Live online Tynwald meeting coverage

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
  • Offline
Posted: Tue, 21/10/2008 - 09:44

Live online audio coverage of the current Tynwald meeting - requires Windows Media Player 11. If you can't use Windows Media Player, you can also use VLC Media Player.

0
Your rating: None

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Live online Tynwald meeting coverage

  • BustedFlat
  • 20/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 10:39

I was listening to this (its still going on as I write). The Kaupthing issue was discussed. Nothing conclusive but at least the issues were raised. Only interesting point from my point of view was that the issue of the UK returning the GBP 500mio to IOM was raised individually so at least there is visibility on that one - which is about the best shot we've got of getting anything worthwhile back.

Other points ....

The IOM govornment is set to lose GBP 10.7 mio in total (I believe) in Kaupthing (they spend plenty of time on this !)

Also seems that there is no money in the IOM DCS at the moment.

Total deposits in Kaupthing IOM : Joint accounts 160mio, sole accounts 275 mio sole, corp/trust 386 = 821 mio total.

... will post more if I hear anything interesting.


IOM DCS

  • Anonymous
  • Offline
  • Tue, 21/10/2008 - 11:06

The IoM Depositor Compensation Scheme should NOT be considered whatsoever.

The BCCI collapse has shown that the DCS is irrelevant and just a distraction. The best definition of i have heard is that it is not much more than a whip-round in Douglas High St. Apart from the £50K limit, the payments will consist of cheques for £10-100 over the next 10-20 years.

Mat Walker


500m GBP - the big issue remains

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:00

Luckily an MHK did raise the issue of the 500m GBP frozen at KSF UK in London. He called for the IOM government to launch High Court action in the UK to recover this money, saying that there was a precedent for this during the Enron collapse.

I was slightly concerned at Allan Bell's answer as he said he was still having discussions with the UK government. An MHK pointed out that unless Ernst & Young's terms of reference are changed, it's going to be very difficult to recover that money.


Allan Bell's discussions...

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:12

He was fudging the issue on Radio Manx 2 days back...


Disappointing

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 12:30

I'm disappointed with his attitude here. I don't think he quite realises the seriousness of the problem facing IOM's financial sector.

If the bank goes into liquidation, then it'll take years to repay deposits, even up to the 50,000 GBP limit. People with over 50,000 GBP will face a long struggle to recover any of their money above the 50,000 GBP. This is going to harm the IOM's reputation as a financial sector for generations probably. There's also a good chance that it could cause a run on the Isle of Man itself, having serious consequences for IOM residents. The government's recent changes to the DCS allow for government funding as well, but quite simply, they don't have enough money, and people are likely to be nervous about lending it to them.

With this in mind, it's incredible that Allan Bell isn't pushing like crazy to get this 500m GBP released.


Tynwald Update

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 10:54

Thanks for the update Busted Flat. I was interested to see the breakdown of accounts held in KSFIoM particularly that joint and sole accounts total about £435 million. Well done.


Tynwald Links?

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 21/10/2008 - 10:51

Not on Manx Radio. Link please?


Live Tynwald

  • Ally
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 21/10/2008 - 10:57

Its on AM, so follow the AM links not FM


It's on Manx Radio AM

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 10:56

It's on Manx Radio AM but all the questions about KSF (which weren't withdrawn) have now been answered. See my link above to listen online.