Iceland must look after depositors, says Prime Minister - This article posted on October 22, 2008 at 1:00 pm, filed under News.

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
  • Offline
Posted: Wed, 22/10/2008 - 13:29

He was pushed on the issue during a Common’s debate by Conservative MP Graham Brady.

‘What is the Government doing to protect the interests of the many British people who hold deposits in Icelandic banks through branches in British dependent territories such as Guernsey and the Isle of Man?’ asked Mr Brady.

Mr Brown said that discussion on those matters were continuing with the Icelandic authorities.

‘We believe that they have a responsibility in this matter and we will continue to pursue that with them,’ he added.

Last week it was announced that the UK would support the Crown Dependencies in their dealings with Iceland as they worked to get savers their money back after the collapses of Landsbanki and Kaupthing.

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Maintaining the Pressure

  • Ian in Oz
  • 22/10/08 21/06/10
  • a depositor
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  • Thu, 23/10/2008 - 00:24

I have written to Graham Brady reiterating the points raised. I am similar to others in the group that am prepared to put the work in but need guidance from those who are better equipped.
How about a "TO DO" page or forum. So we know what to raise, with whom, their contact details etc?
This can be a distillation of ideas which are filtered and can direct us to action.
I am spending more time "reading" than "doing" and I'm sure many depositors are in a similar situation.
Well done to those who are coordinating this effort. I am happy to help with costs and will give the main contributors "a bonus" in the event of a successful outcome!
Don't give up - look how many hours it's taken to earn this money that has been stolen (legally?)


WRITE TO MP GRAHAM BRADY

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 14:41

I have already sent an email to Graham Brady:

crowthers(?)parliament [dot] uk
office(?)altsaletory [dot] demon [dot] co [dot] uk

Bringing forward two questions:
1. Who was ultimately in control of the decision to send our £600 MM to the UK for safe keeping, the IOM or the UK regulatory body
2. If the UK government intend to return our frozen funds or instead has ceased them to finance the ING deal

I suggest as many of you as possible send similar questions to him to make sure we get through


Thanks to Graham Brady MP and keep pressure up

  • mike-r
  • 16/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 22:41

Yes - good to hear -have emailed him , my local MP and UK-GOV.

Dear Graham,

As a UK Tax payer /saver and voter I must firstly thank you for raising the question to the PM about the precarious status of hard working peoples money who's honest saving are in desparate jeopardy. Please keep the pressing the question as there's thousands of honest UK /average people watching and waiting.

Our life savings are now locked in a legal iceberg.....and its not defrosting !!!

Key question :
When is the UK government & Treasury going to redeem the situation and make amends/guarantees for the savings of UK tax payers that HM Government has directly impacted and return them 100% ?


MP G Brady

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
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  • Wed, 22/10/2008 - 19:56

Thanks for the links - mailed and thanked him


Brady questions

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Wed, 22/10/2008 - 15:48

According to John Aspden's recent interview It was the IOM FSC which directed that the funds be sent to KSFIOM following consultation with the UK financial regulatory authority. ( a joint decision??)


URGENT INFO NEEDED FOR RADIO 4 PROGRAMME

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 09:16

Where is your source for this?


Klauseriksen

  • 491
  • 11/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 10:02

I just posted full text and link under General Discussion.


RADIO4 Where is the source for the amount transferred to London?

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 10:13

I have read many places about somewhere between £500-600 Million were transferred from IOM to london. Can anyone give me a source for the correct amount?


source for £500m

  • Knife Edge
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 10:40

If you look in the the documents filed at court for the provisional liquidation, you'll find the data in the petition - see http://www.gov.im/lib/docs/fsc/PressReleases/kaupthingpetition091008.pdf


this link from Manx

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 10:19

this link from Manx radio.
http://www.manxradio.com/readNEwsItem.aspx?id=26996
Note, "...Aspden has described how funds were switched from Reykjavik to London when the liquidity of the Icelandic bank was called into question". Full text from website below. There is another report (looking for it) of how this was commenced as early as "the Spring". Please keep in mind this decision may turn out to be genious IF we get it back - because if it was in Iceland right now, we'd have a 550 mil legal claim against a 3rd world fishing village. Lets get the facts. Blair "A fuller picture is emerging as to how millions of pounds in assets from Kaupthing Singer and Friedlander (Isle of Man) were placed with the bank's United Kingdom operation, only to be trapped there when it was put into administation.
Chief Executive of the Financial Supervision Commission John Aspden has described how funds were switched from Reykjavik to London when the liquidity of the Icelandic bank was called into question.
But 'the gate came down', the funds were frozen in the UK, and are now effectively trapped there.
Political and legal moves are underway to have them returned.
Mr Aspden (pictured) says the FSC made a crucial decision in the bank's best interests, but could not have foreseen the outcome
He also says all creditors have to be treated equally and the Isle of Man can't expect to be a priority:
"The idea of just lifting out assets from London and repaying them to the Isle of Man, whilst appearing very attractive, could mean that the Isle of Man would be getting priority.
"I know that lawyers are looking carefully at the basis on which funds were placed with the London bank, to see whether such a segregation or prioritisation might be justified, but at the moment I think it's premature to presume that could happen."
Transcription of separate extract taken from the same interview:
"With the benefit of hindsight it might have been better originally if the deposits had come back from Iceland and not been put in London, but at the time this was something that we had discussed with the regulatory authorities in London. They were placed with a bank in London for deployment within regulatory norms, so I think it was a prudent decision.
"(It's) easy to look at with the benefit of hindsight, but at the time no one obviously knew what was going to happen


Is this fantastic news?

  • Anonymous
  • Offline
  • Thu, 23/10/2008 - 10:35

This kinda looks like really good news. Or am i missing something?


read below for petes sake

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 10:16

read below for petes sake john aspen on radio manx the script is here as well


thanks blai 'cos i just

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 10:06

thanks blai 'cos i just released it to the press hounds!!!!!!!!!!!!!1 gggrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr


Info For Radio 4

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 09:24

John Aspen, Isle of Man Financial Services Commission Boss told Manx Radio's Mandate programme on Tuesday that the FSC intervened as early as Spring 2008 against the overnight transfer of KSFIoM funds to the bank's troubled and now nationalised Icelandic parent, Kaupthing hf, instituting an overnight transfer to London instead as a precaution. Explaining that Douglas had not received an early warning of the United Kingdom government's decision to freeze KSF assets, Aspen said 'It could have been an oversight, it could have been a policy decision, I don't know … I think it was unfortunate that we were not taken into consideration when the assets of the London (KSF) bank was frozen (but) the idea of lifting the money out and giving it to the Isle of Man may have been seen as giving priority'.
Aspen said the FSC is currently in negotiations with HMG to unfreeze KSFIoM deposits.
For more info, see Manx Radio, Mandate (Tuesday)


Aspden radio comments...

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Thu, 23/10/2008 - 09:53

This admission whilst 'good for the cause' is somewhat loose and ambiguous in my opinion. Is he saying that the assets were moved to London in the Spring? Or that a drip feed of assets has been going there over the intervening period? Would not Kaupthing H.f. have had something to say about their assets being relocated to the UK by the IoM FSC - if indeed this had been the case for the past several months? Such intervention would also indicate that the FSC had prior knowledge of the bank's difficulties and did nothing to alleviate the situation. This would be at odds with more recent assessments of the banks solvency.

That they did not receive prior notification from HMG of its intention to freeze assets is hardly credible. HMG froze assets under the Anti Terrorism Crime and Security Act - which was not in force in the IoM. Aspden jumps a step or three with his interpretation of the Isle of man being seen to have priority over those assets; if the FSC (under direction) had not removed the assets to the UK, they could not have been 'taken' under normal law. Putting them into UK jurisdiction was giving them up for seizure to be included in the domestic deposits of the UK. We can speculate that this act was most likely committed very shortly before the suspension - and before Kaupthing H.f. knew about it. FSC are responsible for this action but they didn't do it autonomously I'm sure - they don't answer to the Tynwald either...


Thanks

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 09:41

Many thanks, I think we are on to something here. I am currently corresponding with Nick Martin from Radio 4 who has shown interest in this. Would be good to get some cold facts about the UK governments role in this into the programme.


john aspen of the fsc

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 09:20

john aspen of the fsc admitted it on a iom radio broadcast this week!! sorry i don't have the link but its here somewhere! yes interesting that eh?? he said it was a case of the money going to uk or icelans, the plit thockons!!!!


Good news

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:57

That is very good news indeed as this means the UK financial regulatory were involved and hence have a much weaker case trying to hold on to the money


emailed to Graham Brady

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Wed, 22/10/2008 - 15:38

I have sent a question about HMG's responsibility.
Why him? - because he appears to be the only one so far who has raised our case in parliament.


re write to MP Grahm Brady

  • nivit
  • 19/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 14:55

Why him?


write to MP Graham Brady

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 15:25

Write to him because he is the only one who has raised a question to the PM about our plight. He is obviously keen on the issue so lets use this enthusiasm and get some more questions raised. Also why not thank him for rasing the question as no one else is helping us. I have.


thanks to Brady

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Wed, 22/10/2008 - 15:52

Yes - I thanked him too (forgot to say that before)


csouthafrica plse post link

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 14:18

Request withdrawn - found it!

Cheers


Link

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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Question in Parliament

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Wed, 22/10/2008 - 13:49

This is interesting.Is this the first question asked in Parliament which mentions us? Shame the questioner didn't mention our missing £600M !!


Mr Brown need to be asked when he will return our money,..

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 13:57

Mr Brown need to be asked when he will return our money,..

And make him aware that the bank might be liquidated due to his actions!!


Mr Brown

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 22/10/2008 - 14:06

anyone know his email?


Gordon Brown

  • vikkinkit
  • 15/10/08 30/11/09
  • a depositor
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  • Wed, 22/10/2008 - 15:46

Try this link, found it on the No 10 website

http://www.youtube.com/DowningSt


Contacting the Prime Minister

  • saoversoix
  • 10/10/08 02/07/13
  • a depositor
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  • Wed, 22/10/2008 - 14:47

I found a way to contact Gordon Brown through this link by looking at his blog. The same link gives a list of MPs, so it's quite useful
http://www.parliament.uk/directories/hciolists/alms.cfm


Local MP

  • mjpyrah
  • 21/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 16:19

Through this link I was able to eMail my local MP.


Gordon Brown details

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 15:22

Gordon Brown details
http://biographies.parliament.uk/parliament/default.asp?id=25779

Westminster
Rt Hon Gordon Brown MP
House of Commons
London
SW1A 0AA

Tel:020 7219 6345
Fax:020 7219 5734
privateoffice(?)no10 [dot] x [dot] gsi [dot] gov [dot] uk

If you are in his constituency, then send message via
http://www.upmystreet.com/commons/email/l/850.html


E-mail addresses and contacts

  • Guernsey Girl
  • 13/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 13:45

Can we have a schedule of contact details for MPs etc that we can all bombard with our storries and requests.

This could save all of us some time and ensure we all send everything to everybody.

If one can be set up that we can add to as appropriate.....

Thanks


Finding MP's

  • iak1655
  • 13/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 14:07

Hi - i found this useful for finding mp's http://www.upmystreet.com/commons/l/


email to Gordon Brown

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 22/10/2008 - 15:02

still couldnt get an email as only only for constituents.
I want to email him as PM


email to PM

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 15:15

In order to get an email thru you need a postcode. I suspect its just an electronic filter which rejects you so does anyone know ANY postcode in Kirkaldy/cowdenbeath? Any one will do.....


Kirkaldy postcode

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Wed, 22/10/2008 - 15:30

Try:KY15 5HS let us know if it works


Postcode solution?

  • ianhkhi
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 23:14

I used XXXX XXX (i.e. seven X's) in the space designated for the constituency post code(s) when writing to the MP of my birthplace via his weblink. (I have no UK address). The email went through OK and I received a reply.
Maybe worth a try.


Post code

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 22/10/2008 - 15:39

The post code was Ming Campbells so no go
I also tried
privateoffice(?)no10 [dot] x [dot] qsi [dot] gov [dot] uk but this wouldnd go either


Kirkaldy postcode

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 15:39

No it didn't work for me Mike, but I used the following direct address:

privateoffice(?)no10 [dot] x [dot] gsi [dot] gov [dot] uk

Gordon [dot] brown(?)hotmail [dot] com is someone else apparently


MPs

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 22/10/2008 - 14:05

Heres three

Jack Straw blackburnlabour(?)hotmail [dot] com
Andrew Mackay MackayA(?)parliament [dot] uk
Michael Portillo michael(?)portillo [dot] co [dot] uk


"THEY have a responsibility"

  • TCA
  • 12/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 13:44

I note Gordon Brown's wording above. What I'd give to have heard a follow up question that asked "Is it not also the responsibility of the UK government, seeing as its decision to freeze the assets of Icelandic banks in the UK, precipitated the insolvency of those subsidiaries in the crown dependencies which had money deposited in the UK?"

Opportunity missed.


Quite right ! - fantastic

  • The Biggest Ban...
  • 10/10/08 14/07/15
  • a depositor
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  • Wed, 22/10/2008 - 16:27

Quite right ! - fantastic that Graham Brady raised the point however, suggest we all e-mail him with thanks (and perhaps make further our plight)

Graham Brady MP
Altrincham and Sale West
Constituency Office
Thatcher House
Green Lane
Timperley
Altrincham WA15 8QW

Secretary
Lindsey Robinson
Tel : 0161 904 8828
Fax : 0161 904 8868
Email:
office(?)altsaletory [dot] demon [dot] co [dot] uk

Westminster Office
Graham Brady MP
House of Commons
London SW1A 0AA
Tel: 020 7219 3000
Email : crowthers(?)parliament [dot] uk


Graham Brady..e-mail him!

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Wed, 22/10/2008 - 18:27

I've just sent him this:

Dear Mr Brady,
Many many thanks for being,I believe,the first Member of Parliament to ask a question in the House regarding the plight of the many thousands of british depositors in the Isle of Man. It is unfortunate that the reply you received was less than useful.
Please find below the text of a question which I have recently submitted to
the treasury committee's "banking crisis enquiry" scheduled for 3rd Nov.
I think that this question encompasses some of the most vital points to be
investigated in order to get to the bottom of this fiasco which has put
thousand's of british savers in severe jeopardy.As such I suppose it will
be filtered out and will never be asked!!

Does Alistair Darling agree that the Isle of Man FSC has stated that it was
responsible for some £550M of mostly british depositors money in Kaupthing
Singer & Friedlander Isle of Man being deposited for "safe keeping" in
Kaupthing Singer & Friedlander UK and does he also agree that it did so
following discussions with the UK financial regulatory authorities,and does
he further agree that the FSC was not consulted in any way prior to KSF UK
being placed into administration, using sealed papers, by the ill-conceived
& hasty actions of the UK Government thus causing these funds to continue
to remain inaccessible to the liquidator provisional for KSFIOM and thus
causing untold hardship to thousands of british depositors?

Yours sincerely