news tonight

  • amar
  • 13/10/08 31/05/09
  • unspecified
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Posted: Tue, 14/10/2008 - 17:40

Just heard from Nick Martin at Channel 4 that report going out at 7pm tonight

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BBC News Latest Article re Iceland

  • Emabroad
  • 10/10/08 30/08/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 20:52

See the article 'Iceland: Britain's unlikely new enemy' at

to which I would add - so given the treatment we've received, why should we care??


Bank of Ireland Guarantee

  • arehman
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 19:18

Like khan12009 I have today also taken out my money from the Island. Its a disgrace that the Government there cannot deal with the matter effectively and it is only today that HM Treasury has assumed responsibility to talk to their Icelandic counterparts on the IOM and Guernsey issue! Never in a lifetime would you expect your bank to go bankrupt, and even so, its more unlucky that other banks that have gone down have been bailed out. I must be, as well, as others on this site must be the most unluckiest people on the planet now.

I have transferred my money which is only £14k to Bank of Ireland as their guarantee is cast iron.


Baling out of IoM

  • wood
  • 12/10/08 30/05/13
  • a depositor
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  • Wed, 15/10/2008 - 19:43

There are probably plenty of people who would like to but are forced to remain in fixed term bond accounts with no escape allowed!!


No money for Ireland

  • Anonymous
  • Offline
  • Wed, 15/10/2008 - 19:23

Kaupthing Singer & Friedlander has all my money so nothing left to put in Ireland,. just where I am sitting at the moment


Money out!

  • khan12009
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 19:07

I have just removed £12k being the rest of my life savings from the IOM to Ireland as even though they now guarantee £50k under the DPS it a way for me to make a statement of their incompetence in the matter. I cannot afford for another bank to go done, and I have to wait for my money 5 years down the line.

I hope others people follow suit.


Channel 4 News 14th Oct

  • neilbkk
  • 10/10/08 08/06/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 04:41

Please see this link for the broadcast last night...http://link.brightcove.com/services/player/bcpid1529573111


KEEP THE PRESSURE UP ON THE IOM GOVERNMENT

  • milo2003
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 14/10/2008 - 20:38

I agree with the earlier comments.
It is very worrying to note that considering the status of IOM as a financial centre and the revenue it receives from these activities, it has been very surprisingly slow to put the depositors of Kaupthing IOM, who in many cases are facing loosing their life savings, at ease.
Surely, the right thing to do for the IOM Goverment, to keep it's credability as a safe financial centre, would be to follow in the UK and European Government's steps and guarantee that it will ultimately do what ever it takes to cover 100% of the depositor's funds.
My understanding is (I would welcome being corrected) that all IOM banks are subsidiaries of all the major international banks and they stand on their own in the same way as Kaupthing IOM.
I for one ( and I sure I am not alone) is considering moving all funds I have in other IOM banks to Ireland, who have given a 100% guarantee to all their depositors, unless I can be assured that what has happend to Kaupthing IOM cannot be repeated in the uncertain times.
If this action is followed by other individuals and institutions, I am sure it would put pressure on the IOM Government to take appropriate action to stop what might become a run on the IOM bank and harm their reputation as being a safe financial centre.
I welcome your comments....?


Moving funds out of IOM

  • Emabroad
  • 10/10/08 30/08/09
  • a depositor
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  • Wed, 15/10/2008 - 19:18

Just as I lost my savings with Landsbanki and KSF IOM, a run on the other remaining IOM banks would place my last two 12-month fixed deposits in jeopardy. . . . and those of a lot more people I am sure. I am sitting here praying that no other banks go down, or I will not have any savings-earned interest to bolster my UK state pension and will have nowhere to turn.
While we are all very angry about our plight, I wouldn't want to wish it on yet more folk - particularly retired Expat Brits who've worked darned hard for their small savings - and paid tax and NI on their salaries for around 40-years to the UK Treasury.
Please give some thought to the potential ramifications of your actions before deciding to follow suit, unless you believe that misery needs company.


Keep the pressure

  • Andy Ish
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 20:44

True but they can always reform after we have lost! Even with the Irish guarantee, if the country got bankrupt they will not pay either.


KEEP THE PRESSURE UP ON THE IOM GOVERNMENT

  • milo2003
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 20:50

Correct, however you could say that about any country - the banking system only survives on confidence that is why most other countries have taken united action to support their banking system.


contacts

  • dave
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 20:37

Has anyone on the IOM considered approaching the governor who is the Queens representative to explain the full facts of our situation and to press him to bring the facts to others in high places.


Please someone contact Telegraph Expat !!

  • JD
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 20:26

I live rural Tanzania - we are lucky if we have electricity.
Please could someone in a more connected place contact Telegraph Weekly and the Expat section.This stuff is all good publicity and an important feeder of info for expat depositors/savers. The IOM does not want this kind of publicity, keep up the International media pressure.


Expat Telegraph etc

  • Emabroad
  • 10/10/08 30/08/09
  • a depositor
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  • Tue, 14/10/2008 - 20:46

I don't want to be a wet blanket and, in light of subsequent events, maybe someone else will have more success in getting action from the Daily Telegraph - particularly the Expat Telegraph, however I sent the following to A. Steed on 6th October (deja vu or what?)

"Dear Ms. Steed

I've just read Expat Finance: Where should you stash your cash? by Emma Simon [On-line Telegraph: 02/10/2008] and was extremely disappointed to note that the 'advice' about Cash Savings was limited to HBOS and Northern Rock information which we already know, and was related onshore accounts at that (the bank indemnity limits).

The great majority of UK banks will not entertain accounts from Britons who have elected to retire or move overseas permanently as they are 'non-resident/domiciled'. As our savings and pensions are in sterling, we have little alternative but to open UK offshore accounts. Short term Expats too prefer to bank offshore to maximise their tax-free savings income.

Having scoured the online London newspapers over the past few weeks for information about offshore savings with major European banks in the Isle of Man (IOM) and Channel Islands (CI), I am amazed and disappointed to find no mention of the current 'health' of these offshore institutions nor of any provision for investor protection in the event of a failure. Currently protection is limited to £15,000 per person in the IOM and sweet zero in the CI.

Given the numbers of British Expatriates, like myself, who have retired overseas and left our income-generating life-savings in such institutions I think a news story on the present health of the UK's offshore banks would be welcomed by the huge number of British Expats around the world.

While we hear daily of new initiatives from various nations to safeguard their own banks and their own nationals' savings, not one word has been forthcoming about any commitment to safeguard all such bank's investors, ie: the massive funds held by those same banks in offshore holdings. Does Gordon Brown's commitment extend to British offshore banks? I doubt it and if not, what is the Isle of Man proposing to do? Does the Channel Islands have any intention of protecting savers at all? The same goes for the Icelandic banks where it rather looks as though to save the Icelandic economy, Landsbankii and Kaupthing may have to divest themselves of a large part of their overseas interests - so where does that leave the unprotected offshore savers?

I think an article, or series of articles as the situation unfolds, would not only be extremely interesting but also of serious practical use to a huge number of Brits around the world. Currently we are without information and completely powerless; simply watching and waiting for our savings and therefore our incomes, to evaporate overnight.

I do hope the Expat Telegraph will look into this for us." . . . Ends

No reply was received, nor any article forthcoming.

I wrote to them again last week following the collapse of Landsbanki & KFS IOM (with both of which I had savings) and again, I have not heard a word from them. Not impressive at all. I am sure that this oversight can have absolutely nothing whatsoever to do with the residential location of the Daily Telegraph's multi-millionaire owners, Sir David and Sir Frederick Barclay. They own the island of Brecqhou in the Channel Islands.


Ensure that we are represented in negotiations

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:48

So where can we find out IF we HAVE been represented by the Treasury or NOT? If we haven't been represented in any Icelandic / Treasury discussions how do we ensure that we are represented in these negotiations?


my take on c4

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
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  • Tue, 14/10/2008 - 19:38

it is clear that the UK govn. has assessed potential fallout and decided that it is not worth representing us. nothing we do will change that so we have to consider other avenues.


Why should they? We're not

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:43

Why should they? We're not in the UK. Very few of us can vote anyway [I can, and I'm looking forward to that].

Realistically, unless Crown Dependencies make meaningful noise [for their own people, of course] you are depending on the UK Government giving a tinkers damn about British Citizens who, like me, have chosen to leave the infested nest.

IMO the only hopes lie in Iceland and the IMF, but that won't stop me batting emails around wherever I think they might [possibly] engender a little prick of conscience. I've seen some good messages to MPs, and some standard sh1t coming back. However, who knows ... perhaps The Queen will speak to Gordon about Her citizens.


What about e-petitions

  • Andy Ish
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 20:04

What about e-petitions on 10 Dowining Street website?
http://petitions.number10.gov.uk/


e-Petition to HM Gov

  • Emabroad
  • 10/10/08 30/08/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 20:22

Great idea let's get on with it - others can also vote on these sites so it's not limited to depositors who've lost money - we could kick up quite a storm if we persuade everyone we know to cast a vote, provided it's worded in such a way as to demand action for the depositors - rather than 'us'.


E-Petition

  • Andy Ish
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 20:29

I think with 460 people and potentially others its at least keeping pressure on and getting to our PM directly since we can not email him!


C4 Nick Martin

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:36

I think we all owe C4 "news" Nick Martin a big thank you for bringing our story as far as he has, without his help and that of the interviewee's (I'll not name names but we all know who they are) the storey would still be getting hardly a mention if any in the mainstream arena.

Could I suggest if Matt's up for it a video link / telephone call with him and his family in Aus to get their storey across - as we all know his plight is probably the most dire of all of us.

Possibly I think we also need to draw the general publics attention to why the money is held offshore - the simple fact for many - no UK home = no mainland savings account.


Jersey Has Noticed

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 19:20

http://www.thisisjersey.com/2008/10/14/support-group-set-up-for-landsban...

"BETWEEN £5m and £7m of Islanders’ savings are being held in the frozen accounts of Icelandic-owned banks in the Isle of Man and Guernsey.
About 50 worried Jersey residents have contacted the Economic Development department hotline to say that they have money in either Landsbanki in Guernsey or Kaupthing, Singer and Friedlander in the Isle of Man.
Economic Development Minister Phillp Ozouf said that his office was compiling the extent of the exposure of Jersey residents and would be assisting with representing their interests in Guernsey, Iceland and London.
Meanwhile, he gave an assurance that Islanders who were financially suffering from not being able to access their cash would get assistance."

I wish he's mentioned representation in the Isle of Man as well .... However, I have sent our web-link to the Senator, and to the Economic
Development Dept. But we have the Senatorial Elections tomorrow, so I'd guess Senator Ozouf will be rather more focussed on that topic until Friday ... or next Monday. I'd love to know where our Chief Minister, Frank Walker, banks his multi-millions!


CHANNEL 4 NEWS LINK

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 19:01

Can anyone please supply a link to see the CH 4 news item discussed below?

Thanks


Give it until after 21.00 UK

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:28

This is to newsroom, but usualy takes an hr or so after broadcast.

http://www.channel4.com/news/


C4 News

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 18:51

I felt ONE extra question from John Snow would have sealed it -- the burning question -- does that include the Crown Dependancies.....

AAArrrgghhh

He had him on the spot


C4 News - Treasury to represent us IF requested

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:28

Toward the end of the C4 news item relevant to us, approximately 16 minutes from the start of the programme for those that recorded it. There was a very interesting comment from the Nick Martin the correspondent, who said that news from the Treasury tonight was that:

" ... those offshore investors (seeking advice) should seek advice from the financial regulators in those areas"

Worryingly though was the final Treasury comment:

"That it WOULD represent IOM, Guernsey and Jersey in any discussions with Iceland IF REQUESTED" !

Do we take this to mean that they have not represented us to do date because they were not REQUESTED to do so? Does that mean that the IOM did not REQUEST the treasury to represent us? Does that mean that WE have to request the treasury to represent us? It beggars belief that if, as I it take from that comment, we have not so far been represented in any official negotiations with Iceland!


No, I don't think that means

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 19:30

No, I don't think that means IOM haven't asked them for help. It's just standard diplomatic speech.


C4 news

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:30

Yes, I noted that too..

could be something else for C4 Nick to persue LOL


Local News (TTTV - Northern England)

  • Shiney
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 18:51

A Northumberland M.P. (Mr. Atkinson - believed Cons.) was shown being interviewed on Tyne Tees TV tonight outside the Houses of Parliament in relation to Councils etc. depositing money in Icelandic bank accounts.

He went on to say that it had been known for some time among M.P.'s and in the 'City' that the Icelandic banks were 'dodgy' (actual word used).

Sadly we all do not move in his social circle nor have his insider knowledge of what is happening in the banking sector otherwise this site would extremely quiet I would suspect!


Channel 4 News

  • brokemanx
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 18:30

This provided good publicity throughout the UK for our situation and must be discomforting for the IOM government as it made clear that IOM based banks were not protected 100% as in the UK and that only the first £50,000 was covered by the scheme. There was an informative interview with the Icelandic PM and he was very articulate and sounded keen for Iceland to honour its debts. However, he referred only to discussion between Iceland and the UK and did not say anything specific about the IOM bank. We still don't know if offshore banks were even raised by the UK delegation.


Excellent report

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 18:27

Just seen the report on Channel 4
I thought it was the best coverage so far
Defintely a shot across the bows of all off shore banking Islands, exposing their lack of any protection
Shame no mention of the parental guaratee for IOM but that may well have been down to editing
Well done to all involved you made us proud

Channel 4 seem very interested in the story, i know they may well follow it up so could be worth finding some more people who want to give their story if we are appraoched.


C4 News

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Tue, 14/10/2008 - 18:26

I thought it was ok.
It is a shame that they ended by saying investors may lose their missing millions, implying we are all rich, however, the interviewies did a good job, and it got air time.
The interview afterwards with the PM of Iceland shows what publicity can do.


IanAbroad

  • Emabroad
  • 10/10/08 30/08/09
  • a depositor
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  • Tue, 14/10/2008 - 20:29

Yes indeed - all the more so since we're not investors we're 'depositors'. We're the idiots who did not risk investment in the stock market, but chose the safer, less potentially remunerative option (pre: crash!!) and deposited our money in banks.
As discussed by others, earlier, it's a very important point to get across in all interviews in an attempt to dispell this 'champagne lifestyle investors' twaddle out of the way for once and for all.


C4 News

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 18:29

Good publicity for us, good stuff from our fellow sufferers but not much out of the Icelandic PM. He used the smokescreen of the 'Icelandic Compensation Scheme' which covers even less than the IoM scheme - useless. What we really need is C4/BBC/ITN or anybody to ask directly why the Icelandic authorities are not honouring the written guarantee from Kaupthing Hf.

Also worrying to note that the UK governement said 'we will help with negotiations with other countries if asked'. 'If'?????!!!!!! 'if'?????!!!!!! does this mean the idiots in Douglas haven't actually requested help yet????

The time is rapidly approaching for more direct tactics...we need a spokesperson & committee now.


IOM IN ICELAND

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:01

THE COMMENT "THE IDIOTS IN DOUGLAS" DOES LITTLE TO HELP THE SITUATION. I AM AWARE THAT THE IOM GOVERNMENT HAVE REQUESTED THE UK TO INCLUDE THEM IN ANY NEGOTIATIONS WITH THE ICELANDICS.

PLEASE BE CONSTRUCTIVE AND DO NOT MESS UP THE RELATIONSHIP WE HAVE WITH THE AUTHORITIES ON THE ISLE OF MAN. WE ARE DIRECTING GOVERNMENT OFFICIALS TO LOOK AT THIS SITE SO AS THEY CAN SEE THE SCALE OF THE SUFFERING. ANY DEROGATORY COMMENTS WILL NOT HELP THE HARD WORK THAT IS GOING ON ON OUR BEHALF

MAYBE IT IS THE CHANNEL ISLANDS THAT HAVE NOT REQUESTED ASSISTANCE OR THE NEWS REPORTER DOES NOT KNOW THE FULL FACTS


Appreciate your sentiments

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 19:11

I appreciate your sentiments but this is a two way street. All this started falling apart on Thurdsay last week and here we are 5 full days later with little or nothing from the IoM authorities that can give us any hope. I am delighted that somewhere along the line we have a 'relationship with the authorities' but this cloak and dagger approach is getting a bit tiring. When you have as much on the line as a lot of people on here you need to hear more than stuff like 'trust us, things are happening'.

In addition, if IoM government officials can't understand the anger that I'm expressing (and I'm going to assume I'm not alone in this anger) and take umbrage at it, then are these really the people we want to trust with everything we have?

I will, as requested, curb my language for the moment but if you are indeed in contact with these authorities you need to tell them that they need to step up to the plate....NOW!


IoM Authorities

  • DXB
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:09

Hear, hear! We need all the political help we can get - both in Douglas and London. I spoke to the FSC this afternoon, and understand the IoM authorities are doing their best in the circumstances. Bear in mind that the GDP of the IoM is a fraction of that of the UK, that there's no central bank, and that the IoM has no international presence (its international interests are represented by the UK). We need to keep up our lobbying, but let's do so constructively.


deleted

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Tue, 14/10/2008 - 20:15

deleted


Thank you for that. There

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:15

Thank you for that.

There are a number of us working very hard here in the IOM. We need the support of the authorities and to maintain that we need to support them in their efforts.


What is actually being done?

  • malc
  • 11/10/08 31/05/09
  • a depositor
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  • Tue, 14/10/2008 - 20:17

I too have listened to the 'things are happening', but precisely what is being done in the IOM?

What is the group that is representing this forum actually doing, specifically?
What is the IOM government and/regulators actually doing, specifically?

If we are to give our full support to your and their actions we need to be kept fully informed of what is taking place.


a statement from EXPAT is needed

  • adrienne
  • 10/10/08 13/05/10
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 20:28

second this. as per several previous requests it is becoming incresingly important for the cohesiveness of this group to hear
1. what is happening
2. what do we need to do
3. are funds required


Angr feelings exposed here

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Tue, 14/10/2008 - 20:16

I am sure others reading this will understand these angry outbursts from people who have been severely traumatised by what has happened. Their trust has been betrayed & as a consequence many have been reduced to penuary.

The Queen is Head of the IOM State & she is represented there by the Governor. Thus the Prime Minister & UK Government has a duty to protect the interests of British Citizens who have had no option but to invest in an off-shore bank. If necessary HM Government should seek the nationalisation of all IOM financial institutions that are unable to guarantee the trust put in them & promise everyone who deposited money in KFS that every penny will be restored to them, if necessary through the help of the UK Treasury.

After this debacle the future of off-shore banking is doomed, so all on-shore banks should be required to extend to all ex-Pats the option of opening accounts with them.

Lucky Jim (I escaped just in the nick of time!)


at last some sense

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 20:19

I agree, I'm glad someone seems to be making sense
Now the thing to do is to coordinate our efforts and make the rest of the world, not just the UK hear about the situation.


Waiting for the Liquidator to do his job

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Tue, 14/10/2008 - 20:38

Let's be practical. The Liquidator has to do his job. He will be fully aware of the feelings of ex-Pat depositors but he will not be able to restore to them all that they have deposited with KFS unless either he has the money in his hand to give back, or he is given the funds to replace the lost money belonging to depositors. As a last resort it MUST be HM Government that honours the guarantees given to ex-Pat depositors by KFS