Meeting With IOM Treasury Minister 02/11/2008

  • 208
  • 10/10/08 31/05/09
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Posted: Mon, 03/11/2008 - 16:15

Meeting with IOM Minister of Finance Nov 2 2008

Present the Right Honourable Alan Bell
Dave Braddan and Lynn

Allan reiterated his concern for the plight of depositors and he understands the urgency of the situation. We were again assured that the Government is doing its utmost on our behalf, and the sincerity of these statements was self-evident.

The IOM Government is exploring all possible avenues to find a positive solution. A considerable amount of work was going on behind the scenes and a so-called "Gold Group" (comprising senior civil servants, Justice Dept, Head of Finance and Mr. Bell) is meeting on a daily basis, to monitor events and drive forward possible solutions.

We encouraged Allan to increase the public dialogue about a number of initiatives that are currently under development. We are hopeful that there will be further disclosure from the IoM government on developments in the near future. However it was apparent to the group that the Government’s work on this project is clearly sensitive and will require delicate negotiation. As such we understand that it will not always be possible to provide real-time disclosure.

A number of initiatives are being looked at to achieve a favourable solution, but it will take time. Allan’s sincere hope remains that depositors’ money would be recovered, and there would no need to activate the recently enhanced Depositors' Compensation Scheme.

The questions drafted by depositors were handed over to Allan to put before the IOM Government Gold Group. Allan agreed to review the questions and we are hopeful that he will respond to these questions in due course.

At the end of the meeting Allan offered to meet with the IoM group as needed and we were encouraged by Allan’s commitment to keep communication lines open.

After the meeting the depositors shared a personal view that there is reasonable hope that a satisfactory resolution can be achieved. As such, we believe the IOM Government should be encouraged in its efforts. **

** These are the personal views of the depositors present at the meeting based on the information available to them at the time. These minutes should not be construed as advise for individual depositors. All depositors must of course consider their own unique circumstances.

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FSC made crucial decision

  • IceCrusher
  • 14/10/08 25/10/11
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  • Tue, 04/11/2008 - 07:27

From 21 Oct 08

Chief Executive of the Financial Supervision Commission John Aspden has described how funds were switched from Reykjavik to London when the liquidity of the Icelandic bank was called into question.

But 'the gate came down', the funds were frozen in the UK, and are now effectively trapped there.

Political and legal moves are underway to have them returned.

Mr Aspden (pictured) says the FSC made a crucial decision in the bank's best interests, but could not have foreseen the outcome

He also says all creditors have to be treated equally and the Isle of Man can't expect to be a priority:

"The idea of just lifting out assets from London and repaying them to the Isle of Man, whilst appearing very attractive, could mean that the Isle of Man would be getting priority.

"I know that lawyers are looking carefully at the basis on which funds were placed with the London bank, to see whether such a segregation or prioritisation might be justified, but at the moment I think it's premature to presume that could happen."

Transcription of separate extract taken from the same interview:

"With the benefit of hindsight it might have been better originally if the deposits had come back from Iceland and not been put in London, but at the time this was something that we had discussed with the regulatory authorities in London. They were placed with a bank in London for deployment within regulatory norms, so I think it was a prudent decision.

"(It's) easy to look at with the benefit of hindsight, but at the time no one obviously knew what was going to happen."

Thank you IOM Team

  • Clogs2
  • 20/10/08 31/08/09
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  • Mon, 03/11/2008 - 20:45

Thank you for your efforts and encouraging feedback. Well Done. Its good to read something positive after catching up on the TSC session.


  • peter and louise
  • 18/10/08 01/09/09
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  • Mon, 03/11/2008 - 18:48

Thank you so much for feed back on your meeting in IOM. This is really encouraging news. Unlike the Treasury meeting we just listened in to. Darling declared our funds were (as far as I was able to decifer) used in the 'ing' transfer' and he then quickly side-stepped further discussion of the issue by talking about the need for a hard-look at 'that small island in the Irish Sea.' Of course, it is clear he has a hidden agenda here and probably wants to see the end of off-shore deposits. So be it, though it was clear to detect an uneasiness with the way he addressed the way in which Derbyshire depositors were sold out to Kaupthing. What were the overseerers doing, I ask, and I think he was asking, to allow a largely unknown bank to muscle in and take us over in the way they did? If there isn't a political solution to be found there surely is a legal one. Some way to go yet I think but we'll get there in the end. We are in the right here 100%!!

Great job form the team of

  • columbgc
  • 11/10/08 14/07/10
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  • Mon, 03/11/2008 - 18:35

Great job form the team of true magicians! I will sleep better tonight! THANK YOU ALL!

Alan Bell Meeting

  • mikepapa
  • 10/10/08 n/a (free)
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  • Mon, 03/11/2008 - 18:13

Dear Dave & Lynn, Blair and Expat,

Many thanks for your update and your continued efforts on behalf of us all.

"The impossible we do at once, miracles take a little longer" - springs to mind :-)

Attrib: Anthony Trollope - 1874


Thanks for the statement

  • sabi Star
  • 10/10/08 n/a (free)
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  • Mon, 03/11/2008 - 18:02

Thanks for the information - much appreciated. The IOM Govt. is to be helped and encouraged as much as possible.

Summary of meeting With IOM Treasury Minister 02/11/2008

  • ng
  • 11/10/08 31/12/20
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  • Mon, 03/11/2008 - 17:48

Great summary, I've placed it on the "front page" (which isn't now the front page any more. We need better ways of storing items like this for easy retrieval, and so that other people can quickly see all "important" postings. Possibilities:

  • Use a specific type of posting, like we have for News and Press Releases - we could actually use the "News" feature - its already set up with tags etc.
  • Allow forum posts to use "rags" (like the news items currently.)
  • Use the five-star voting system *used in news at the moment.
  • Have some other way of marking as "important", such as a simple 1-5 number.

These would all vary in ease of use and effectiveness. Personally I think the first option would be sensible - I can "convert" this item to a news item, but then it will disappear from the forum view.

IOM Team Meeting

  • go mann
  • 10/10/08 31/05/09
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  • Mon, 03/11/2008 - 16:59

Well done and thank you ... as your summary indicates, there are "things" happening behind the scenes which are not yet fit for the public arena. I am presently comfortable that the proper authorities are doing their best to resolve matters ... but I'm willing to change that once I see how Darling & Co. handle the TSC [watching live on the old PC]

We are sunk !

  • MichaelB
  • 16/10/08 31/05/09
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  • Mon, 03/11/2008 - 18:32

Just watched The Muppet Show online ...... they are totally washing their hands of the IOM !

Our £550m is sunk in the general pot of funds for KSF London .... we will not get it back from what Darling said !

I am fuming !!!!!!

Darling got clapped as mentioned IoM was 'Tax Haven'

  • n1gel
  • 12/10/08 31/05/09
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  • Mon, 03/11/2008 - 18:41

(albeit - only by one ignorant person)
Enough said - he is obviously going to use this card in his smokescreen

The die is set...

  • Elpasout
  • 10/10/08 31/08/09
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  • Mon, 03/11/2008 - 18:59

Darling said something like - The whole relationship between the UK and the tax havens of IOM and Channel Isles needs to re examined as a result of this (I paraphrase - sorry I cant watch again to check - the whole stream has seized up from here in Lanz).

He became very animated at this point - and I suddenly had a glimpse of what has been "going on behind the scenes" between the IoM and the UK! (for the past 2 weeks)

The IoM has been saying "Please may we have our ball back Mister" - and the IoM has been saying "Fu** off you little s**ts - now its pay-back time for taking tax revenue from us for all these years"

Mentioning low can you go

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Mon, 03/11/2008 - 18:51

He was struggling with the questions and the only thing he could resort to was the low blow mention of tax haven!!!!

Were the committee awake?

  • saudijohn
  • 11/10/08 31/05/09
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  • Mon, 03/11/2008 - 19:01

I'm pretty sure he also slipped in something to the effect of "they deposited there for tax reasons". The committee didn't pick up on it.

I't looked like Dowling and the FSA had agreed beforehand to deliberately drop the "Singer and Friedlander" from the name of the bank. They consistently referred to it as Kaupthing Isle of Man. At least one of them specifically said that there was no relationship between Kaupthing Isle of Man and Kaupthing Singer and Friedlander. Why didn't the guys asking the questions pick up on this? It looked like they were asking questions about one bank and getting answers about a completely different one.

Absolute joke in parliment

  • Monkeyface3604
  • 10/10/08 31/05/09
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  • Mon, 03/11/2008 - 18:36

I just watched it too, Darling couldnt answer anything in a straight way, he's a
f%&king joke.
So he says its the FSC's decision to put the money there eh....well i think the FSC need to make a formal statement about the whole thing, one or the other is resposible for it!!!
Darling also sounded like he said our money was given to isnt that preferencial treatment!!! Choosing one creditor over another!!!

Darling said KSF IOM made a bad decision

  • MichaelB
  • 16/10/08 31/05/09
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  • Mon, 03/11/2008 - 18:47

KSF IOM moves £550m to KSF London ..... all Darling can say is bad luck .... get in line with everybody else to get a share back.

We are totally screwed here by Darling.

IOM Team

  • Mrs Not Too Happy
  • 12/10/08 31/05/09
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  • Mon, 03/11/2008 - 16:52

Well done for that posting and for the hard work overall.

I just hope that one day someone will stand up and say I've sorted it - everyone can have their money back now - We all live in hope !

Meeting with IOM Treasury Minister

  • angel
  • 12/10/08 n/a (free)
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  • Mon, 03/11/2008 - 16:40

Dave Thanks you so much for your efforts we feel so lost and are so grateful for everything you are doing God bless

Update encouraging

  • Kev
  • 10/10/08 31/05/09
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  • Mon, 03/11/2008 - 16:31

Many thanks for the update Dave, it's very helpful. Without these sort of updates we would be totally in the dark and would loose hope.

Thanks again

Thank-you for the update. It

  • SgKZ
  • 10/10/08 31/05/09
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  • Mon, 03/11/2008 - 16:20

Thank-you for the update. It is very helpful. It is encouraging that the doors are open at this stage and that has to be a good sign in itself.


Not all of us are ex-pats

  • moneypenny
  • 27/10/08 31/05/09
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  • Mon, 03/11/2008 - 20:36

We are pensioners, living in England and have paid our taxes for 50 years. We have lost everything through being in the wrong bank. We joined the bank on 1/9/08, thinking our savings were 100%. safe, how wrong can you be. This site has been a great help to us, but remember they are clobbering people like us as well as ex pats.

Keep up the good work we all need to stick together and help everyone involved.

Diplomacy and 'true Brit Grit' is needed!!