFIOM's
liquidity position

The Board in the IOM therefore took the decision, in agreement with
the Isle of Man Financial Supervision Commission, to place the Company
into administration in order to protect the interests of depositors.

The liquidators confirmed that they have initiated legal proceedings
both in the UK to release the assets frozen by the UK government, and
in Reykjavik to recover any shortfall
The liquidators also confirmed that 3 institutions have expressed
interest in taking over the deposits of the Company. Discussions are
ongoing, but there is no guarantee that this will be successful.

A petition to the Court for the winding up of the Company is adjourned
until 24th October 2008. Please refer to the following statement by
the Isle of Man Financial Supervision Commission:

http://www.gov.im/fsc/ViewNews.gov?page=lib/news/fsc/kaupthingsingerf2
.xml

Deposits held in KSFIOM were backed by a guarantee by the parent
company in Iceland. It has been announced today that the Isle of Man
Government, through the UK Government, are pressing the Icelandic
Government (which has nationalised the parent company) to honour the
guarantee given to its Isle of Man subsidiary. Please see the
following press release.

http://www.gov.im/lib/docs/fsc/PressReleases/kaupthingupdate.pdf

We understand that this is a distressing time for clients who hold
KSFIOM deposits in their portfolio bonds. We will keep you informed as
soon as we hear of further developments.

Kind regards

Richard Watterson

Section Manager
Investments Department


Today

  • Anonymous
  • Offline
  • Mon, 13/10/2008 - 04:24

Well, today could well be a rollercoaster of a day. A statement will need to come from the IoM, Iceland or London early today Monday 13th Oct 2008. That statement must give justified hope of a 100% return for the Hundreds of depositors many who risk losing everything and who are affected right now.

Without this statement, it will be very clear to depositors in other UK 'Offshore' accounts that their money is at great risk. The ramifications would be very quickly felt and a major sector of UK banking would fail.

Offshore bank accounts are not the priviledge of the wealthy. There are the necessity of British citizens who do not have an address in the UK. Or because one bank bought out another. We are not rich. We are not famous. We are law abiding, tax paying, hard working individuals who have potentially lost absolutely everything. And through no fault of our own.

This forum was created to bring us all together. To keep us informed and to show Institutions/Governments that we have a strong voice and will simply not accept anything less than 100% back. We all know the DCS of IoM is unworkable and irrelevant so lets keep the pressure up to get a viable and proper resolution.

As such there has been no 'back room' talks or assembly of spokespeople, chairperson, legal advice source etc.. As giving the authorities/institutions/governments some breathing space to negotiate was the aim, no work was done to start forming a group to represent us all. A number of site users have contacted me with offers of their expertise and if anyone located in the UK, IoM or Iceland has skills they think might help (Financial, Legal, Managerial ....) then please contact me using 'Admin Contact' ([Other]).

While we will start forming an effective and vocal pressure group monitor the news but dont panic. It is inconceivable that we will be left out to dry. If we are, the future of UK Offshore banking will be in question and the Onshore banking system severely tested. Banks will simply not be trusted.

So thanks to Changamire who created the site originally, and to ng for bringing the technical expertise of Durpal. Lets monitor the news, but prepare to act.

Mat Walker


Thank you, Mat

  • Lostinspace
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 04:56

A voice of calm and reason in this most terrifying and testing of times....

Fingers crossed for a positive resolution....


appreciation

  • Anonymous
  • Offline
  • Mon, 13/10/2008 - 04:42

Thank you for working so hard for us all, Mat.
I'm getting to know that there are some great people around.


Today

  • Captain Mainwaring
  • 11/10/08 31/05/09
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  • Mon, 13/10/2008 - 04:40

Well first thanks to all who have spent time on the site and in other organization.

I would concur that "today is the day" - either buy out or guarantees enforced by the british government.
Unfortunately it will be another late night worrying because of the time difference.

The most valuable person outside of the forum would appear to be the Manx House member who seems to be really pushing for something positive.


Domain registration details

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 04:18

This is information that was gathered from www.nic.im

Might make the email routing argument a bit more difficult. Does anyone know who are looking after the servers and where the servers are based. I did some work for another offshore bank and know that legally they were not allowed to move the data to the mainland. However maybe Kaupthing did not obey these rules

Domain Managers
Name Reseller - Mark Monitor
Address 10400 Overland Road
PMB 155
Boise, ID

83709
United States
Domain Owners
Name Kaupthing Bank
Address Borgartúni 19
105 Reykjavík

105
Iceland
Administrative Contact
Name Mr Domain Administrator
Address Emerald Tech Center
391 N. Ancestor Pl
Boise, ID

83704
United States
Billing Contact
Name Mr Domain Administrator
Address Emerald Tech Center
391 N. Ancestor Pl
Boise, ID

83704
United States
Technical Contact
Name Mr Domain Administrator
Address Emerald Tech Center
391 N. Ancestor Pl
Boise, ID

83704
United States
Domain Details
Expiry Date 30/10/2009 00:59:59
Name Server ns1.bi.is.
Name Server ns2.bi.is.
Name Server ns1-uk.kaupthing.com.
Name Server ns2-uk.kaupthing.com.


contact details for the registrant

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 04:22

Not sure what use it will be but the contact details can be found at

http://www.markmonitor.com/contact/


Anybody else in KL?

  • skintinKL
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 03:14

Have been avidly reading the site since the disasterous events of last week. I think today (Monday) is a critical day as we will see what happens with the IoM banks and that might increase pressure on the Gov. Meanwhile, anybody else in KL who would like to meet up for a beer and a whinge? Well done to all for this site. It has helped me realise I'm very much not lone


Anybody else in Singapore?

  • TykeinSingapore
  • 12/10/08 22/06/09
  • unspecified
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  • Mon, 13/10/2008 - 03:28

Could not agree more with your comments about the web site. I do have some contacts in Kaupthing in London, the worrying think is that nobody seems to know what is going on.
I am in Singapore and feel like you, depressed and skint!


Anybody else in Singapore?

  • Last Bel
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 04:35

Yes and no...

If you want mail me Nick


Interesting backgrounder on

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 00:08

Interesting backgrounder on what happened the last week, and who made mistakes....

http://www.ft.com/cms/s/0/80f767e4-9882-11dd-ace3-000077b07658.html


Summary...........

  • jot
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 01:05

That is the most concise summary I have read anywhere so far


Interesting backgrounder on

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 00:35

wow!!--- that's the first mainline UK publication to pick that up, how many more will jump on and re-iterate what Iceland's PM has said all the long.


IOM PLC FINISHED

  • Dismayed
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 22:36

IOM PLC as they like to call themselves will become a joke if depositors are not fully compensated. This intro all-ready is. Will ‘Isleofman Dot Com Ltd’ be singing the same tune when all the depositors have flown?

Isleofman Dot Com Ltd
PO Box 555, Douglas, Isle of Man, IM99 3NA
Introduction
The booming economy of the Isle of Man is largely due to the success of the financial services industry - the largest sector on the Island. The main activities of the sector include deposit-taking, asset protection and management, packaged investments such as unit trusts, life assurance and also corporate management. Markets for these services are world-wide and the Isle of Man has built an exceptional reputation as a centre of excellence for expatriate banking. Regulation of the finance sector in the Isle of Man is carried out by the Financial Supervision Commission and the Insurance and Pensions Authority.
Acknowledgement: isleofman.com/finance
Tel: 01624 641556, Fax 01624 641556
Email: information(?)isleofman [dot] com


WHAT NOW!!!!!!!!!!!!!!!

  • MAXMAN
  • 10/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 23:46

Guys by now im sure you have all seen the article on moneybox, a link i posted earlier. It seems from this that the UK treasury will not extend its liabilities to offshore customers. From what I have gathered from this forum so far there have been talks about possible legal action however did anyone give any thoughts about the procedures and the technicalities with regards to persuing something like this in the courts? As I understand and please correct me as I could be wrong, If we decide to take legal action we must all be a party to the claim and everyone that wishes to persue with this will most likely have to contribute to the fees etc. The people that will contribute(claimants) may be the only ones that may benefit at the end if successful, am i right? However if we lose in court then inevitably we the claimants would face paying for the defendants costs, this could be a staggering amount. If we all decided to take this option then these are only my suggestions. We must know how many people wish to contribute towards potential legal costs, from this we can calculate an equal amount for all contributers, and see if we can afford it, we then take this to a law firm and ask them where we stand. They should be able to give us an indication where we stand and what we stand to lose "worst case scenario".


MONEYBOX ARTICLE PLEASE READ

  • MAXMAN
  • 10/10/08 31/05/09
  • unspecified
  • Offline

Sunday Times Article 12th October 2008

  • GaryGoo
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 12/10/2008 - 22:30

All, FYI, today's UK Sunday Times newspaper has a feature on our collective plight written by a journalist called Elizabeth Colman (Sect 4 Money, page 5) - the overall tone/message of this article is negative but for me it also left a somewhat negative impression about off shore investors? That aside, we now have someone from the ST who is covering the story and may be a pressure point in the future for us to pursue...


Sunday Times Money Section site link or can you cut/past text?

  • neilbkk
  • 10/10/08 08/06/09
  • a depositor
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  • Mon, 13/10/2008 - 07:25

HI GaryGoo, A lot of us are overseas so do not have access to sunday times can you please send the link or paste the text of the article in the money section?? ....


sunday times link

  • anna98
  • 10/10/08 31/05/09
  • unspecified
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Concern

  • Diver
  • 11/10/08 31/05/09
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  • Sun, 12/10/2008 - 22:01

My biggest concern at the moment is what exactly the UK government is negotiating for as I'm reasonably sure we're not high up on the list. Let's not forget that we're the ones with a parent bank guarantee not the councils, charities and universities that I keep hearing about. But it's the funds 'invested' by these institutions that dear Gordon is almost certainly trying to secure at the moment. It would be nice to know our position should the Icelandic Government decide to go ahead and 'honour' these investments despite the lack of guarantee whilst freezing us out at the same time.


What are the options?

  • 1log
  • 10/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 22:25
  1. IOM guarantees 100%
  2. Kaupthing gets the Russian backing and honours the guarantee. (UK govt needs to get this sorted on IOM's behalf)
  3. UK govt guarantees us 100% similar to UK depositors (only reasonable)
  4. KSF is taken over by a viable bank, in which case it becomes the safest option. (If the Kaupthing uk assets are available (60%), although with liquidation, god knows how much! to KSFIOM accounts from its assets, a takeover is practical I guess, since the taking over bank's liabilities are markedly less)
    As voiced before, with both Iceland and IOM out of EU, I am very concerned that the UK govt has to step in and be our saviour. ANY THOUGHTS ON THIS?

Options

  • Diver
  • 11/10/08 31/05/09
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  • Sun, 12/10/2008 - 22:42

I agree that these are the options...thoughts:

1) Will never happen because they simply aren't in the same league to be able to do this.
2) Kaupthing, IMHO, will indeed get Russian backing but they'll pay off their own nationals first and even if anything is left over I'm not sure they'll be in a hurry to get to us.
3) I'm thinking this has to be our best hope...along the lines of 'we've spent this much and come so far bailing out all these banks will one more branch make that much difference?' - I realise I'm being very optimistic here but it helps me sleep :-)
4) Agree this would be a nice option depending on the terms but I'm not sure any other bank is in a position to or would want to take any risks at the moment. IOM is a poisoned chalice at the moment which is probably why no one is really talking about it because no one wants to take responsibility.