Timeline of expected payouts

  • Ormus
  • 19/10/08 31/05/09
  • unspecified
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Posted: Wed, 27/05/2009 - 12:55

Could someone post a general timeline of what will now happen? End of June sees yet another meeting for more discussions - when can all depositors expect to see some payout, and will it be much the same as would have expected under the SoA?

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DCS Now Activated

  • Chris88
  • 30/01/09 31/05/09
  • a depositor
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  • Thu, 28/05/2009 - 08:12

See www.dcs.im - KPMG appointed as scheme manager


Cheers

  • Mekong
  • 14/10/08 31/05/09
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  • Thu, 28/05/2009 - 09:19

Chris,

Thanks for the Link

Maybe the webmaster could put this on home page rather than have it lost in a thread


Official DCS link

  • ng
  • 11/10/08 31/12/20
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  • Thu, 28/05/2009 - 11:19

Done as a quick hack - now shown in top-right menu. Please message me if something like this needs doing, I won't necessarily see it in a post/comment.


I look forward to reading the response to this posting

  • grapow
  • 20/10/08 31/05/09
  • unspecified
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  • Wed, 27/05/2009 - 13:09

I have heard some "informed opinion" this morning suggesting that the failure of the SOA is truly the end of the road and that prescious little if any recovery will be forthcoming to depositors.

The timescales and value of payments will be fascinating to read.

Gloomy yes, but every right to be!


If the Bank had been put into

  • nivit
  • 19/10/08 31/05/09
  • a depositor
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  • Thu, 28/05/2009 - 09:19

If the Bank had been put into liquidation after the revision of the DCS and the latter had been triggered we would have had our £50K compensation months ago if the IoMG in the shape of the FSC is to be believed.
http://www.dcs.im/dcs/dcs.nsf/FAQs

Q. How soon will I receive any compensation from the Depositors’ Compensation Scheme, and how much is this likely to be?

A. At this stage it is hoped that full payment of compensation will be made no later than 3 months following the date of default. However, this timetable may be subject to change. In particular it will depend on the Scheme Manager’s ability to secure the necessary funding from Government, the banks and borrowings as well as on the amount of the first dividend paid by the Joint Liquidators. Further information will be posted as soon as it is available.

The objective of the DAG is still and always has been 100% return for everybody and however we voted now is not the time for recriminations we should support those are working to that end. To do otherwise is simply against our self interest unless of course one has another agenda?


3 months for compensation

  • Anonymous
  • Offline
  • Sat, 30/05/2009 - 04:21

So, this return will be quicker than under the SoA.


Grapow response

  • chris watson
  • 23/10/08 31/03/10
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  • Wed, 27/05/2009 - 13:50

Although the timescales and value of payments have yet to be announced (although I understand the first dividend will 14.5p/pound), and I have faith that Treasury will try to eek out timelines if they can (and not sure how they can be "quicker" than SOA timelines anyway, as even though it would be desirable that would make the SOA an absolute sham even to it's supporters), I fail to see how the values can decrease via liquidation without SOA? I can only see this as being possible if the cost of the SOA is deducted from the realisable assets, but Treasury have gone on record that they will bare the costs, haven't they?

Who are your "informed" sources, may I ask?


@cw: Having just read your incorrect assumptions..

  • follow_the_tao
  • 11/10/08 31/05/09
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  • Fri, 29/05/2009 - 06:28

on the manx_forum I really don't know how you can propose yourself as competent at all.

You are the most selfish and deceitful person.

I remember when you said that you would fight for 100% after a payout was determined. Your statement on manx_forum belie this.

You are a self-publicist. Please desist.

This guy doesn't know anything!


Tao, just what is your problem (ad nauseum)?

  • chris watson
  • 23/10/08 31/03/10
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  • Fri, 29/05/2009 - 19:06

Now you are commenting on my posts on other sites. Get a grip! Am I simply not allowed to use the Internet?

If you're going to post regarding my comments then please post where I made them, although you know your cryptic waffle will be ripped apart. Forum members there are not as gentle as they are here. Chicken.

I am not aware that I have stated I would stop fighting for 100% payout. Please show me where I have stated this, otherwise just stop lying. I state 100% should not be returned via the IOM taxpayer but by the creditors directly from Iceland and HMG. It is you that is most selfish (insisting fully protected should risk a delayed receipt of their payment to supposedly aid you and not class 2 depositors who also wanted SOA; you falafel_the_waffle who offers nothing in return but abuse if we dare not to) and deceitful (self explanatory).

People refer to childish squabbles on this site. If you stopped trying to pick fights with me, there would be less of it. Now you're dribbling on about things written elsewhere. Why do you ooze "weirdo"? Am I really that grit in your slime?

Get off my case. People might think I put your money into the IOM myself and caused the bank failure deliberately.


Maybe

  • Tricky Dicky
  • 24/10/08 30/05/09
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  • Fri, 29/05/2009 - 19:23

Maybe both of you should take a few minutes out to re read any comments before posting


Tricky Dicky

  • chris watson
  • 23/10/08 31/03/10
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  • Fri, 29/05/2009 - 20:22

Fair point, but if I'm wrong I hold my hands up unreservedly. As you know.

Far as I'm concerned, the SOA-debate should now be over. If it turns out to be right to have liquidation without it, I'm happy. Let's see if it was. I don't see why I should be pilloried for having supported it and make no apologies for having done so. At the same time, I am not prepared to tolerate sh*tty posting aimed to besmirch my integrity. End of.


The 14.5 p/GBP . . .

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
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  • Wed, 27/05/2009 - 14:26

Is the 14.5 p/GBP you mention paid on top of DCS of 50,000 each, or instead of?


14.5p, drglowry

  • chris watson
  • 23/10/08 31/03/10
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  • Wed, 27/05/2009 - 14:36

Instead of, in as much that if 14.5 in the pound of your deposit meant you would receive over 50K, you would not get any of the DCS fund.

There is expected to be more than this initial 14.5p dividend paid out over the duration of the liquidation.


Thank you

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
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  • Thu, 28/05/2009 - 02:14

Thank you, Chris, for your reply. With a balance of GBP 307,000 as at 8 October 2008, less 20 K from EPS, my calculator shows GBP 41,615, a bit short of GBP 50,000 each as joint class 2 account holders. Would we not have seen much more, faster, with SOA? How, then, are we better off than with SOA?


First payment

  • tsunamivictim
  • 11/10/08 n/a (free)
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  • Wed, 27/05/2009 - 15:12

AS I recall, the SOA had a minimum first payment of 35,000 pounds or the dividend, whichever was larger of the two. Is that still the case with liquidation and DCS?
By the way...still not received voting papers! Crazy


Lovett's 3rd Affidavit set

  • IceCrusher
  • 14/10/08 25/10/11
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  • Fri, 29/05/2009 - 21:22

Lovett's 3rd Affidavit set £33.5K as the first minimum payment (for accounts of this value or more) under DCS by way of example. However, according to the post given above, the Scheme Manager anticipates 'full' payment of compensation within 3 months - providing the Treasury, the banks and the liquidated assets provide sufficient funds to do so. (How long is that piece of string...)

The less you have on account the more likely it is that you will receive 'full' compensation within 3 months. Those that have closer to £50K may need to wait until the 2nd round of dividends. Also, when the return from the UK was announced at 50p/£, the number of dividend periods was reduced from three to two, but of course that was when the total sum of assets in the UK after set-off amounted to £369,700,000. Now that they've managed to cut that to £241M the equivalent rate (measured against the previous expectation) is in the order of 33p/£. Given that 'talk' is of 14.5% for the first dividend, this figure was first muted (for the SoA) before the 50p/£ announcement - so it might be that the number of dividend periods required before reaching £50K is again increased. The foregoing is a personal opinion of possibilities based only on presumption and previous examples, you should study the material available in the handouts and on the official websites to form your own assessment.
.


Payout

  • merlina
  • 26/01/09 01/06/09
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  • Wed, 27/05/2009 - 15:02

Is that 14.5p each person or each account ?


I would imagine that would be

  • expatfrance1
  • 15/10/08 31/05/09
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  • Wed, 27/05/2009 - 16:15

I would imagine that would be 14.5% of your total deposits of all accounts with the bank. For example, if you have 4 accounts with a total of £400,000 in all accounts, but all accounts are held in joint names the total value of your individual deposit would be £100,000. So each account holder would receive £14,500.

That's how it worked with Landsbanki Guernsey so I would imagine that is pretty standard practice. Of course this would just be the dividend paid from bank assets and would not include any DCS payments that might or might not occur at the same time.


merlina, it doesn't matter

  • Anonymous
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  • Wed, 27/05/2009 - 16:13

which way you calculate it as it will yield the same result. For example, if an account with £200,000 in it was held by two joint holders and the first payout was 14.5p on the pound (ie. 14.5%), the payout would be £29,000 in total or £14,500 for each joint holder.