If the SOA is rejected

  • chris watson
  • 23/10/08 31/03/10
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Posted: Sun, 12/04/2009 - 23:15

IoM would have a bone fide bank liquidation and this would not look good.

Does anyone believe the IoM will pay out 100%, within a reasonable timeframe and by using any means necessary, to avoid this situation?

Or will the banks currently operating on the island in the retail depository sector, pull out, taking their funds with them, leaving us without a pot to pish in (bye bye DCS) and the IoM gets on with their primary activity of hosting non-retail banking activity?

I think this is a valid consideration when it comes to voting and the affect our votes may have for both ourselves and the IoM.

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SOA does not get my vote

  • Fred
  • 13/10/08 31/05/09
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  • Mon, 13/04/2009 - 17:49

I really don't care of the IOM goes down the tubes. If the SOA is voted down, and I plan to vote against it,
we cannot be any worse off than we are now. The implications of KSFIOM going into liquidation will point up to the world what a farce the DSC is.


Nice logic! Vote against the

  • expatfrance1
  • 15/10/08 31/05/09
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  • Mon, 13/04/2009 - 19:51

Nice logic!

Vote against the SoA so that the DCS can be invoked and then prove to the world how useless it is.

I will feel a lot happier in the knowledge that the world knows how rubbish the DCS is while I am still waiting for it to pay out!


happier at losing everything?

  • dj
  • 07/11/08 31/05/09
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  • Mon, 13/04/2009 - 22:06

Gives that nice warm feeling. But would mean that we would lose everything if the IoM goes down the pan, as it seems is starting to happen.

Something that doesnt give any warm feeling is the repeated sedning of emails to MP's and posting the facts over and over again on public forums. But is the only constructive thing we can do right now. We need to up our game folk and damn quick. We have got to fill MP's inboxes. We have got to fill forums such as iPM. PM and Times Online. Otherwise we might as well stuff both DCS and SOA as they are as bad as each other.


Schemers

  • uptight61
  • 14/10/08 n/a (free)
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  • Mon, 13/04/2009 - 07:17

Chris,
We mustn't be intimidated by these schemers/crooks. The Isle of Man has plenty of money stashed away from years of offshore banking so if push came to shove I'm sure they would cough up. The last thing they want is adverse publicity over a bank failure. As Elgee has commented so succinctly, the untrustworthy Isle of Man has taken and not given with the SoA compared to the DCS. I know which option I'll be voting for.


Thanks for your views, uptight61

  • chris watson
  • 23/10/08 31/03/10
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  • Mon, 13/04/2009 - 07:48

But do not take my posting as a sign of being intimidated.

I'm just curious as to everyone's thoughts on these two potential scenarios as I have not read anything along these lines before.

I take it you believe the IoM will do everything in it's powers to compensate all 100% rather than have the black mark of liquidation, and the rejection of the SOA may act as some kind of 'trigger' in getting this.


@chris watson

  • IceCrusher
  • 14/10/08 25/10/11
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  • Mon, 13/04/2009 - 07:10

I agree, and would under all the circumstances (especially if the expat grievance of not being able to open a UK account is resolved) be a worthy consideration. the difference in rates is becoming negligible anyway and people are tending to seek security before interest now. I believe IoM banks are under honour to pay levies to the DCS and there is no legal enforcement that could be imposed upon them - perhaps someone else knows for sure?