Let's go after the IoM Govt

  • peterthailandudon
  • 18/10/08 n/a (free)
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Posted: Thu, 04/12/2008 - 09:55

The only people in this whole sorry saga with as much to lose as us is the IoM government; and they are probably in a position which is even more vulnerable than ours. About 30%of the IoM economy is dependent upon financial services, and if this sector were to be hit hard, it would make the life of the IoM govt very difficult. Importantly, they would find it difficult to keep the support of their voters. The sector depends to a lerge extent on the confidence of investors and we need to embarass the hell out of the IoM for the way we have been treated.
The governments in Germany, UK etc etc have bailed out savers; in the IoM...nothing
The IoM has a depositor compensation which has paid out......nothing
The IoM has a depositor compensation scheme which contains....nothing
We've been promised something on account and received....nothing
The FCS in the IoM caused our money to be moved; as someone asked- why, if they were worried, didn't they order it kept in the IoM

The UK don't care about us, the efforts of Diver etc of possibly going to court in either/both the IoM and UK may pay dividends, but so far.....
From the LP what information do we get....nothing

Let the IoM govt be made to realize that our plight will be publicised, not just in the IoM but in the UK etc with the tag" do YOU want to invest in institutions in the IoM when this is how investors are treated"

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Let's go after the IoM Govt

  • Dismayed
  • 12/10/08 31/05/09
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  • Thu, 04/12/2008 - 11:02

QUOTE
"The Isle of Man is an island in the Irish Sea, a Crown Dependency of the United Kingdom. It is home to 171 offshore service providers, including banks, trust companies, and company formation agents. Together these firms managed about $57 billion in bank deposits, $12 billion in collective investment schemes, $33 billion in life insurance funds, and $11 billion in non-life insurance funds."

The numbers above make us look rather small don’t they, however with truth and justice on our side we must fight on.


Broaden the horizon

  • Julienne
  • 16/10/08 31/08/09
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  • Thu, 04/12/2008 - 10:41

If this is the way you want to go then I suggest you broaden the horizon -- Untold damage could be done to the financial industry of the IOM if the world knew of this situation.
It is far more likely that an ex-pat in outer mongolia is likely to be told to put their money in the Isle of Man than anyone in the UK!!!


Let's go after the IoM Government

  • colinalvin63
  • 28/10/08 n/a (free)
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  • Thu, 04/12/2008 - 10:58

I think that the IoM Government already know too well what untold damage could be done to their reputation. They are also aggreived by the UK Government for sullying their reputation. As far as I know we are singing from the same hymn sheet, so don't see any point in fighting them. Get them on our side more like. I made a comment on the IOM News web site concerning what might happen if Kaupthing was permitted to collapse :-

If Kaupthing(IoM) is permitted to fail, the Isle of Man is never going to be perceived in the same way again - ie. It is not going to be considered to be a "Safe" haven - just watch the complete banking system of the Isle Of Man collapse as a consequence - nobody in their right minds is going to want to put their money on the Isle of Man again.

Ok, it might be a bit extreme, but it's a distinct possibility given how fickle people can be. I'm sure the IoM Government are all too aware of that. Northern Rock only collapsed because savers are so fickle and because the press made it seem worse than it was - it wouldn't have needed rescuing otherwise.


I'm not going to join the

  • go mann
  • 10/10/08 31/05/09
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  • Thu, 04/12/2008 - 12:39

I'm not going to join the game of trying to guess what's going to happen.

What I'm quite sure of is that the IoM, with or without UK Govt or anyone else's help, is going to do all it can to preserve its reputation as a financial centre ... it simply has to find a solution. The precedents have already been set in UK, GSY and indeed the USA; Government bail-out is the order of the day, and if the IoM fails to resolve this, it is heading for a MAJOR crisis.

I have no idea how they'll achieve it: I'm not a banker, accountant, lawyer or anything like that. But I remain convinced that the IoM will resolve it somehow ... and that solution will be far more substantial than a simple £50k DCS payout.


Isle of Man Government

  • Mrs Not Too Happy
  • 12/10/08 31/05/09
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  • Thu, 04/12/2008 - 13:03

If we are all so positive that the IOM government is going to sort the day the question which I pose is why the Guernsey government let Landbanski go so quickly !


Because the Guernsey

  • expatfrance1
  • 15/10/08 31/05/09
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  • Thu, 04/12/2008 - 13:51

Because the Guernsey authorities do not give a t**s about individual depositors.

They have gone on record as saying as the majority of their financial business in corporate/institutional and do not think that will be affected by this 'minor' hiccup!


Here's the reality?

  • Lostinspace
  • 13/10/08 31/05/09
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  • Thu, 04/12/2008 - 12:11

I really believe the IOM govt is fighting as hard as it can, despite being screwed by both the Icelandic and British governments. But this quote today surely sets it out:

http://www.iomtoday.co.im/news/KSF-adjournment-will-benefit-depositors.4...

Translation: We are not going to get 100% back, but some other percentage, eventually, which will be better than nothing but not the real deal. I would love to be persuaded otherwise, but this the reality, surely, as bigger, higher, darker forces are at work here, to kick us into touch.


Still 100%

  • Alastair
  • 10/10/08 30/09/09
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  • Thu, 04/12/2008 - 12:30

Lostinspace I don't translate that news story as meaning that 100% return is already ruled out.

I also am prepared to accept that the IOM is doing all it can to restructure the bank for a 100% payout and will give them the time to do this. Should they fail then they know the consequences.


please see this blog:

  • sleeplessnight
  • 10/10/08 30/06/09
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What do you want us to do ?

  • MichaelB
  • 16/10/08 31/05/09
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  • Thu, 04/12/2008 - 13:51

Sleeplessnight

Nothing specific on the page .... what do you want us to do ?


read clause 27,

  • sleeplessnight
  • 10/10/08 30/06/09
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  • Thu, 04/12/2008 - 13:55

read the comment from Darling again the use the template letter and get it to your MP, MEP, Ambassador....