Let's get the 550 million back!

  • 11/10/08 31/05/09
  • a depositor
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Posted: Fri, 28/11/2008 - 04:19

Many of us have mentioned the issue of the 550 million pounds that is currently being held in KSF UK and the need for us to put pressure on the UK government to return it to us.

Can we use this forum to discuss ways to achieve this? We have just over 60 days to make our case legally, in the media and to the two governments.

A few options that occur to me:

(a) Capitalise on the run-up to Christmas by getting several human interest stories into the press. Many of us are facing serious cash flow difficulties and, whilst there is the hope of an interim 'on account' payment, there is no certainty as to when this will happen. Many of us have families who will be facing pretty bleak Christmas Days this year.

(b) Set up a new petition that can be signed by family and friends in the UK as well as by the members of the DAG. Speaking personally, I'm sure I could find tens of people willing to sign, all of whom are UK voters.

(c) Start another e-mail/letter writing campaign to MPs focussing on the day-to-day hardships we are facing. Some of us are now in serious debt. Others are at risk of losing their homes.

What do others think?

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All we want for Christmas ... a campaign idea

  • 11/10/08 31/05/09
  • a depositor
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  • Tue, 02/12/2008 - 06:07

I believe that the run up to Christmas is an excellent opportunity for us to get our stories heard. Several people have mentioned the idea of taking out an ad in one of the big tabloids (I'd suggest the Daily Mail). Below I outline an idea for such an ad, followed by a possible (cheaper) alternative.

If we go with the ad idea, we could use the slogan 'All we want for Christmas is our money back' and feature photos of many of us (in family groups wherever possible) to show the human face of all this. People in the UK (other than our friends and relations) most likely still think of us all as faceless 'fat cats' who are out to avoid the Inland Revenue in some way. We need to let people know that this is far from the truth and that real people - just like them - are being affected by this issue through no fault of their own. We also need to make the point that our bank DID NOT FAIL - it was forced into this situation by circumstances over which it had no control.

I also like the idea of billboards (which someone else has mentioned) - whether static or 'sandwich boards' which can be paraded prominently near Number 10 and the Houses of Parliament. These options would, of course, be considerably cheaper and may well generate a good amount of publicity via articles in the press.

Related to both of the above - is there anyone in the IoM or London teams who has been away from their family for a prolonged period due to this situation? I know that Expat (Steve Thomas) was away from his young daughter for many weeks - is this the case for anyone else? This would make a very moving story for use in our ad or billboard campaign.

One other thing - I know that many of us would be grateful for a weekly update from the IoM and London teams. We know how hard you're working for all of us, but it would be great to have a few lines every week to find out how things look 'on the ground', especially for those of us who are living thousands of miles away.

Over to you ...

I think all this helps, but

  • frog
  • 10/10/08 13/09/09
  • a depositor
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  • Fri, 28/11/2008 - 08:37

I think all this helps, but we should be clear about what the issue is.

There has been a lot of chat with comments saying that the UK government won't let us get the £550m back and so on. I for one can't understand this.

My understanding is that KSFUK is in administration and that the administrator (E&Y) have been tasked with sorting out what to do with the company after they have completed the whole ING/Retail depositor thing, which was allowed 6 months. Hopefully it won't take that long. The next stage is to see about selling parts of the business and/or running down the bank to get maximum return for the depositors. Liquidation is viewed as a last resort. I can't see what the Government has to do with this except for the initial ING task in that it should proceed like any other company in administration.

£550M helps...

  • IceCrusher
  • 14/10/08 25/10/11
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  • Tue, 02/12/2008 - 19:25

UK Govt action brought this calamity upon us, without their intervention we would not be in the dire circumstances many people now find themselves. HMG had little trouble stumping up billions to underwrite 300K IceSavers and move 170K Edge accounts. An extra 1/2B to look after the short-term constitutional interests of it's tiny sister (who happens to provide about £50B per year in fiscal trade) would not be a great hardship to a country of 60 million citizens. The hardship is in removing the mental barrier that would allow this humanitarian step to go forward.

HMG have not offered us anything but platitudes; has anyone seen the IoM mentioned as a precursor to Iceland getting the IMF loan? No? Me either. Any word on parental guarantee or the action taken by HMG in this regard? No? Me either. HMG planned this action, but they didn't plan on the consequences of the IoM's involvement. We are now a source of severe embarrasment - they even had to change their slogan from 'any British saver' to 'any UK saver', and then to 'any saver using a UK bank'. How does HMG aplogise for the severe consequences of a master plan perfect to a fault - that fault being the IoM, one of those tax-havens which HMG highlighted earlier this very year. I think they would rather we wither away before anything gets liquidated. If this were not true, action on our behalf - or even talk of action, would be all too evident, but sadly it's not.

would the return of the £550m solve our problems

  • iainb
  • 11/10/08 01/02/10
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  • Tue, 02/12/2008 - 15:52

would the return of the £550m solve our problems?
would it allow KSFIOM to regain its banking licence?
to pay off its nervous depositors?

does anyone know?

Unsecured but equal

  • Alastair
  • 10/10/08 30/09/09
  • a depositor
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  • Fri, 28/11/2008 - 15:03

Frog, I agree with what you say. But I would like a high level E&Y or Treasury statement to confirm that our status is at worst equal to all the other unsecured creditors perhaps the meeting of the 1st Dec is the place to seek this - is anyone arranged a proxy to be able to attend?

Also the whole question of secured or unsecured needs testing so that we can move on. I think this should be the job of the FSC as the IOM regulator and we should not be picking up the bill. If the IOM Gov't/FSC believe that it maybe held in trust they should be testing this in the UK courts.