Parliamentary questions for next Tynwald

  • cold-dose
  • 11/10/08 31/05/09
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Posted: Fri, 17/10/2008 - 01:13

The questions list for the sitting of the House of Keys (equivalent of the House of Commons) on 21 October (next Tuesday) has been published.

MHKs ask ministers questions, but these have to be put in advance - either for oral answer on the day, or for written answer later.

And boy, there's a lot of questions relating to KSF...

http://www.tynwald.org.im/papers/questions/2008-2009/tq21102008.pdf

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CONTACT TYNWALD TO INCREASE COMPENSATION

  • JayC
  • 14/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 04:39

To All KSFIOM depositors:

We have all called and spoke to many people at FSC, KSFIOM, Treasury, in the UK, Iceland, and the Liquidator Provisionally (Pricewaterhouse Coopers). In my many phone calls i've been told that the FSC and Treasure only administer the laws made by the Tynwald.
This means if we want more protection under compensation scheme (AND PLEASE ADDING BUSINESS, CHARITY, PARTNERSHIP, TRUST, ETC) accounts we need to get the Tynwald poeple to again modify this compensation scheme on the 24th of October.

So we need to focus our pressure on these people who make this decision. I've found some start for the phone numbers and names and emails for this. Please everyone work on these guys so they will increase depositor insurance levels and include all us business type depositors as well.

PASTED DETAILS BELOW:
Telephone: +44 (0)1624 685500
Fax: +44 (0)1624 685504
E-mail: enquiries(?)tynwald [dot] org [dot] im
Internet: http://www.tynwald.org.im


preference for depositors?

  • iomillie
  • 13/10/08 30/09/09
  • unspecified
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  • Fri, 17/10/2008 - 05:23

Just a thought - Iceland passed a law that says that any money that is recovered has to be applied to depositors first ahead of general creditors. Could that help us here? And could the IoM pass the law before we go into full administration?


Question 7

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:40

The Hon Member for Douglas North (Mr Henderson) to ask the Chief Minister –

(a) What representations he has made to the UK Government in relation to the failed Singer and Friedlander (IOM) Bank;

(b) what he has asked officials to do and what have they agreed to do on the Isle of Man’s behalf; and

(c) whether he has made representations directly to Iceland in this matter?


Question 8

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:40

The Hon Member for Onchan (Mr Karran) to ask the Chief Minister -

Will he consult with the Minister for the Treasury, the Financial Supervision Commission and HM Attorney General with a view to proceedings being commenced against those persons who have been named in a letter to him privately so as to disqualify those persons from being a director of an Isle of Man company in the light of their failure to exercise due diligence in performing their duties as directors?


Question 9

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:39

The Hon Member for Onchan (Mr Karran) to ask the Chief Minister -

(a) Whether the amount of money owed to Kaupthing Singer & Friedlander (Isle of Man) Limited from sister and parent entities in the UK and Iceland amounts to about £500 million;

(b) whether this money owed to the Isle of Man is equivalent to approximately £15,000 per household on the Island;

(c) what plans he has to pursue this debt vigorously at a political level in both the UK and Iceland, including extensive use of the media and public relations; and

(d) what his government has done so far to help secure repayment of this debt?


Question 10

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:38

The Hon Member for Douglas North (Mr Henderson) to ask the Minister of the Treasury –

What plans he has to make a full and detailed statement on any effects or perceived effects that the current credit crunch or banking collapses may have for the Isle of Man and the extent to which there have been any noticeable investment or deposit movements in or out of the Island?


Question 12

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:37

The Hon Member for Michael (Mr Cannan) to ask the Minister of the Treasury –

In respect of Kaupthing Singer and Friedlander (Isle of Man) Limited –

(a) What is the number of individuals who had cash deposits at the above bank;

(b) are all these individuals able to claim against the Depositors’ Compensation Scheme 1991;

(c) what is the total amount eligible for compensation in terms of the 1991 Scheme;

(d) what is the current balance in the 1991 Depositors’ Compensation Scheme bank account;

(e) in the event of the October 2008 Compensation Scheme being made retrospective to 7th October 2008, what is the total amount eligible for compensation?


Question 13

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:35

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

(a) Was it his intention deliberately to exclude the following categories from the definition of “eligible depositors” in the Depositors’ Compensation Scheme -
. (1) companies;
. (2) charities;
. (3) government;
. (4) beneficiaries of a bare trust;
. (5) client accounts; and

(b) what immediate plans he has to include any or all of the groups in a revised scheme?


Question 14

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:33

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

Has the total potential liability of Kaupthing Singer and Friedlander been quantified in terms of –

(a) “eligible depositors”;
(b) companies;
(c) charities;
(d) government;
(e) beneficiaries of a bare trust; and
(f) client accounts?


Question 15

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:33

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

Has the total potential liability under the Depositors’ Compensation Scheme 2008 been quantified in terms of the “average bank scenario” as defined in the Financial Supervisions Commission’s Consultation Document on depositors protection, for –

(a) “eligible depositors”;
(b) companies;
(c) charities;
(d) government;
(e) beneficiaries of a bare trust; and
(f) client accounts?


Question 16

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:32

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

How was the upper cap on contributions to the Depositors’ Compensation Scheme determined?


Question 17

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:31

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

(a) Will the cover provided by the Depositors’ Compensation Scheme be increased on an annual basis to ensure that the 95% coverage of accounts is maintained; and, if not

(b) what will the rationale for any increases be?


Question 18

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:30

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

(a) Is the Treasury Minister able to commit the Depositors’ Compensation Scheme Manager to a maximum repayment period to eligible depositors; and, if not

(b) will he consider amending the scheme to permit this?


Question 19

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:29

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

What licensed banks or subsidiaries of licensed banks are companies incorporated under the Companies Act 2006?


Question 20

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:29

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

What is the maximum amount that can be called up from participating banking licence holders under the Depositors’ Compensation Scheme 2008 in one year?


Question 21

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:28

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

What is the rationale for managers of a bank, having previously not been eligible depositors under the Depositors’ Compensation Scheme 1991, now becoming eligible under the Depositors’ Compensation Scheme 2008?


Question 22

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:27

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

What is the net debt of Kaupthing Singer and Friedlander’s Isle of Man operations?


Question 23

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:27

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

What are the implications of the failure of Kaupthing Singer and Friedlander on the investment management of Government assets?


Question 24

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:26

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

(a) How much of Kaupthing Singer and Friedlander’s deposits are currently frozen in the UK; and

(b) what assurances have the Financial Supervision Commission sought over the company’s legal title to them?


Question 25

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:25

The Hon Member for Rushen (Mr Watterson) to ask the Minister of the Treasury –

To what extent do the recent assurances by the UK and Irish Governments relating to depositors’ guarantees extend to Manx depositors?


Question 26

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:24

The Hon Member for Douglas North (Mr Houghton) to ask the Minister of the Treasury –

What plans has he to move an amendment scheme in respect of the recently approved Depositors’ Compensation Scheme which will –

(a) include all institutions who hold a banking licence on the Island; and

(b) cover those matters raised in Tynwald during the debate on 9th October 2008?


Question 27

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:23

The Hon Member for Douglas North (Mr Henderson) to ask the Minister of the Treasury –

Will he make a clear and categoric statement that –

(a) the collapse of Singer and Friedlander (IOM) was due to no fault of anything local; and

(b) that the new Depositors’ Compensation Scheme approved at the recent urgent Tynwald meeting will cover depositors of the failed Singer and Friedlander (IOM) Bank?


Question 28

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 01:22

The Hon Member for Douglas North (Mr Henderson) to ask the Minister of the Treasury –

(a) Whether at the recent sitting of Tynwald on 9th October 2008 two officers from the Financial Supervision Commission were observing proceedings and whether they had legal counsel with them; and

(b) how much did the legal counsel cost to sit with these staff throughout the four hour debate?


Question 29

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:21

The Hon Member for Douglas North (Mr Henderson) to ask the Minister of the Treasury –

What the Financial Supervision Commission has been doing to assist the public and businesses alike in respect of the ‘credit crunch’?


Question 30

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 01:20

The Hon Member for Onchan (Mr Karran) to ask the Minister of the Treasury -

In view of the apparent failure of the Financial Supervision Commission (FSC) to comply with their mission statement with regard to the regulation of Kaupthing Singer & Friedlander (Isle of Man) Limited (KSF) specifically, “To protect the public interest by providing effective regulation and supervision within the Island's financial services sector” will he arrange for the immediate dismissal without compensation of anyone working in the FSC or elsewhere who had responsibility for the regulation of KSF?


Question 31

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 01:19

The Hon Member for Onchan (Mr Karran) to ask the Minister of the Treasury -

(a) Is the “John Cashen”, listed as a member of the Board of Commissioners of the Financial Supervision Commission (FSC) on the FSC website, the same person (or related to) the “John Alfred Cashen OBE” listed as a director of Kaupthing Singer & Friedlander (Isle of Man) Limited (KSF), on the KSF Annual Return filed at the Company Registry; and

(b) is it appropriate for a member of the board of the regulatory authority to be also a director of a company being regulated by that authority?


Question 32

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 01:18

The Hon Member for Onchan (Mr Karran) to ask the Minister of the Treasury -

(a) Why did the Financial Supervision Commission (FSC) fail to ensure that the parental guarantee given to Kaupthing Singer & Friedlander (Isle of Man) Limited (KSF) and lodged with the FSC was fit for purpose; and

(b) what plans he has as a matter of urgency, in conjunction with the FSC, to investigate with deposit takers on the Island which are subsidiaries of UK or foreign parent companies, ways to ‘ring-fence’ deposits made in the Manx subsidiary from any financial difficulties that may be experienced by their parent company; and to investigate how this could be achieved by modifying any ‘parental guarantees’ etc, as necessary, so that deposits made in the Manx subsidiary have priority over deposits made with the parent company; and to report back to the December sitting of Tynwald with the outcome?


Question 35

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:16

The Hon Member for Onchan (Mr Karran) to ask HM Attorney General -

What are the legal responsibilities and priorities of the directors of Isle of Man subsidiaries of UK or foreign parent companies, such as Kaupthing Singer & Friedlander (Isle of Man) Limited, if and when the interests of the Isle of Man company of which they are a director is in conflict with the interests of or instructions from the parent entity?


(questions not listed above)

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 17/10/2008 - 01:41

I've left out completely irrelevant questions, e.g. roundabouts, hence gaps in numbering