TSC MEETING WITH MYNERS AND DARLING: EMAIL NOW!!!!

  • Iwantmymoneyback
  • 10/10/08 31/05/09
  • a depositor
  • Offline
Posted: Sat, 14/03/2009 - 10:34

The Chancellor and Lord Myners will both be giving evidence to the Treasury Committee on Tuesday and Thursday next week on the banking crisis.

Treasury Committee

The Treasury Committee will take evidence from Lord Myners and Alistair Darling as part of its inquiry into the Banking Crisis as follows:

Tuesday 17 March, 9.45 am, Thatcher Room, Portcullis House
Witness: Lord Myners, Financial Services Secretary to the Treasury

Thursday 19 March, 2.00 pm, Thatcher Room, Portcullis House
Witness: Alistair Darling MP, Chancellor of the Exchequer

live feed link can be seen on: http://www.parliamentlive.tv/Main/Live.aspx

ALL: PLEASE EMAIL THE TREASURY COMMITTEE THIS WEEK-END AT TREASCOM(?)parliament [dot] uk TO MAKE SURE DARLING AND MYNERS GET PROPERLY GRILLED BY THE COMMITTEE. THE UPCOMING TSC REPORT IS OUR BEST CHANCE TO PUT PRESSURE ON HMG.

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DAG HAVE written to TSC members

  • Anonymous
  • Offline
  • Sat, 14/03/2009 - 13:15

The following letter has already been sent from the DAG to TSC members individually and a further letter on a similar vein drawing parallels with other jurisdictions around the world is also on its way to them.
The TSC have been extremely supportive of us in their questioning thus far and the Strategy Team is keeping them up to date.
Notes thanking the TSC members for their forthright questioning and diligence in reaching the truth of the banking crisis in general and the KSF situations in particular would be an encouragement to them!

I'm sure we will all be listening in to this hearing with interest!!

Treasury Select Committee
Dear ........
Global Solution to the Banking Crisis as it now affects the Isle of Man
We are writing to you regarding the current banking crisis, in particular the unfortunate position of depositors in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) and ask that you urgently consider the content of this letter and the action you can take to help all depositors.
We have been greatly encouraged by what the Prime Minister said at his Press Conference on 18 February 2009 quote: we need a regulatory transformation so that people can feel that their savings and their deposits are safe. ......... That is why we are saying in this document that changes that we make will have to apply to all jurisdictions round the world.

In respect to this stated policy there should not be a problem with the Isle of Man, because if necessary - being a Crown Dependency - the Government has the power to legislate to bring the Island into line with its wishes.

  • The 1972/73 Royal Commission on the Constitution (the Kilbrandon Report) makes it clear that the UK Parliament has the power to legislate for the Island without their consent ‘in most exceptional circumstances‘, and on any matter ‘in order to give effect to an international agreement‘.
    I believe you will agree that there are presently ‘exceptional circumstances’ with regard to the position of depositors with KSFIOM.

Having listened to the evidence put before you and the Committee and understood the desperate plight of depositors who have spent the last five months coping with the stress and anxiety of losing their money, with no immediate prospect of a satisfactory solution, We are sure that you will agree that the Isle of Man Government should have done what every other European government has done, namely to uphold the fundamental principle of trust that has to be the basis of any banking system, so guaranteeing all deposits in KSFIOM. Thus we respectfully suggest that either the Isle of Man must agree to fall into line with the UK Government’s stated policy or the UK Government must propose legislation to ensure that the Island does just that.

We would appreciate it if you could find the opportunity to raise this urgent issue with the Chancellor and the Minister of Justice responsible for relations with the Isle of Man. It is clear that without a fair and speedy resolution for depositors, there will continue to be much debate to identify the details of the evident regulatory failures of the Financial Services Authority and the Financial Supervision Commission. Depositors refuse to become pawns in the IOM political playground and suggest that intervention from an individual with your credibility and understanding would greatly improve the situation for depositors.

Yours truly

Footnote:
*The 1972/73 Royal Commission on the Constitution (the Kilbrandon Report), states as follows: “the United Kingdom Government are responsible for defence and international relations of the Islands, and the Crown is ultimately responsible for their good government. It falls to the +Home Secretary to advise the Crown on the exercise of those duties and responsibilities. The United Kingdom Parliament has the power to legislate for the Islands, but it would exercise that power without their agreement in relation to domestic matters only in most exceptional circumstances”.

“The UK Parliament does have power to legislate for the Island without their consent on any matter in order to give effect to an international agreement’’
[Source: Hansard, House of Commons Debates, 3 June 1998, cols. 471 and 465]
+ now the Minister of Justice


Letter sent

  • jmf
  • 16/10/08 31/10/09
  • a depositor
  • Offline
  • Sun, 15/03/2009 - 17:22

Letter sent yesterday. Keep up the pressure.


Each of us should email TSC

  • Iwantmymoneyback
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 14/03/2009 - 14:13

Well done, DAG Strategy; it shows you are on the ball.

However, the rest of us should not rest on the sideline. The more of us email them (or the central email address shown in my posting above), the better. We want them to tell Darling and Myners that they have received THOUSANDS of emails from outraged depositors. This will highlight the issue as one of key issues they each should be quizzed on.


Letter to TSC

  • Dave1
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 15/03/2009 - 16:16

Attention: Rt. Hon. John McFall; Chairman of the Treasury Select Committee

Dear Sir,

I have written in advance of previous TSC meetings in the past 4 months. Without fail, I have been most impressed with the quality of questioning by TSC members of those called to give evidence. I believe the TSC now has a very good understanding of the regulatory failures leading up to collapse of Kaupthing, Singer and Friedlander, Isle of Man (KSF IOM), and the complete absence of culpability demonstrated by those implicated in it's downfall ever since.

Recently, I have been encouraged by the comments of Gordon Brown at his Press Conference on 18 February 2009. Quote:
“we need a regulatory transformation so that people can feel that their savings and their deposits are safe. ......... That is why we are saying in this document that changes that we make will have to apply to all jurisdictions round the world”.

I would encourage the TSC to challenge Mr. Darling to expand on the intentions of the Government in this regard. As one of some 10,000 depositors caught up in the KSF IOM debacle, I would very much like to hear the specifics of the Government’s proposals, and whether the intent is for them to be applied to the Isle of Man and retrospective in the case of KSF IOM.

Mr. Darling’s responses either way will be illuminating. If the Government is commited to make the changes Mr. Brown’s statement seems to suggest, then Mr. Darling can not then claim the Isle of Man’s affairs are for the Isle of Man to resolve. And specifically, should the Isle of Man resist the Government’s proposals to change, that should not be a show-stopper, as being a Crown Dependency, the Government has the power to legislate to bring the Island into line with it’s wishes. To quote from Hansard, House of Commons Debates, 3 June 1998, cols. 471 and 465; “The UK Parliament does have power to legislate for the Island without their consent on any matter in order to give effect to an international agreement’’

Once again, I look forward to the support of the TSC in helping the innocent victims of the KSF IOM disaster gain resolution in the form of full compensation, as has been the case with all other European Governments.

Yours faithfully,


My email has been sent to them

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
  • Offline
  • Sun, 15/03/2009 - 00:35

Excellent letter Dag team. I've sent my personal letter to them as well and will be listening with interest next week.