UK Government "owns" largest Isle of Man Bank

  • mr plod
  • 13/10/08 31/05/09
  • a depositor
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Posted: Fri, 28/11/2008 - 15:33

On the Isle of Man there is a local bank “Isle of Man Bank”, which was formed in 1865. There are 17 or so branches throughout the island.

In 1961 it was merged into the Provincial Bank, a UK bank.

Sometime later, Provincial merged with Westminster Bank making NatWest Bank.

A few years ago, the Royal Bank of Scotland bought NatWest.

In the recent banking crisis, the UK Government has had to bail out UK some banks, including RBS. RBS has recently done a rights issue which was taken up by under 1% of its shareholders. As the underwriter, the UK Government is having to buy those shares.

That means the UK Government now owns 58% of RBS (i.e. partial nationalisation).

Therefore the UK Government now owns the Isle of Man Bank. That bank is the bank which controls the issue of and operates the Manx Currency.

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Has someone brought this to Mr Brown's attention?

  • glen07
  • 21/10/08 n/a (free)
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  • Sun, 30/11/2008 - 00:30

Maybe Mr Brown would like to explain this apparent hypocrisy to us, MP's and to Mr Darling....


HMG owns Isle of Man Bank

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
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  • Sat, 29/11/2008 - 17:26

Excellent point. So HMG will keep the IOM at arms length when it suits them but then control the currency and have a bank in their so called 'tax haven'. Maybe we can convince them to divest in this and let this become part of the reborn KSFIOM - not sure how much they are worth but we could do a swap if the value was around 550m...... We would simply be helping them out to avoid the embarrasment...

After this is achieved then I think the IOM should declare independence - the UK clearly see them as a pimple to be squeezed.....


You can't be serious.

  • dawes
  • 24/10/08 31/05/09
  • unspecified
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  • Sun, 30/11/2008 - 11:13

They didn't buy the banks out of choice, it was an emergency bailout. They don't have any real control over the banks they have stakes in and certainly not to the extent do determining why branches they operate. Printing money doesn't mean you control it, other wise the Bank of England would be called Johnson Matthey.


And the UK Government also

  • expatfrance1
  • 15/10/08 31/05/09
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  • Fri, 28/11/2008 - 16:25

And the UK Government also own a bank that operates in a known Tax haven!!!!


And Scottish Currency

  • dawes
  • 24/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 15:58

RBS prints Scottish pound notes.


Another HM Bank! If only I had Two Farthings for a Deposit.

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 17:25

Well, HMG are less likely to mess around with another HM Bank, although Northern Rock Channel Islands appears to be shut for new depositors. If I could have my few miserable pounds back, I might think kindly of IoM Bank, although I still prefer the idea of KSFIoM becoming the Manx Post Office Savings Bank.


Since when?

  • nivit
  • 19/10/08 31/05/09
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  • Fri, 28/11/2008 - 17:36

Since when?