TSC Report and the Government's Response...

  • investor01
  • 13/10/08 n/a (free)
  • a depositor
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Posted: Fri, 08/05/2009 - 15:10

Having mailed the members of the TSC to see if they can apply pressure to the Ministry Of Justice and ensure that their recommendations are carried out, I received this today : -

"Dear XXXX

Thank you for writing further to John McFall MP and Andrew Tyrie MP regarding the above issue. The Committee will now await the Government's Response before considering whether it will revisit this issue. We expect that reply roughly 2 months from the date of publication, although responses can sometimes be delayed.

Kind regards

Caroline McElwee
Committee Assistant - Treasury Committee"

My E/Mails to Lord Bach and Jack Straw resulted in a similar conclusion - namely that nothing would be done until the Government makes its formal response. This is unfortunate as the issue of UK assistance to the IOMG is due to be raised at Tynwald in the next 2 weeks and I would hate to see this opportunity of getting the two sides talking disappear. Also it is likely to be after the SoA vs Liquidation vote.

There are still those in the TSC that seem to be taking an active interest - namely John Thurso and Mark Todd and perhaps others. Although the Strategy Team may have their own lines of communication I would suggest that keeping such people abreast of our plight can only help. My fear is that once either Liquidation or the SoA commences, there will be a tendency for the governments to think "oh well, it's all ticking along now so let's focus our efforts elsewhere."

I don't know about you but I will not be happy until I have 100% back - and preferably before inflation wreaks havoc on it.

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HMG Loan to IOM

  • ianw
  • 14/10/08 n/a (free)
  • unspecified
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  • Fri, 08/05/2009 - 15:37

Frankly, I was disappointed with the TSC report, particularly given the strength of the evidence presented to the Committee. TSC's recommendation is for HMG and IOMG to work together to arrive at a solution. My view is that HMG should advance a loan to KSFIOM equal to 50% of the intercompany loan to KSF UK. I've never fully understood the basis on which Whelan was handed £60 million by the FSCS following intervention by his MP and given the smoke around this, the case for advancing only 50% of the outstanding intercompany balance is even more compelling. I've met and written to my MP Sir John Butterfill to lobby for his support.

We must keep up the pressure on our MPs.

Inform your MPs

  • bellyup
  • 10/10/08 09/01/10
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  • Fri, 08/05/2009 - 15:36

I think that it would be as well to apprise our own MPs as well to keep them focused on the situation.