Have you seen amended DCS on Public Site?

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
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Posted: Wed, 25/03/2009 - 09:14

Have you seen DCS amendments on Public Site?

http://www.gov.im/lib/docs/fsc/PressReleases/compensationofdepositorsreg...

232/09 changes made in red, March 09.

May be of interest !

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EPS

  • vikingvictim
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 25/03/2009 - 10:24

from the new DCS version:

10A Adjustment of compensation following an early payment14
(1) In computing the amount of compensation, the eligible protected deposit shall not
be reduced to reflect any assignment of the depositor’s rights under the Early
Payment Schemes.


Amended DCS

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Wed, 25/03/2009 - 10:11

Looks like they suddenly thought "what happens if the SoA fails and the DCS is needed, we had better update it after all, to claim our EPS money back, otherwise we might be in the brown and smelly stuff" Its good to know that IOMG are on the ball and always keep up to date with current events.


DCS amended

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Wed, 25/03/2009 - 11:04

Tricky D--tongue, cheek and firmly come to mind!

The back room boys have scored a home run on this one.

As I read it, the 50,000 limit has been made permanent--ie no regression to 75% of 20000 at the anniversary.

Somebody has done their sums and since this emanates from the AG's office, it would appear that sphincters are tightening.

Maybe, just maybe, the light of early Spring is illuminating the dark corridors of power and the efforts of people like Canaan are bearing fruit.

Is this a crack appearing?

The veneer of good will and sympathy and doing the right thing is paper thin anyway from the IOMG.

Is it too early to say that they are getting the message?

We can send info. round the world in seconds, but sometimes it takes years to penetrate an inch of skull!

Bob in Davao


EPS2

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Sat, 28/03/2009 - 14:19

To the ones who still think the SOA is the way forward and have claimed the £9K, has anyone actually got any money yet?, if all the forms were sent out about the same time, so living on the IOM in theory I should have been one of the first to get it back, it was also approved as I have rang them so has anyone of the approved lot been paid yet?


Nope

  • chris watson
  • 23/10/08 31/03/10
  • a depositor
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  • Sat, 28/03/2009 - 14:32

But, when I rang them earlier this week, they said my application had been approved too and that I should receive 9K by the end of the month/end of next week.

Not sure why you have addressed your post "to the ones who still think the SOA is the way forward", though?


chris

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Sat, 28/03/2009 - 14:39

Because i believe the SOA is, cant see why it takes so long to make a payment ?


£50,000 DCS guarantee timeline

  • Anonymous
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  • Wed, 25/03/2009 - 12:25

Hi bobwin,

While the new DCS document (like the previous one) does not specifically state an expiration date for the £50,000 maximum guarantee, I would suggest that it is still limited to the October 2009 cut-off date. Refer to sections 12 A - Treasury funding and 12-(9) & (10).

As I indicated above, the previous DCS document didn't make a specific reference to the £50,000 cut-off date either. The only reference to an expiry date that I have found was in a DCS guidance document published by the IOM government to provide a general outline of the Depositors' Compensation Scheme in layman's terms. I have pulled the following from that document---

"• the amount of any payment made to a depositor under any scheme for protecting or assisting depositors or investors in respect of the relevant eligible protected deposit or any dividend or distribution relating to that deposit.
It should be noted that under the current scheme on 23rd October 2009 the maximum level of compensation will reduce to £20,000 for ALL depositors. In other words, if the DCS is activated in the first 12 months of the Regulations, the higher sum for individuals will apply irrespective of whether it may in reality take more than these 12 months in which to fully pay out this higher sum. If a Participant defaults after 23rd October 2009" then the maximum compensation for all depositors will be £20,000.


DCS 50,000

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Sat, 28/03/2009 - 11:40

20 Words inserted by regulation 9(4)(a) of SD 232/09.
21 This paragraph would have ceased to have effect on the first anniversary of the approval by Tynwald of the 2008
amendments, but was made permanent by regulation 13 of SD 232/09, subject to the amendments made by that instrument

I think this says permanent under 232/09--am I wrong?


IOM document re: £50,000 guarantee

  • Anonymous
  • Offline
  • Wed, 25/03/2009 - 13:41

I should have identified the link regarding the time-frame of the £50,000 DCS guarantee. The document which states that the DCS must be activated prior to 23 October 2009 in order to qualify for the £50,000 guarantee can be found on the DAG's main website under http://www.ksfiomdepositors.org/category/10/671/694 which in turn refers you to the document on this IOM government link-
http://www.gov.im/lib/docs/fsc//guidancedcs.pdf