Second Update Re: DCS

  • Anonymous
  • unspecified
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Posted: Thu, 08/01/2009 - 12:36

We have not received the promised document from the IoM authorities so, as promised, we have posted a document created by members of the committee. This is our understanding of how the DCS would work in practice based purely on discussions with IoM Treasury officials.

This document has been posted on our main site under 'Facts' and then 'Informal DAG Committee' on the main page menu bar.

you can also view it by following this link: http://www.ksfiomdepositors.org/public-page/understanding-dcs

Should the IoM authorities get back to us with their ammendments we will post those here as well.

All further updates from the informal DAG committee will be posted here so please check back periodically.

Thanks.

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Re: DCS etc..

  • Anonymous
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  • Fri, 09/01/2009 - 12:16

I fully understand your need for this info and, believe me, if we had it we would be doing our level best to get this across to all our fellow depositors.

We are having face to face meetings with the IOM representatives on Monday where we hope to be given far more specific information than we have been given so far. We have NOT been given any indications on specific timings to date despite numerous requests for just that. We have informed the IoM that they cannot expect depositor cooperation with anything (including the DCS) unless we are given timeframes to consider.

I would love to be able to say that we will be in a better position to pass on info on Monday but the past couple of weeks has taught us that everything takes an age in this saga. The legal advisors to the IoM are going through any comment with a fine tooth comb and restricting what info can be passed on to us (the committee) and by extension, the rest of the depositor group. This has reached a stage where even the IoM Treasury is getting frustrated...so you can imagine how we feel!

We will continue forcing the issue and will let you all know the moment we have anything concrete.


DCS etc.

  • Anonymous
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  • Fri, 09/01/2009 - 12:50

I just wish to make the point that the DCS does not require depositor cooperation or agreement. It is a statutory requirement. Of course no depositor would be forced to avail themselves of it, but the scheme is supposed to come into operation without their agreement.


Diver: I think you have

  • calpespain
  • 12/10/08 n/a (free)
  • a depositor
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  • Fri, 09/01/2009 - 01:45

Diver: I think you have answered one of my questions here, above, but would still like some more thougths here, as I'm lost and broke .Maybe I will have to sell up in Oz and return to the UK, to become a sponger, if I can't get some money soon as I'm retired and was self-funded.

You and the committee are indeed well up to speed on this and need our applause as a group for your continuing efforts and for making everyone clearly aware of the failings of the IOM banking compensation scheme, if it is activated. I, like everyone else just want the best outcome from all of this, for us all. But it seems that the banking guarantee was not designed to look after savers in a crisis but, more over to make it look as if the IOM has indeed a system to protect our savings. When in truth, it has not and never has. Well, not one that can actually pay out. Unlike the UK.

The government as soon as this current crisis imploded, implemented an increase in the level of compensation to £50,000 per depositor. But with little or no idea as to how it could be funded or over what period if ever the depositors would get their money or the guaranteed amount returned. This was to give the illusion that the IOM as a government was taking a positive and active role in looking after depositors. To have done so, they should have a system that could have actually have paid out and not one that is reliant on future contribution to a scheme which is of no use to us at all.

The banks for what can be read, are threatening to pull out of the IOM if the scheme is activated, some good scheme that is then. No wonder the IOM have engaged Alix & Partners to find a way of restructuring the KS&F(IOM), but if that were possible why has the LP not already mentioned this possibility or indeed come up with a plan of his own. Is it, that soon as depositors, we are going to be asked to agree to something which is keep the bank in the hands of the LP for the foreseeable future as it holds a much better opportunity of a quicker recovery of our money. Which in the end will lead to us having to wait for dribs and drabs to be dished out over the next 7 or so years. But the banks will pay out nothing and the government likewise. So actually there is no compensation scheme that is effective in the IOM, just one that looks good until such times as you actually need to rely on it.

Clearly, the IOM, Guernsey and any of these offshore financial centres are all not worth the risk placing any money with them at all. Do they have any future for securing retail deposits, I think not. If you could, would anyone place their money if it was recovered tomorrow in full, back again in the IOM, Guernsey, or any of these very small offshore financial centres. After 25 years of doing so I would not, never. When I was first an expatriate back in 1992, the UK banks just asked you to sign a tax declaration form and you were paid your interest in full without any withholding tax at all. Now, everything has changed and who has changed all of that, Oh yes, our Mr Brown when he was chancellor, no surprises there then.

I do realise that without the KSFDAG we, as a group, would not have a voice but would it have made any difference to the final outcome, only time will be able to judge. I really do hope so, and again, I am most grateful for this team that continues to work for all depositors tirelessly. I only hope that you can pull a miracle out of the bag, but can we get some sort of timeline on this from either the IOM government of from the LP. If no official timeline is ever going to be indicated then maybe someone in the team could speculate, just to give us a chance to plan our future, somehow.


WHO'S PAYROLL ARE YOU ON?

  • Anonymous
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  • Thu, 08/01/2009 - 15:37

Diver,
whose payroll are you on?

I find it remarkable the a government department would give out any information, more especially information such as you are privy to, without having some contractual obligation in place. They just wouldn't and couldn't. They are breaching their own confidentiality policy and legal requirements.

I smell a rat here, however many pats on the back you are getting, I do not believe that everyone will feel that you are acting independently and in everyones interest. Investors should remain cautious as to why this person (?) is being given such sensitive and confidential information. It is not because the goverment feel sorry for us.

Diver could be a properganda conduit or maybe he(?) is getting a kick back for distributing the information. It maybe a fictional character, an address of a law firm or consultant that the IomG are employing. Lets face it, we dont know.

I would suggest that if the information was for all investors consideration then it would be distributed formally via a government web site.

BEWARE


This is flaming disgraceful -

  • Anonymous
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  • Thu, 08/01/2009 - 17:10

This is flaming disgraceful - I get warned off for being too direct, and here we have a blatent suggestion that someone from the core team is on the fiddle? Where is the moderator to deal with this?


CM

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Thu, 08/01/2009 - 18:29

Have been out all day, what have i missed re, removed posts?
Send it by 'contact' me or however.


"save as .mht web archive

  • Anonymous
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  • Thu, 08/01/2009 - 18:40

"save as .mht web archive single file" never fails. It seems that when you accuse Diver of either being an non existant face for the IoM government, or perhaps imply he has either secured his own funds over the top of others or taken a "pat on the back", that this goes without comment from the admin here - however I have to now choose whether or not I want to be banned because I will ot sit back and accept that the intentions of one member are nothing more than attention seeking antics designed to undermine whatever anyone suggests - then to cap it all some tosser with 2 posts to his name reads this and blames me saying I am the one upsetting the core team.
I give up.


cm

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Thu, 08/01/2009 - 19:02

Didn't understand the save as bit (not that good with computers,i'm afraid)
Come on buddy,as i always say to my pals,'keep your tongue out and check your belly for spots!'
The majority know we have been banging on about this sht for some time.I think they will realise what 'arm holes' some people are,especially after this news.We told you so,springs to mind!
Oh well,thank god i'm only 48 years old.If this DCS is triggered,i might live long enough to get something out of it,which is more than can be said for others........oops,said that before and got a load of sh
t for that too.
I'm glad i have money in other places.


Comments

  • Anonymous
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  • Thu, 08/01/2009 - 18:46

Don't give up
Tensions are high now as we are approaching the 29th
People are taking things personally (not you)
Its just pressure, and people are reacting


Who's payroll are you on?

  • wipeout
  • 16/10/08 31/05/09
  • a depositor
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  • Thu, 08/01/2009 - 16:08

These comments are in poor taste!

Is it in-fact you who has the ulterior motive here?


ramsey peel

  • Anonymous
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  • Thu, 08/01/2009 - 16:45

Quiite agree wipeout

This guy has a chip on his shoulder the size of the IOM


Ramsey et al

  • Anonymous
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  • Thu, 08/01/2009 - 17:20

No chip on my shoulder mate, I am just very well informed. Look at the history, I have been bang on with my figuresand info. I will take great delight in saying "I told you so".
I have not been wrong so far.

You should not just listen to what you want to hear.


One comment

  • Anonymous
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  • Thu, 08/01/2009 - 15:29

Diver, good day!

That's excellent news; just what is needed by many of us who need to negotiate bridging finance etc.

Thanks for all your efforts.

SBS


This is the best we can expect and thanks

  • glen07
  • 21/10/08 n/a (free)
  • a depositor
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  • Thu, 08/01/2009 - 14:01

Diver,

Thank you for all your effort and looks like you're exploring the best alternative remedies for all of us depositors and I mean ALL of them. There will be outside attempts, even on the website, to fragment this effort but I believe that should be maturely ignored. People can make independent decisions but someone has to spearhead the movement and would like to say thanks for your efforts on our behalf.


Please remember the objective..

  • Anonymous
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  • Thu, 08/01/2009 - 13:57

Please remember the objective when Diver and his team founded this action group it was to try and get 100 percent for everyone, or very near enough. ...lets be strong..


Diver - thank you

  • Anonymous
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  • Fri, 09/01/2009 - 01:59

Thank you Diver and team for your professional, calm and logical reporting it is greatly appreciated.
One day you will be able to look back on this as history in its making.