IoM well placed to ride financial storm - The Telegraph
Grab a sick bag then read this article www.telegraph.co.uk/expat/4681344/Isle-of-Man-well-placed-to-ride-financ...
I think the generally well respected Telgraph may be trying to cuddle up to IoM financial advertisers? Please write to the paper and put the author, Mike Goodman, right about our situation. Any KSF depositors with any money left will be removing it rapidly if IOMG does notenable 100% return of our funds at tomorrows hearing.
(6 votes)
adambw - I agree
adambw - I agree
It should also be borne in mind that at this time the IoM G press office will be working overtime trying to get as much disinformation out to the media as is possible to cloud the issues and put their spin on affairs. Shame on those newspapers that do not conduct proper research and publish without thought. The facts remain that the IoM G is desperate to avoid liquidation at any cost. It is therefore trying to spin anything related to the SoA.
The SoA as we should all be aware is purely for the benefit of the IoM, the IoM G, protecting the FSC as a body and individuals, protecting bank directors, protecting reputations, keeping certain Life companies on the Island and of course trying to retain banks and banking retail credibility.
The SoA they are so desperate to inflict upon us, is not for our benefit, but for theirs. Beware, they are trying to stitch us up yet again. I make no bones about it, allow the SoA to go through and the IoM will be off the hook and we will be losers twice over.
refute Daily Telegraph shallow reporting
This article must be objected to. The Daily Telegraph recommendations are the reason we signed up with the Derbyshire IOM in the first place. This piece of comment is unbalanced and seems very shallow in its research. The reporter does not seem to have visited the DAG website for a start.
Please email:
telegrapheditorial(?)telegraph [dot] co [dot] uk
My letter to Daily Telegraph
Sir/Madam,
I am a retired British expat who came within a whisker of losing my entire life savings in the now collapsed Kaupthing Isle of Man Bank. I am actively supporting a number of elderly retired relatives & friends through the Depositors' Action Group http://www.ksfiomdepositors.org These good people stand to lose 40% of their entire life savings.
Your article was misleading because the AAA Credit Rating of the Isle of Man is based an an evaluation undertaken by Standard & Poor in August 2008. This pre-dates the collapse of the Kaupthing Bank and the recent international banking crisis. The Depositors' Action Group has evidence that money is flowing out of the IOM and deposits have dropped dramatically recently as people have become aware that the Island does not vouchsave deposits 100% and it does not have a credible properly funded Depositors' Compensation Scheme.
Yes, there is legislation to provide for such a scheme in the hitherto unlikely event of it being needed, but to handle the debacle of the Kaupthing Bank affair this presently involves £150,000,000 of Government (taxpayers) money and a £200,000,000 levy on the banking sector, with contributions being made over a number of years, to provide for compensation which will only return 60p in the Pound over an indefinite period.
Worst still, the IOM is fundamentally flawed in that it is the only Government in Europe that does not, & can not, guarantee depositors 100% security of their deposits. The Chief of its Financial Supervision Commission is on record as saying that the "commercial imperative" of the banking system is incompatible with the expectations of depositors to trust that their money is 100% safe, and that banks are not core banks should be allowed to fail.
So without a guarantee of security of deposits and a flawed theoretical compensation scheme who in their right mind would want to deposit in the isle of Man? I have removed all my off-shore life saving deposits.
Sincerely,
Jim