Letter to TSC members

  • Anonymous
  • unspecified
  • Offline
Posted: Mon, 02/03/2009 - 21:33

This letter has been sent to the members of the TSC and to Jack Straw and Gordon Brown.

Dear ....

Global Solution to the Banking Crisis as it now affects the Isle of Man

I am writing to you regarding the current banking crisis, in particular the unfortunate position of
depositors in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) and ask that you urgently
consider the content of this letter and the action you can take to help all depositors.

I have been greatly encouraged by what the Prime Minister said at his Press Conference on 18
February 2009 quote: we need a regulatory transformation so that people can feel that their savings
and their deposits are safe. ......... That is why we are saying in this document that changes that we
make will have to apply to all jurisdictions round the world.

In respect to this stated policy there should not be a problem with the Isle of Man, because if
necessary - being a Crown Dependency - the Government has the power to legislate to bring the
Island into line with its wishes.

  • The 1972/73 Royal Commission on the Constitution (the Kilbrandon Report) makes it clear that the
    UK Parliament has the power to legislate for the Island without their consent ‘in most exceptional
    circumstances‘, and on any matter ‘in order to give effect to an international agreement‘.
    I believe you will agree that there are presently ‘exceptional circumstances’ with regard to the
    position of depositors with KSFIOM.

Having listened to the evidence put before you and the Committee and understood the desperate plight
of depositors who have spent the last five months coping with the stress and anxiety of losing their
money, with no immediate prospect of a satisfactory solution, I am sure that you will agree that the
Isle of Man Government should have done what every other European government has done, namely
to uphold the fundamental principle of trust that has to be the basis of any banking system, so
guaranteeing all deposits in KSFIOM.

Thus I respectfully suggest that either the Isle of Man must agree to fall into line with the UK
Government’s stated policy or the UK Government must propose legislation to ensure that the
Island does just that.

As the repected Chairman of the Treasury Select Comittee, I would appreciate it if you could find the
opportunity to raise this urgent issue with the Chancellor and the Minister of Justice responsible for
relations with the Isle of Man. It is clear that without a fair and speedy resolution for depositors, there
will continue to be much debate to identify the details of the evident regulatory failures of the
Financial Services Authority and the Financial Supervision Commission. Depositors refuse to become
pawns in the IOM political playground and suggest that intervention from an individual with your
credibility and understanding would greatly improve the situation for depositors.

Yours truly

Footnote:

*The 1972/73 Royal Commission on the Constitution (the Kilbrandon Report), states as follows:
“the United Kingdom Government are responsible for defence and international relations of the
Islands, and the Crown is ultimately responsible for their good government. It falls to the +Home
Secretary to advise the Crown on the exercise of those duties and responsibilities. The United
Kingdom Parliament has the power to legislate for the Islands, but it would exercise that power
without their agreement in relation to domestic matters only in most exceptional circumstances”.
“The UK Parliament does have power to legislate for the Island without their consent on any matter
in order to give effect to an international agreement’’

[Source: Hansard, House of Commons Debates, 3 June 1998, cols. 471 and 465]

  • now the Minister of Justice
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Great for future investors in

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 04/03/2009 - 10:03

Great for future investors in IoM, but as you cannot apply laws retrospectively, irrelevant for depositors in KFSIoM.


It is a good letter but why

  • YeOldPhart
  • 03/03/09 31/05/09
  • a depositor
  • Offline
  • Wed, 04/03/2009 - 08:52

It is a good letter but why was a prompt response to the issues raised not requested? If any or all of them had to respond directly to that letter I am sure there would have been enough rope provided to hang them all out to dry in the Press as I am sure the responses would have been wooly and evasive at best....


Good letter

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Tue, 03/03/2009 - 13:12

Good letter.
I have forwarded it to my MP


Letter to TSC Members

  • grobbers
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 03/03/2009 - 23:12

Great work once again. Many thanks for the continued efforts. Would like to be more actively involved but sadly have a seriously ill wife to look after and all my efforts are geared to making her time as happy as possible. With this in mind I have of course not told her of our plight.


Hope this letter touches the right nerves

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Tue, 03/03/2009 - 12:16

Superb.

Suggest we must seek to obtain formal responses to this letter (from all those to whom it was sent).

Then as appropriate get it out there to the press for them to report that the UK Prime Minister is simply a spin doctor, does not ´walk the talk´, and will simply tell whatever lies suit his purpose etc etc