Isle of Man population

  • Honest Citizen
  • 10/10/08 31/05/09
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Posted: Wed, 15/10/2008 - 14:38

Briefly popped into the live debate on Isle of Man Today forum. It wasn't the most edifying experience I've ever had. The rather distressed KSF victims were treated to a lot of sniping from many of the Isle of Man citizens who also see us as tax dodgers who have got our comeuppance, and couldn't care one way or the other whether the banking sector there crashes or not. A very insular, complacent people, given to rather defiant schadenfreude. If I don't get my money back, I will now feel no pricks of conscience in any part I might have in causing the financial sector to collapse.

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Isle of Man population

  • Manxboy
  • 15/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:43

I apologise for the language but I say it as I see it (and maybe it reflects the emotions of many of us living in the IOM). We don't need this and you don't need this. The Icelandic Government have shown their true colours in this - they are skint, bankrupt (morally and fiscally), and lacking in integrity. They gave the Islands a guarantee which is frankly worthless and need to be shamed into paying up.

I know words are meaningless to those who have lost out, but most of us do sincerely believe that this is genuinely a temporary situation. I believe the provisional liquidator is making good progress and that the IOM and the UK are working on the Icelandic government to do what is morally right.


To citizens of Isle of Man

  • Honest Citizen
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 20:53

We are sorry for the rift that appears to be developing between us, the victims and you. Let's stop it now. All of us. People representing us on the Isle of Man have said that they have found nothing but kindness and support on the Isle of Man, and we are grateful for that. What has happened is no more the ordinary Manxians' fault than the war in Iraq was the average Brit's fault. Please accept our goodwill towards you all and apologies for some of the harsh things that I and others may have said.


Isle of Man population

  • Manxboy
  • 15/10/08 31/05/09
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  • Wed, 15/10/2008 - 19:51

As a Manx person myself can I please apologise for some of the comments made by people claiming to be residents of the Isle of Man in the online debate today. The Manx people are horrified by this situation and the publicity surrounding it. Like everywhere else there is also a percentage of xxxx who live here who despise the wealth that the finance sector has brought it. This is usually because they have not benefitted directly from it, which is usually because they are xxxx.

I can assure you that we are honourable people and that this situation will, I'm sure, be resolved satisfactorily. However I appreciate how difficult it is when your getting no feedback from government or our media on what is going on.

This situation will improve and most decent, sensible Manx residents are really thinking about you at this difficult time for you all.

(Edited by moderator: Manxboy - sorry for editing, but the language was unnecessary. I believe your point is still clear)


Manxboy Thank you for your

  • Stakeknife
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 19:56

Manxboy

Thank you for your comments but you will gain no respect with language like that. This forum appeals to all ages and classes. Join in please but calm it down a bit.


kind manx

  • IsleofMuppets
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 19:54

thanks for the kind words. may i ask did you attend the World Conker Championships this week?


Bonkers for conkers!!!

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 21:35

I have been out walking and getting my head together today. On my journey i was struck by something........a huge bloody conker!!! Ithink this is a sign from above, we should all pool our mney together and bet on me to win next years conker championship, lets face it im an outsider so we should get good odds. Also as the IOManders obviously take the sport very seriously this might actually be something they will put there money into.....unlike covering their investors....sorry couldnt resist lol


IOM Resident's Response

  • Willumcat
  • 14/10/08 31/05/09
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  • Wed, 15/10/2008 - 17:25

Dear all,
I was born and raised on the Isle of Man, but I also lived in the UK for 12 years whilst I was serving our country (Great Britain) in the Royal Air Force. I have been both a Manx taxpayer and a UK taxpayer.

I now live on the Isle of Man again and, in common with many other "locals", I invested my modest savings with KSF. No tax dodging motives, just looking for a safe place where my money would grow.

I visited the IOM on-line "live" discussion earlier today, and I confess that I was deeply saddened by the negative and unhelpful remarks which were posted there. As others have said, this is probably the work of people who have little grasp of the truth of the situation or the number of "locals" involved (some of whom are probably known to them!!).

I have already seen a number of responses stating that "They" (presumably the Manx people) don't know what's about to hit them. The authors of those negative remarks probably don't, and their unfortunate comments should not be given any further consideration.

The Manx people at large are friendly, welcoming and caring. They are also well aware of the possible consequences that another bank failure could have. Please do not let the snipers and naysayers that you "met" on today's discussion forum colour your perception of the Manx People; they do not represent the majority.

My best to all fellow investors. May we emerge from this with a happy outcome.


Nose cutting off to spite face

  • steveservaes
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 14:57

There are some Manx plonkers commenting on some of the local blogs.
However I do question the wisdom of trying to bring down the IOM financial system. There is one "selfish" reason for this - i.e. if it was done there would be no banks left to pay the £50k compensation so all who would prefer that than nowt would be stuffed. There is the other more altruistic reason - if all the other banks etc crashed here we would be harming all the innocents saving with them (ie people in same shoes as us) plus all the local shopgirls and herringfishermen whose small pots are in their local bank.
It could be said that among the offshore jurisdictions IOM has actually offered the best depositor protection. Our beef is that it is not 100% now - which after all wasn't the position anywhere else (eg UK/Ireland- let alone other offshore jurisdcictions ) 3 weeks ago. Lets just hope that some of the things that seem to be happening now (buy-outs of Krapthing hf/UK representation to Iceland on behalf of KSF IOM/ potential sales) lead in time to a resolution in the way we all originally intended - that Krapthing UK can pay us back our deposits it has taken and/or Krapthing hf will be recapitalised and pay back any shortfall under its parent guarantee.


Nose cutting

  • Honest Citizen
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 15:09

I agree and disagree, Steve. There is no intention to start bringing the islands' banking sector down just yet.

I have moved the pitiful balance of our holdings out of the other IoM banks and I have warned my family to remove their more considerable holdings, which they have done.

But IF this doesn't get resolved in a timely fashion and I find that our only resort is to accept paltry payouts from the IoM compensation scheme for the next 60 years (by which time I will be dead), I will certainly consider using my last resources to a) take out a large advert in a mainstream UK paper warning people OFF the Isle of Man and b) I will be onto every ex-pat forum I can find, making loud, alarmist noises.

Or would you suggest we just forgive and forget?


IOM residents attitude

  • Muanza
  • 11/10/08 31/05/09
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  • Wed, 15/10/2008 - 14:52

I also got that feeling from the IOM residents, in my case I just had an account where I received my monthly salary due to the simple fact that I needed a US dollar account that enabled me to do transfers to two countries, home and to my work station. My home country does not allow foreign currency accounts and I wanted to avoid multiple currency exchanges. Offshore accounts offer multiple currency accounts.
The generalisation that we are all tax evaders and deserved what was coming, is really rude and has nothing to do with reality. I pay income tax on my salary where I work and I am a mum of two children with no way to get to my salary!


slightly unfair there Honest

  • rk
  • 12/10/08 31/05/09
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  • Wed, 15/10/2008 - 14:48

slightly unfair there Honest Citizen.

Don't forget there are also IoM residents (such as myself) who have lost out heavily in this... my potential loss is £187k..

I for one certaintly know off whose backs our 25 years of economic growth has been built on.

IoM Online is accessable to the whole population, which contains a broad spectrum of people, many of whom are indeed ignorant of how and what has caused the Island to be so successful over the past two decades.
The people that are sniping are likely the jealous types who have nothing to lose and nothing better to do.

The professionals in the finance sector on the Island fully appreciate the seriousness of the situation and it's implications if EVERY depositors money is not returned in full.

Otherwise we can say hello to farming and fishing as the main industries here once again.

good luck to all of us. Believe there a 4 interested parties in aquiring the deposit book. It's truely a horrible situation for us all to be in.


IOM Residents

  • brokemanx
  • 13/10/08 31/05/09
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  • Wed, 15/10/2008 - 18:56

As another IOM resident, who has lost £166K in KS&F, may I endorse the comments from 'rk'. There is always a bunch of malcontents in any population and on the Isle of Man these people love to moan about everything. Our local radio ran a phone-in programme, the Mannin Line which became known as the Moanin' Line because of this same attitude. The majority of the island's population is naturally helpful and generous so please ignore the idiots who have nothing better to do than make rude comments on websites. There are many of us here who are trying hard to help the whole group recover the money.


re slightly unfair there Honest

  • skintagainnow
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 16:02

There were quite a few there just to have a snip - and that went for both sides unfortunately.

However this stigma of tax evasion really sticks - one or two I have told - more or less first reaction, even a close relative came out with "well you never actually had the money anyway" (my deposit is all relating to house sale) absolutly gobsmacked before I put the down.

Going back to say "nowt" telling "nebody"


I think on any online debate

  • expatfrance1
  • 15/10/08 31/05/09
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  • Wed, 15/10/2008 - 15:13

I think on any online debate you get those directly affected with the issue and those who have not got anything better to do.


I stand corrected

  • Honest Citizen
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 15:00

I apologise rk. Of course I know that there is spite and virtue in every population, and I am sorry for your considerable loss.


May I aklso say that I am

  • expat
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 14:54

May I aklso say that I am getting a bit knownhere and have nothing but statements of support. I have seen and heard nothing myself that would indicate otherwise. I have people walk up in the street and say they support us, amny IoM residents are in this with y'know, but there will always be people who bithch, My wife asays trhe Brits only ever winge because they have everything and have nothing better to do!! WE are seen very differntl in the international world!!


RK, As in all these incidents

  • thesunnysouth
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 14:54

RK,
As in all these incidents there are those that gloat and those that care. I am sure that most people understand that there livleyhoods depend on what happens in the next week.
I am interested in your last comment re 4 interested parties as a week ago only three. Do you have that from a good source and any more detail. It is good news!


no problem Honest, it's

  • rk
  • 12/10/08 31/05/09
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  • Wed, 15/10/2008 - 16:24

no problem Honest, it's stressful times for all of depositors.

I have a friend that is FD of another bank over here (don't want to name names) and that's where the 4 came in from. No names or further detail unfortunately, but he did say that
"there is a lot of lobbying going on for Govt (presumably IOM) to provide a full guarantee, and that the head of the FSC (IOM financial regulator) was meeting with UK Govt yesterday"

(although guess this is already known now in that UK will represent IoM interests in negotiations with Iceland)


Thank you rk

  • Honest Citizen
  • 10/10/08 31/05/09
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  • Wed, 15/10/2008 - 18:15

Thanks for that little ray of hope from what appears to be an authoritative source, rk. I trawl this website looking for the positive things just before bed time, in the hope that it will help us get some sleep.