ICESAVE RESOLUTION AND NAOMI HOUSE

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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Posted: Mon, 08/06/2009 - 16:06

Quote...ICELAND has agreed to repay some of the billions of pounds that the UK paid out to British savers of collapsed Icelandic banks last year.

However, no agreement has been reached that will see charities who invested in Iceland's high interest accounts, such as Winchester's Naomi House, get all their money..... unquote

See Link:

http://www.dailyecho.co.uk/news/4424443.Charity_unlikely_to_get_cash_bac...

In view of Icesave resolution surely it is time HMG review events and their position, and stand in place of all failed Iceland Bank depositors in UK and Crown Dependensies - KSF IoM / Charities / Councils et al and return 100% immediately, to negotiate recovery with Iceland over time.

Now that may earn some serious 'Brownie Points' for GB/HMG which they sorely need at present.

Kind regards,

Mike

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Forget the Icesave resolution - it's irrelevant

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 09/06/2009 - 14:09

Please forget the Icesave resolution. It's not relevant to us.

Icesave (the Internet banking brand of Landsbanki) was not a proper UK-regulated bank. Instead, it was regulated under the FSA's passport scheme, as any European Economic Area members are entitled to operate services in any other member state. As such, deposits were partially covered by the The [Icelandic] Depositors’ and Investors’ Guarantee Fund and the UK Financial Services Compensation Scheme.

The problem was that Iceland's guarantee fund, like most of these schemes, is/was a farce, and didn't have sufficient money in it to pay out, which would have left Iceland in an embarrassing position. So, to save face for everyone, the UK loaned Iceland a sufficient amount to meet its obligations under its own scheme. When this loan was arranged, no repayment terms were discussed. After all, Iceland's economy was in total collapse, and the priority was to allow FSCS payments to start. Now Iceland is simply confirming that they will repay this amount, over the next 15 years.

KSF UK was a proper (of sorts) UK-regulated bank, and the issue of charities being repaid their deposits seems to hinge on whether they're considered "retail depositors" or not.

And again, none of this has any effect on KSF IOM, which was owned directly by Kaupthing hf in Iceland. Neither the Isle of Man government nor the UK government (on the Isle of Man's behalf) has loaned Icelandic authorities anything, because the Icelandic compensation scheme doesn't apply to KSF IOM. KSF IOM is an IOM bank and therefore subject to the IOM compensation scheme. (For simplicity I'm ignoring the vague, unclear and seriously questionable "parental guarantee" for a minute--that's a separate debate, and it's now becoming increasingly clear that it was only supplied when Kaupthing took over Derbyshire Offshore, as building societies require such guarantees.)

I'm certainly not pleased with the situation, but wasting time and effort by trying to get equal treatment when our circumstances (rightly or wrongly) are very different isn't a good idea.


ICESAVE / ICELAND REPAYMENTS

  • jeffwilkins
  • 21/10/08 14/11/09
  • unspecified
  • Offline
  • Tue, 09/06/2009 - 12:13

WOULD SOMEONE LIKE TO EXPLAIN HOW WHEN ICELAND IS REPAYING MONEY TO THE UK GOVERNMENT WE ARE NOT GETTING BACK THE MONEY THAT THE UK GOVERNMENT TOOK FROM KSF UK/IOM.

JEFF WILKINS


ICESAVE / ICELAND REPAYMENTS

  • jeffwilkins
  • 21/10/08 14/11/09
  • unspecified
  • Offline
  • Tue, 09/06/2009 - 12:13

WOULD SOMEONE LIKE TO EXPLAIN HOW WHEN ICELAND IS REPAYING MONEY TO THE UK GOVERNMENT WE ARE NOT GETTING BACK THE MONEY THAT THE UK GOVERNMENT TOOK FROM KSF UK/IOM.

JEFF WILKINS


HMG simply do not care, so

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Mon, 08/06/2009 - 16:35

HMG simply do not care, so why should they bother?


Reply to Comment

  • Expat13
  • 19/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 08/06/2009 - 16:56

Nobody seems to care about the plight of KSF IoM depositors. If the Queen can't get a response from her ministers on the KSF issue who is there left to contact. It is pretty clear to me that HM Government ministers are a bunch of mavericks answerable to no-one. Our only hope seems to be with the Court of Human Rights and they have a backlog of over a hundred thousand complaints.
The only thing that might get the UK Government thinking is if we start sending out mass emails Worldwide advising people against banking in the IoM. If the IoM loses its banking industry the UK will likely have to subsidize the island financially.


Expat13: reply to comment

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Mon, 08/06/2009 - 18:15

We've been overly patient and tolerant beyond what's good for us. All the polite niceties have got us nowhere. This is not the age of nicety, this is the age of step on someones head to get up one up, and if you're not one up, you must be one down. 'They' are pushing people around who are of an age that comes from another era - and 'they' are getting away with it because we don't really know how to be impolite and mean.

Trouble is, we still tend to think that all this is a big mistake and no one really meant to do all these mean things to us; it's almost impossible for us to ditch this mind-set even though the truth is in our face every day. No one cares whether we are rich or poor, comfortable or desperate, it's just 'tough', 'whatever', 'get a life' or simply pi** off. 'They' think why should we be better off anyway? Life-savings? So what, 'what's your problem' 'why do you need money anyway'?

No one is giving anything back, 'they' are steadily whittling it down to nothing. We have been well and truly 'managed' because we let them. We let them because we were in shock, we couldn't believe it, and we didn't know what to do. If we were sophisticated high rollers, 'investors', maybe we'd have had more savvy, but we were just boring savers putting our money in a bank because we were averse to risk. What a joke that has turned out to be, and the joke's on us - everyone else has been saved and is laughing all the way to their respective bank - even the IceSavers who, even though regulated by a foreign agency (FME), still got recompensed. Money wins, money came first with HMG, not depositors, and money still comes first and no one is giving up theirs to make up ours...


Reply to Comment

  • Expat13
  • 19/10/08 31/05/09
  • unspecified
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  • Mon, 08/06/2009 - 19:49

Right on the ball Ice Crusher. So how do we get to be mean? Lets start by belittling the IoM.


Time for action: new Liquidator, global e-mail campaign

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 09/06/2009 - 01:28

Ice Crusher has pretty well summed things up. The only people who care whether we regain our stolen life / retirement savings are ourselves. It is apparent that the various governments involved are little different from organised crime - they have the added advantage of being able to pass laws making themselves immune from prosecution. Having tried, in vain, to avail ourselves of the dubious "protections" of "democracy" - the press, appeals to courts, higher authority, and so forth - we have few options left. Two that come to mind are:

  1. Appoint our own Liquidator - a firm without business with the IOMG, who will work for us rather than IOMG, to recover as much of our funds as possible.
  2. DAG membership should begin a world-wide information campaign through the internet, briefly telling our story to individuals and firms, warning them against banking in IOM.

The current count at the bottom right of this web page indicates 2,668 subscribers. The DAG organisation is virtually our only "asset" left, having found no support in any other quarter. One wonders what effect a sustained and multi-wave campaign in which DAG members work to inform, literally "the world", would have on IOM's financial services industry, DSC, and IOMG, There is only one way to find out, and little left for us to turn to at this stage.

Over to you.


Email campaign or other method?

  • ng
  • 11/10/08 31/12/20
  • a depositor
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  • Tue, 09/06/2009 - 08:23

An alternative to email is fax and post. Email is cheap of course, but carries relatively little weight and may be too easily ignored. Fax is instant and maybe produces a physical document at the receiving end (I say maybe, as these days many organisations have systems which convert incoming faxes into computer-based images, so there's still no paper involved.)

So the point is, bulk sending of faxes and letters can be automated, essentially zero work (other than collecting and inputting the address data, which is a one-time task.)

Post: www.postalmethods.com
Fax: www.interfax.net

In a nutshell, it would be feasible to have a special email address (e.g. mailout(?)ksfiomdepositors [dot] org) or a special data entry form on this site, where sending anything there would result in it being faxed/posted/emailed to a defined list of addresses, entirely automatically.

Please open a new topic if you'd like to discuss this.


Agreed NG

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Wed, 10/06/2009 - 15:59

even if we just use email we could make hundreds of thousands of people worldwide aware of our plight and disgusting way that HMG, IOM, FSC, Iceland etc etc etc. have treated us.

It may not get our money back but it will make people think about where they put their money and who they trust.

I don't think it can hurt and who knows it may help.

It is months now since I first suggested that someone composes an email which can be sent to all of us and forwarded to everyone in our address book. It needs to be brief and colourful with a link to our site, and attention grabbing. We also have to make it clear that we're asking people to do nothing except read our story and forward the email to support us.

Between my husband and myself we have a database of around 5000 names to send to and i'm sure some depositors have more.

Everyone can send this as it doesn't mean admitting you personally are affected as it can be forwarded saying 'please support my friends who are affected' etc. If everyone sends to just 10 people this is 26000 people, to 100 people is 260,000. This is easily achievable if just a few of us have large databases. If 10% of that 260,000 each send to 10 people, we hit half a million. If 10% of them send to 10 people we're up to a million....

My maths is crap so this may not be right but it's undeniable that viral emails work.

There's nothing to lose, please can someone write the email.