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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Sleepless I agree its a good

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 20:57

Sleepless

I agree its a good idea but how do we propose it in a sensible way to those that could action it?


re: EXPAT i do not understand

  • sleeplessnight
  • 10/10/08 30/06/09
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  • Fri, 10/10/2008 - 20:52

re: EXPAT
i do not understand the active rush to set up this website and the many postings on other forums and now everybody has gone quiet. Surely nobody believes that the victims of this crisis can affect any takeover bid or proposals to the UK Gov for assurance from the IoM Gov by discussing the situation aloud on the forum? As somebody rightly pointed out we are only a small representation of the fiscal proportion of interests (remember there are consortiums with millions at stake) but the common voice is that which will move both Govts to appease us.

I have experience in 'Administration' issues and a proposed Administration rather than takeover would obviously be preferable to us all as I wholly doubt the coffers to have enough to cover a drop of what we have lost, and it is true that some businesses born from administration can sink as soon as launched due to panic and adverse talk BUT we were generating good ideas between us, particularly that of us co-operating to endorse the scheme of fixed term on all our deposits to make an administrative purchase more favorable (especially to IoM Gov.) now that has ceased entirely it seems?

Please those interested in this option reiterate interest. This would not harm any possible merger, takeover or likewise.

We have all come to this website to source solutions any empathy.


EXPAT

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 19:43

People there are some posts on the Whats being done forum from some one called EXPAT. Read them!!!!!!
It does make a lot of sense and we may end up getting the wrong result from all this publicity, this needs to be managed.
Just think about it, lets not cut our noses of to spite our faces


There are also some comments

  • go mann
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 20:04

There are also some comments elsewhere that suggest that EXPAT ... oh, never mind, it's all beyond me after the day I've had.

Have the best weekend you can, folks.


You are quite right, in a

  • go mann
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 19:50

You are quite right, in a general sense.
However, if this is actually McRandle, he's a sound and sensible person who does NOT do a sensationalist "Today's dramatic story" and then walk away.
He's a bloody good egg, actually .... and I don't say that about journalists lightly [if ever, apart from him].


EXPAT...be calm

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 19:55

If we were to cause a run on banks in the IOM by our actions, we have only got ourselves to blame for it.
There can be no more than 30 million worth of loosers on this site. At the meeting the total accounts still held were estimated to be 86 million.
Where are the remaining 56 million worth of loosers
They are obviously doing something somewhere!!!


@pipho

  • go mann
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 19:40

@pipho ... I have Mr McRandle's correct email from today's JEP. Before I publish that, what's your validation, please? Your formatting is also suspect [I'll say no more than that].


Jersey KSF depositors

  • Anonymous
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  • Fri, 10/10/2008 - 19:48

Hi

Apologies copied, and pasted incomplete email address, mobile number however is correctly posted.
Not sure what you mean by validation? I am a KSF depositor with £50K at stake which was an inheritance from my father. You ?


Ah ... so you're stirring Mr

  • go mann
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 19:57

Ah ... so you're stirring Mr McRandle's pot for him, without his knowledge. Naughty.

Me, I'm a Jersey resident too, and I've independently validated the mobile number from a [someone], and I'm a KE(IOM) [not KSF] depositor as well [as you can see if you read back] who has also lost funds.

Whilst I'm sure Mr McRandle has an interest in the story [as he and Mr Sibcy are writing about it], I think it inappropriate for you to invite comment on his behalf just because you've read today's JEP. Let's keep this clean and sensible, please.


GO-MANN

  • Anonymous
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  • Fri, 10/10/2008 - 20:16

Think you have misunderstood. I spoke to Harry McRandle earlier today and he told me that if I knew of any other Jersey residents that had lost money in Kaupthing to let them know that he would like to hear from them, if indeed they wished to make contact. It is a simple as that, if you wish to contact him, then that is entirely up to you.


REPOST FROM IOMTODAY.CO.IM - FORUM

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Fri, 10/10/2008 - 19:37

Reposted from IOMTODAY FORUM - AS REQUESTED IN THE ARTICLE

http://www.iomtoday.co.im/your-shout/Financial-crisis-and-IoM.4544715.jp

This link is worth checking out - you will need to register to have full access to post on "yourshout" Forum.

Quote.........
FRIDAY, OCTOBER 10, 2008 17:47: Sorry can't get register on www.ksfiomdepositors.com , password is never sent. Not in junk filters either??? Someone please fix it! Also thanks BARRIE from Douglas, great patriotic encouraging message. I'll start doing my homework. Right now it's being spent on finding the missing CHAPS payment. Funny you mention the USA law. My direct ancestor and name sake was the US lawyer who first argued against the Writs of Assistance, that sooner sparked the battles that separated the colonies from the crown. His brother was first Secretary of State, so the genes are there to put up a good fight, anyone would agree!
Update: (please re-post on www.ksfiomdepositors.com) I just spoke to an insider in a London Bank back office in the payments section. He was able to access the Banker Almanac for Monday and Tuesday. All KSF (IoM) payments went first through KSF UK, as an MT103 message, being an Agency Bank it would be forwarded another UK main street bank, KSF UK uses NATWEST, (not HSBC) as their clearing Bank in the UK for BACS and CHAPS payments who would forward this on to sent to the account holder for credit. I just spoke to someone in the payments team with HSBC back office in the UK who could check some of previous cleared payments. BACS and CHAPS arrived from NATWEST through HSBC. The payment came from KSF LONDON after it was sent from KSF (IOM). AS I understand there were several things happening at that time. Kaupthing LONDON from was in the process of getting shut down. All assets where being seized by Darlings orders, the outgoing payments in the system were stopped. At the same time all UK banks were setting up sanctions to stop or 'quarantine' payments from ICELANDIC Banks. Payments could not get through if they did. We did not stand a chance of getting the payment here in the UK, this week. The sad thing as I am told is that even if the payment message is found now, the funds are not attached to it, because the credit cannot be cleared by the receiving bank now because the credit no longer exists. It's not worth the paper it could be printed on. This is why sanctions were being put in place, because UK Banks did not want to get caught with crediting funds to customers they could not get credited now. The only good side of the argument is, that the payment message was cleared and with KSF (UK) and in the UK system. The only reason we did get them is because the UK Gov stopped the KSF from forwarding it. We need to prove this however. Even though KSF IoM cannot give us details of the MT103 they were able them into APACS system to begin with. The onus is on KSF UK, not KSF IoM and they will have records of every MT103 with credit and show if that credit was taken into their banking system, that came from KSF(IoM)CHAPS payment to another IoM Bank made it because it went through HSBC Douglas without a problem. Other clearing to Foreign Banks were SWIFT. USD was cleared through Deutsch Bank, USA. EUR though Deutsch, DE. But as is for payments in UK, the UK Government is solely responsible for the loss. The credit was there when payment arrived at KSF London. Meanwhile KSF UK customers get there money back 100%. But …. The biggest trouble is problem is KSF IoM holders like myself we are either ex-pats or foreign nationals, using the important tax advantage of the offshore system. So, along with the non-dom debate, we don't get much sympathy, or support here. It just drops between the posts. I think we need IoM and Tony Brown to help prove this and we must all band together to fight this issue and as UK residents remitting funds to the UK that actually arrived here and were stopped by protective measures of UK for the purpose of protecting UK account holders (us) In this process we should not be frozen out of the FSCS or other UK Government compensation. We need good knowledgeable help to rage this war with the help of the press to make it known.
JAMES, UK
........Unquote

Not quite sure if this means we may still have hope for funds tranfered and confirmed before the plug was pulled or that we have a grounds for a case with HMG for freezing the funds once they had been sent from IOM??

Please post / reply with your opinions......


"Blocked" payments in the UK

  • Iwantmymoneyback
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 20:56

James,

I also had my transfers blocked in the UK and it is because of Darling's seizure of UK assets that we did not get our funds. It seems to me that the UK should either release these funds, as they have nothing to do with the UK, or accept to compensate us for those funds in exactly the same way as UK depositors, ie 100% guarantee. And this would mean fewer claims on IOM assets, hence a better chance for every IOM depositor to get their money back. Any other views?


Hello - McRandle's email

  • go mann
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 19:34

Hello - McRandle's email bounced as Spam?
Weird.
Mobile not working either.


Mr McRandle, you have an

  • go mann
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 19:31

Mr McRandle, you have an email inbound!
Good to find you here - one of the few journalists I would shake by the hand!


UK Income tax

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 19:12

I was paying UK income tax on money that I may now not have, does that mean I can reclain the tax back from Inland Revenue? Does this also mean that the Inland revenue is also owed money and therefore would be in the governements interest to persue this money?


Jersey KSF depositors

  • Anonymous
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  • Fri, 10/10/2008 - 18:51

Are there any Jersey residents out there who have lost money ? If so Harry McRrandle of the JEP would like to hear from you. He will be publishing an article on our plight and the more of us he hears from the better! Please contact him, details below:

His numbers are 611634 (DD office) and mobile 07797 755158. Any information will be treated in confidence, no names will appear unless permission is given. His email address McRandle(?)jerseyeveningpost [dot] com

Thank you


On sky news there was mention

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 17:50

On sky news there was mention again about Icelandic prime minister saying they will honour their obligation to U.K. investors but they will require help from the U.K. goverment.
It then said that this maybe done by making use of Landsbanki's assets to cover the debts


Another article on the

  • frog
  • 10/10/08 13/09/09
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  • Fri, 10/10/2008 - 17:40

Another article on the Icelandic situation here:

http://news.bbc.co.uk/1/hi/uk_politics/7663596.stm

Note the last set of comments! This means us I would think?


This should be noted and publicised by the gov't

  • humphrey
  • 10/10/08 01/03/11
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  • Fri, 10/10/2008 - 17:14

Re: The Northern Rock Bailout.

So far half the money that was borrowed to bail out the Northern Rock has been paid back to UK gov , in about six months.

This could happen with the Icelandics too.


BBC News

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 17:04

Just seen on the BBC news that the total ammount of money caught up in U.K. seized Icelandic banks is 8 BILLION.

Now tell me what sort of impact is our 86 million going to make on that!!!


Just to clarify, the

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 17:20

Just to clarify, the Icelandic goverment have 8 billion of saving from U.K. accounts.
A very stressed and humble Icelandic prime minister stated that they woul honour their obligations but would require some help from the U.K. goverment.
Then it cut to some Icelandic woman taking some money out of a cash point!!!!


daily mail reply

  • madmax836
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 17:04

Hi Charlotte

have lost £140kwith Kaupthing IOM. My investment is through Royal Scandia an offshore bond (based in IOM).

I faxed Scandia to withdraw the money (140k) from Kaupthing (IOM) on Tuesday 7th oct (got a receipt) I also phoned (Scandia) on the Tuesday to confirm, they (Scandia)said the transaction would go through on wed 8that 11am. However, I got word via my FSA on Thursday 9th Oct that the transaction didn’t happen !

Surely the British government must help us we are British citizens who are caught up in a Political war. How can they help mainland Britain but not IOM, surely this is not right or fair.

Best regards

Archy


"Surely the British

  • jamesuk
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 17:14

"Surely the British government must help us we are British citizens who are caught up in a Political war. How can they help mainland Britain but not IOM, surely this is not right or fair."

Because the Isle of Man likes to distance itself from the British government at every opportunity, and pick and choose which parts of the UK laws and which parts of the EU it wants, but then when it needs something or something goes wrong it comes running back crying. If we want the Daily Mail to help, maybe we should tell them that immigrant workers at S&F had stole the money so that we could get a headline and some real attention!


Isle of Man

  • jamesuk
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 16:59

What fills me with hope is that the Isle of Man surely has everything to loose on this. As an investor via one of the Islands life assurance companies, i'm aware that the island likes to promote itself as a safe place to let my capital grow. Whilst the compensation scheme for life companies failing seems to be sterling, the treatment of clients and life companies by the depositors compensation scheme is anything but. What message of confidence is it sending if customers loose millions on S&F? Thats not a good sell for any financial adviser using an Isle of Man based life assurance company and not a good advertisement for the Isle of Man banks. The only way to instill confidence is for some sort of bail out or decent compensation to be created. The island is a small place with a small number of companies, so the reputation of one company will have more influence over the others than it would in say London. If investors/depositors loose on S&F then all confidence is lost and clients will pull their money one by one from the other islands banks. This would mean disaster for the finance sector there and closure after closure of IoM financial companies and so disaster for the island overall. Without the banks what would there be on the streets of the isle of man? The life companies wouldn't have the selling point of corporate deposit rates so why not just invest in other juristictions? The island would be left with empty offices and less residents leading to empty shops and rock bottom house prices. Theres surely little tourism left and little else in the way of an economy there. I think i read somewhere once that out of 70k people the largest employer was finance and then the next was government/council workers? Surely the IoM government will act - it has much to loose?!


IMO responsibility

  • bellyup
  • 10/10/08 09/01/10
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  • Sat, 11/10/2008 - 07:21

I do hope that the IMO will be proactive in this.
Having banked with them for years with the Derbyshire.
I feel so impotent in this matter.
Strangers have access to my financial affairs , they have taken my life savings ignored my intructions and now all that is left is silence.


U.K. goverments actions were reckless

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 16:51

Just a thought but if the U.K. goverment dont manage to sort this mess out and it can be proved that the goverments actions directly resulted in the collapse of the bank, would they not be open to legal action for their actions?

Ideally they should acknowledge the consequences of their action and sort it out for us, whatever it takes


UK GOV ACTION CAUSED COLLAPSE

  • mikepapa
  • 10/10/08 n/a (free)
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  • Fri, 10/10/2008 - 18:08

As I understand things, KSF only went down because HMG seized Iceland bank assets in UK. Since most of KSF IOM money was deposited in UK they [ KSF ] were not able to handle the run on the bank in the last few days as the funds were locked up by HNG in UK.....and therefore had to call in the receiver.

In my opionion, it would appear it KSF - IOM was OK until Gordon Brown / HMG pulled the plug.
Since the amount is only +/_ 80M I would think HMG should be honourable and cover the KSF IOM, the same as they did for Kaupthing Edge UK.

Am I correct in my reasoning above?

Class action against HMG maybe......comments please.


80 Million?

  • bellyup
  • 10/10/08 09/01/10
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  • Sat, 11/10/2008 - 07:23

Where did you come up with this figure?
It does seem small comparatively speaking .


This would appear to suggest

  • Dominic Charles
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 19:29

This would appear to suggest that that is not the case:

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


madmax

  • madmax836
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 16:25

I have lost £140k. My investment is through Royal Scandia (based in IOM).

I faxed them to withdraw the money from Kaupthing (IOM) on Tuesday 7th (got a receipt) I also phoned Scandia on the Tuesday 7th to confirm, they said the transaction would go through on wed 8th. I got word via my FSA on Thursday that the transaction didn’t happen !

I add my support to the suggestion for leaving your savings alone for a fixed period.

Thanx to everyone who is contributing to this site, we must never give up. If we all voice our opinions and story, someone somewhere will listen and hopefully Brown and Darling will react accordingly and do the human thing and help us. After all we are British citizens caught up in a political war.


Company Accounts

  • JS
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 16:18

My account was a company account. I had to set up a company bank account for my work which I perform in various countries. I am the only one in the company ie its my personal savings. Is there anyone else in a situation like this? How else is our plight different? I understand I probably wont get any compensation because of this if it gets to that point. But I wanted to set up a new thread for companys but didnt know how.


Iceland: Fugitive Nation?

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 15:47

Now that HMG has been requested by Douglas to pursue legal claims against Iceland, it may be useful to give some thought to the the issue of asset seizure before legal instruments are made availble facilitating these ends. Some may raise their eyebrows at this, but I have some interest in 'rogue states' such as Iceland and how to curb their activities.

Back in the 1960's, Southern Rhodesia had similar problems and proved remarkably adroit at evading legal barriers and sanctions via a secondary control centre in Switzerland. South Africa developed these skills further. I note that Kaupthing Switzerland is still active and I have no doubt that the ruthless men in Reykjavik are making plans accordingly. Although Iceland is a NATO member, its willingness to turn to the Russians for aid has shocked its allies. Iceland also suffers an achilles heel -- its island remoteness. Ships and aircraft are valuable assets and, with approriate legal instruments, their seizure and sale would increase pressure for negotiation. Naturally, Iceland will have increased its computer security to prevent untoward activity, but a prolonged regime of property and asset insecurity will have an effect.

Nonetheless, we should remember that the vast majority of Icelanders are completely in the dark about what has occurred and we should offer them our sympathy and support. The issue here is with what appears to have become, under extraordinary political pressure, a rogue regime for which all respect of international law has been sacrificed in the pursuit of expedience. As the Prime Minister Geir Haard said, 'It's every country for itself'.

Naturally, it is too early for any actions, but we should all begin to take a close interest in the Government of Iceland and its efforts to conceal assets and evade creditors until it is willing to engage in an honest effort to live up to its responsibilities while avoiding the ruin of Iceland's economy, an outcome none of us would seek for a country that is as much a victim as the rest of us.

VikingRaider


sympathy for Iceland? You have to be joking

  • sosnovka
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 16:02

Begging your pardon, but my heart bleeds for poor Icelanders.
Iceland has been named one of the best countries to live in until recently according to numerous surveys. Nice life style if you can get it - on someone else's bill!
And I face ruin after prudently saving.

"an outcome none of us would seek for a country that is as much a victim as the rest of us."

Speak for yourself please.


Sympathy for Iceland

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 17:24

From all the letters to newspaper editors by Icelanders writing in to say their government has gone nuts, the tenure of Mr. Haarde at the Prime Minister's residence may be brief and a negotiated arrangement not foo far in the future. He really is overplaying Iceland's importance to NATO as a bargaining chip -- one of the few he possesses -- but don't underestimate him; he is very experienced, bright and tough and more than a match for Golden Brown


This has come from Kiwi38

  • Devastated
  • 10/10/08 31/05/09
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  • Fri, 10/10/2008 - 15:20

This has come from Kiwi38 from one of the other forums who cant log in here. I for one am in agreement.

Does anyone know the real size of the issue? Is it £500M? If it is then this is a drop in the bucket compared to the overall size of the bailouts recently announced in the UK.

Again, the UK Government triggered this situation. One solution is for them to come in and simply say they will underwrite all deposits but that we will not be allowed to access our cash for 1-2 years (as advocated by nealjohnsonuk) so that there is no immediate cash call on them. This gives the UK Gov time to understand the issue and sort it out directly with Iceland under their parental g'tee. Remember all IOM depositors were de facto depositors with the Kaupthing UK operation as I am informed that c.60% of the KSF IOM cash was loaned to the UK operation - the UK Government has guaranteed all UK deposits so why not ours as we were depositors albeit via the IOM office?

This way we are all safe, the UK Government doesn't need to find any immediate cash, and it can be settled in time with those legally and morally responsible under the parental g'tee. Politics are tangled up in this mess and this solution allows the politics to run their course whilst we are protected. I am not sure where this will end up but surely in time once this process has run its course the UK ledger can be balanced with some fishing or mineral rights if Iceland will not live up to its international committments. There will be little international support for Iceland and plenty for the UK if they step in to sort out this mess.


PWC

  • JS
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 15:57

PWC (pricewaterhousecooper) need to get moving on this and start talking to us. I've left my details with the office and they say they will call. We've got to hope the global markets turn around soon, the problem can't get any bigger for the govt. DOW down another 500 points at the moment.


What is the size of the Deposit Pool?

  • Microinvestor
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 15:37

Pure speculation;
KSF - IOM probably has a Deposit Pool of 500 Million or so and loans of an insignificant amount.
In an ideal world, provided the parent guarantee is valid and enforcable this is a good target for a bigger bank.
Fingers crossed this nightmare might end soon.


This sounds like an excellent

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 15:25

This sounds like an excellent resolution to this whole mess
Only problem maybe the goverment will worry it will set presitence, whoever i think this is slightly different, unless the U.K. goverment plan on going round sinking any other banks by their actions


In earlier messages on the

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 10/10/2008 - 15:23

In earlier messages on the MSE forum Dave Braddan, who attended the meeting in Douglas, reported (although he couldn't be sure he'd got the figure correct), that it was around £80 million


86 million is the rough

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 15:26

86 million is the rough estimate i believe


uk media coverage

  • agaryh
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 15:02

is any one available to meet the bbc northwest film crew on monday in douglas ?

i have explained our plight and they are really keen to cover this- unfortunately i am off island at the momentso cant do it


I believe Dave Braddan who

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 10/10/2008 - 15:21

I believe Dave Braddan who posted earlier lives there.


One huge scam?

  • FROZENFUNDS
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 10/10/2008 - 14:04

I'm beginning to think like many others that we have all been taken for a ride by the Icelandic Government, rather than the Icelandic banks. It must have been clear to the authorities there that they were stoking up huge potential debts out of all proportion to the size of the national economy by attracting in vast sums of money at high interest rates. I suppose one could offer 25% annual interest rate if you have no real intention or capability of ever repaying the capital.

Personally, with savings long held in good old fashioned S&F I didn't realise that I now had my money lodged in an Icelandic Bank - ironically I had screamed at my son for his total foolishness in placing his £40K flat deposit in Icesave only three weeks earlier and made him move it out immediately which he did, despite him insisting it was perfectly safe as it was "guaranteed".

One also feels that alarm bells should have rung much sooner in the FSA or Treasury - or did they know and kept quiet in fear of creating a rush of withdrawals.

We should send in the EU fleet and hold Iceland as collateral for the massive debts they owe us. More likely, the country will be taken over by the Russians who will bargain from strength for a strategic base and fishing rights in Icelandic waters. Whichever way, Iceland is a busted flush, living high at our expense. Nobody will ever want to do business with them again - they have become the lepers of Europe.


'EU Fleet'

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 11/10/2008 - 11:21

What abomination is the 'EU fleet'? The French, Swedes and Danes are observing the situation with a a combination of bemusement and schadenfreude. What is more interesting is that the Nordic countries have so little sympathy for Iceland. Despite burgeoning coffers, Norway has remained tight lipped. If the Haarde government collapses, things may change rapidly.


Russia taking over Iceland

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Sat, 11/10/2008 - 07:27

Personally I dont care if they do as long as they pay for it.
Iceland has been guilty of theft on a grand scale without a thought to the lives it has ruined.


one huge scam

  • sosnovka
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 14:14

Yes, I agree entirely. The Icelandic government has committed fraud and should be tried for it. There has to be a jurisdiction somewhere!
What angers me most is the constant lies out of every bigwig's mouth.


Kaupthing documents

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 13:55

All - see the Contacts section to download all the Kaupthing Isle of Man documents such as terms and conditions, brochures with guarantees, etc...

http://www.ksfiomdepositors.com/cms/?q=node/27


WANT TO TELL THE DAILY MAIL YOUR STORY?

  • beugge
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:21

I'm doing a piece for Wedneday's Money Mail on the offshore problem. If any of you would like to tell your stories, then please email me. Phone numbers would be a help too. Given the lack of help we're having from the liquidators. any ideas about the numbers affected would be a help.
Charlotte Beugge, deputy editor Money Mail. Email address: c [dot] beugge(?)dailymail [dot] co [dot] uk


KSF IOM

  • phoebe
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 15:05

We have (or rather had) a deposit with KSF IOM which was placed through a Collective Investment Bond we took out with Royal Skandia in IOM. We are told by RS that they are treated as a single depositor for all deposits placed by them on behalf of policy holders so any compensation they may receive under the compensation scheme will be limited to 50000 pounds I believe. We have simply used RS as a vehicle to deposit the money but seem now to be completely unprotected. We live abroad and it is ver y very difficult to deposit money in UK banks etc unless you have a UK address. That is why we invest off-shore. We pay UK income tax and there is a deferred laibilty to tax on any investments within the RS bond. I still pay NI contributions. Why on earth should we be treated any differently to the UK investors who now have their deposits secured safely and indeed any differently to other investors who may be covered under the IOM compensation scheme?


see the following: Isle of

  • Dominic Charles
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 19:37

see the following:

Isle of Man’s Authorised Collective Investment Schemes’ Compensation Scheme ("ACISCS")

The Isle of Man also has a scheme to compensate investors in authorised collective investment schemes. A summary of the cover provided by the ACISCS is as follows:

*

  The ACISCS partially compensates you if an authorised collective investment scheme in which you have invested fails to pay you when money is due to you.
*

  Compensation may be due to you if a manager or trustee of an authorised collective investment scheme fails to repay you when required by the terms of the scheme.
*

  Compensation payable is as follows : 100% of the first £ 30,000 90% of the next £ 20,000 with a MAXIMUM Compensation of £48,000.
*

  Compensation is paid out of levies collected from other authorised scheme managers and trustees ("authorised persons") in the Isle of Man. There is no "standing fund" of compensation (i.e. money is not collected in advance).
*

  All authorised persons in the Isle of Man are members of the ACISCS. A list of these is on the FSC’s website.
*

  The legislation for the Isle of Man’s authorised collective investment schemes’ compensation scheme can be found on the FSC’s website.

Taken from http://www.gov.im/fsc/investor/dep_comp.xml