Web Site

  • DawnArmstrong
  • 22/10/08 31/05/09
  • unspecified
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Posted: Wed, 22/10/2008 - 19:47

I have read all the posts with great interest.
Before I start, those involved with this web site have done an incredible job and I and others are all deeply indebted to them.
A few have suggested setting up a web site to warn others of the dangers of having savings in the IoM but so far I have not seen any evidence of this.
I believe this is our best chance of success - to shame the IoM Government into action, not only shame, but also to make them realise the consequences of not fully refunding savings.

Let's face it the depositor compensation scheme is a sham, with many years to wait for very little. Despite this, and it makes my blood boil, the IoM and the banks there have been vigorously promoting the IoM in the last few days as a safe place to save.
It isn't a safe place, it's incredibly risky as the previous failures - SIB (which resulted in a Bank of England enquiry into the goings-on in the IoM) and BCCI have proved.

The IoM even now has the face to say how safe it is as they have this, flawed, compensation scheme and others have nothing. Well in Jersey there is a commitment from the Chief Minister to guarantee 100% of residents savings and Guernsey are going to provide the same. The UK whilst having a limit of £50k have in reality guaranteed, by their actions with Northern Rock, KSF (UK), Icesave etc, a 100% guarantee too. Other countries are following recognising that without banking they are dead.

This KSF(IoM) Depositors Action Group website will have served its purpose once all the flack has died down, whatever the outcome.

There is a dramatic difference between the previous failures of SIB and BCCI - the internet.

The IoM failures with SIB and BCCI were soon forgotten, until now, but with the internet and a site dedicated to advising the whole world about the previous failures and the very very real risk of having savings in the IoM then we are in a new era, and as others have said it's time for the IoM Government to wake up and smell the coffee.

The UK whilst having a compensation scheme, which guarantees £50k (and within 3 months and not many years as per the IoM scheme) in practice recognises that without confidence in the banking system there is no banking system and in practice has ensured that not one saver has lost a penny.

I am not web wise but unless others who have more IT knowledge than the little I have set up a website within 24 hours to promote to the world the very real risks and dangers of having savings in the IoM then I will do so.
I propose to register a name easily associated with the IoM and have this registered for an initial 5 years.
I will point out the dangers, the history, the comparisons with other Governments, the failings of the IoM regulator, the cosy relationship with the regulator actually sitting on the board of the now failed bank!! No one would believe such, but it's true.
I envisage listing the banks, from the IoM website, which operate there and encouraging the world to question where their bank where their money really is.

So if there are web savvy people out there prepared to take this on then I am more than happy to help.
If not I will do it myself with my limited knowledge.
The day of the internet dawns as far as banking and IoM is concerned.
It's time the government there realised the responsibilities of their failed regulator; they were happy to take the money whilst it rolled in, but at the first sign of trouble - "it's not our fault"

Well I am sorry it is! - deal with it responsibly as other Governments are doing.

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There seems to be a split for

  • DawnArmstrong
  • 22/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 07:10

There seems to be a split for and against a web site pointing out to the world the very real dangers of having savings in the IoM.
And yes I am, or rather was as I fear its all gone, an investor.
My sole motive was to get my money back, nothing to do with spite or anything else.
I still believe that it is the Government's (IoM) responsibility to resolve this, just as the UK Gov has faced upto it's responsibilities.
The IoM regulator has failed miserably.
I have no wish to harm any other depositors in the IoM, but in reality they really would be better putting their money elsewhere, under the bed even.
If they aren't aware of the risks then they will not take their money out. If all on this forum had known the risks I am sure all would have withdrawn all!

I am particularly persuaded by Mat's contribution to this thread and this whole sorry business.
I will wait a little while longer before setting up a web site, others of course may not, and trust that the faith of Mat and the others so much closer to the "action" have that it will be resolved satisfactorily is repaid.


Post YOUR story in 'Our Stories'

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Thu, 23/10/2008 - 07:51

Thanks Dawn -- we understand your anger (we feel it too) but an attack of 'road rage' isn't going to sort out the mess left by the crash! ):

Why not pop into the Forum 'Our Stories' and share with us & the world YOUR story? (:

NB: For quick & easy access 'Our Stories' is now up there on the navigation bar at the top of the page ! (:


Depositor?

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 05:12

Hello DawnArmstrong, sorry I might have missed it elsewhere, but are you a depositor? This site has been running awhiles now and most people here are far more concerned with recovering their money than setting up a website - which can be a future project.


Our money in London

  • Valentine
  • 18/10/08 31/05/14
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 05:02

May I draw all your attention to The KSF petition to the IOM High Court on 9 Oct? Para 14 says "Substantial assetsand/or loan deposits in the aggregate sum of approximately GBP516 million are due to Kaupthing [IOM] by that part of KSF [UK]'s business that has been put into administration." [my brackets]

This surely means that the UKTreasury can't get their sticky little fingers on it without E&Y's say so?

The next para goes on to say "Kaupthing has GBP164 million on deposit with its said parent in Iceland." Is that the missing sum that someone was referring to earlier?

This petition along with other legal documents has been posted on www.gov.im/fsc

Cheer up folks all is not lost


This forum?

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Thu, 23/10/2008 - 05:45

Are you starting a new thread here??


Our Money in London

  • DXB
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 23/10/2008 - 05:19

In theory yes - E&Y as administrators will liquidate the assets of KSFUK and distribute them to creditors. Here's the rub though - it appears KSFIOM is an ordinary unsecured creditor, so doesn't get any preference and may not recover the full amount. Treasury, on the other hand, tend to be a preferential creditor, so get paid out in advance - and Treasury are a creditor of KSFUK as they stand in the shoes of the domestic depositors they've protected (happy to be corrected on this point!).


Could it be considered that

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 06:49

Could it be considered that the move as under duress was in the name of the treasury and thus secured?


Queue Jumping

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 06:15

So are you saying that the UK Treasury (with the connivance of the FSA) have just barged their way to the front of the queue of creditors???

Another reason why we must continue to put pressure on the Treasury and FSA to do the right thing and sort this out


Queue Jumping - Correction

  • DXB
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 23/10/2008 - 06:54

Sorry - the statement "HMT tend to be preferred creditors" is probably misinformed. Revenue and employees typically are, but I understand the Crown isn't any more. Statement retracted - we need to focus on facts. Apologies if this gave the wrong impression.


Our money

  • Valentine
  • 18/10/08 31/05/14
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 06:41

Exactly, expatfrance1. Whatever the legal niceties involved in the situation, our money was deposited in good faith by our bank to a UK bank. The UK Govt has siezed the UK bank in order to protect the depositors in that bank.
The UK Govt is therefore HONOUR BOUND to return every penny to us - never mind the legal ramifications


Sentiments understood

  • Anonymous
  • Offline
  • Thu, 23/10/2008 - 00:38

Dawn,

I (as we all do!) understand your sentiments and frustration. We have to realize that we are caught in a political battle between three opposing factions; namely the UK, IoM and Icelandic governments. All three are at fault to a greater or lesser extent. I also agree totally that the compensation scheme is not worth the paper it is written on - the best description i have seen is that it amounts to a whip-round in Douglas High St.

The primary goal of this forum has, is, and will continue to be the repatriation of monies we feel has been taken from us through no fault of our own. To that end, and however unpalletable it is, we have to work with the parties involved; and that means the three governments.

The last thing we need right now is to alienate ourselves from these people. The IoM government is very aware of the implications of an unfavourable settlement so dont be side tracked by their marketing - they HAVE to do that, it would probably be negligent of them not to.

Also dont think for one minute that there will not be meetings happening behind closed doors right now. The main focus of this site (as it is with www.lostyoursavings.co.uk - another excellent site for KSF IoM depositors) is to bring us together, to discuss (and sometimes have heated arguments - this is a VERY emotive personal subject for all involved), to share information and to ensure the Polititians & UK/World media know of our plight. While that is all we can do, please dont thing it has no teeth; working as a large group of people with horrendous stories to tell, we can make a difference.

Lets leave the sticks and custard pies in the cupboard until this whole unfortunate episode has been resolved. Who knows, we may end up faxing letters of thanks to the Tynwald yet.

So Dawn, please dont do anything rash until we have our money back; contact the Media and your MP's and ensure we are not drowned out by other News. I send upwards of a hundred emails a day; if only one of those results in anything then it is a victory.

Mat
http://www.ksfiomdepositors.netgenius.co.uk/node/21?page=4#comment-13


To the original poster, don't

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 20:43

To the original poster, don't take the following comments personally. I suspect your post was made with the best of intentions. It's just that many here feel strongly (as you can see) that this would be very disadvantageous to our cause. Best wishes.


No, I see the point of it.

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 03:19

No, I see the point of it. All we are being encouraged to do now is to let the bank die tomorrow - and SFA is being done about it.
I've listened to the "don't create waves - I know what is going on behind the scenes but can't tell you" stories , I've listened to the waffle from PWC, the FSC and Tynwald, and the only person talking any sense at the moment is the Manx lawyer who is now stiring things up.

If the IoM banking community is not capable of lending it's support to KSF IoM, and the FSC is toothless and doddery, then the should NOT be allowed to run banking operations from the IoM, end of story.

It would be like me buying one of those forts in the solent and setting up my own bank, laughable isn't it? just about as laughable as fraggle rock being considered a banking hub.


How will this help us?

  • Anonymous
  • Offline
  • Thu, 23/10/2008 - 03:25

Mainwaring.

This forum to help people, who stand to lose everyting, come together. It is not a forum for people to get a lot of anger off their chest.

Could i humbly suggest we return to trying to save our lives rather than suggesting ways to cause others the same misery we are in.


Get real - would you keep one

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 03:49

Get real - would you keep one penny in an IoM institution having seen how desperately it has failed people?

I've seen one Tynwald member have a quick waffle and say how bad he thinks it and how we should get our money back, but two weeks down the line, I've seen nothing else from the IoM.

Manx people have been quite happy to keep their rock afloat off the back of banking, but the government doesn't see fit to be shouting from the top of the highest mountain to get us sorted out - we aren't even asking for them to financially support us, just morally support us, and they cannot do that small thing.

By definition, if KSF IoM goes bang tomorrow , or we don't receive a substantial percentage of our savings, then the IoM should never again be considered as a safe banking community, and I would strongly advise that it would be safer to put your money into second hand milk bottle tops than to continue investing (gambling) in the IoM-

Perhaps if you have a better idea to get the Tynwald and the FSC to stand up and be counted, then you can let me know - The FSC forced 550M of our money into the UK from Iceland for it to get seized, and they are now not sure how to get it back? I don't call that sufficient or adequate.

We can all sit and feel sorry for ourselves and cry, and pat each other on the back, but that won't get you one penny back, and I can assure you that there will be plenty of tears if we don't get the support that it is our right to expect, and/or liquidation proceedings are finalized tomorrow -


Ideas

  • Anonymous
  • Offline
  • Thu, 23/10/2008 - 04:07

No Mainwaring, what is your idea on how to get our money back. Maybe we can discuss that and something constructive could come of it.

Mine was to help get a forum functioning so we could all come together. Maybe it will help, maybe it wont. But at least I tried.


Posted at length in many

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:26

Posted at length in many places with a detailed explanation of why, not just "you sheep, do as I say, it has been decided in a closed part of the forum" - hell, he may be right, but without explanation, I must disregard the statement.

I believe that liquidation tomorrow would place everything straight into Simpsons hands, he then is NOT accountable to us, we have to go to court to force him to do the simplest of thing, we cannot have much undone, and we can't challenge his fees.

There is nothing to be lost waiting 14 more days to get the seals of of court orders and find our deposits in the UK, but everything to be lost on precipitous behaviour.

Do you think there is enough information in the public domain that the matter can be settled tomorrow? what is the loan book worth? can we get our frozen 550M out of the UK? what about parental guarantee? if you cannot answer those questions, then we need to wait until we can.

The only thing to be gained, is that the DPS will be kicked into action, an I only get to wait another 49 years and 51 weeks for a bit of useless money.


It's helped me!

  • brokefirefly
  • 12/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:17

I'm not in the uk, don't really follow the news and know nothing about finance or banking.........I found this forum on the first evening, and it's been a lifesaver! Thank you for taking the initiative. Through this forum I've been shown so many places and people to write to: I'm becoming almost a full-time lobbyist!
Lets keep going, there is more to come yet in terms of finding a political solution; the news story isn't dead yet due to the wonderful efforts of the people in the UK and everyone who is furiously writing in and finding contacts.


You are sabotaging fellow investors

  • Maud
  • 13/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 20:20

Very very bad idea. Other depositors such as me have funds in other IOM banks. If you do such a spiteful thing I will ...(edited out by moderator) Things are moving on, we have to wait and see what transpires. Remember. Vengance is best served COLD.


Then Maud, I'd suggest you

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 03:13

Then Maud, I'd suggest you take them OUT of the IoM, if this isn't a case of once bitten twice shy, then I don't know what is. I have NO sympathy for any further depositors in the IoM losing money - writing is on the wall, there is no back up, no guarantee, not even help from IoM, and all they want is the remains os FSF buried tomorrow before they begin to stink.


Where can she put any other funds?

  • brokefirefly
  • 12/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:03

Mainwaring, if Maud is a UK citizen and has money in UK sterling, and she is not currently resident in the UK, where on earth (literally) would she move the money too?

Mat Walker is right, how could the IOM possibly have predicted the action taken by the UK government? Trying to bring down the rest of IOM will just cause more misery to more innocent depositors just like us.

We're all angry and frustrated, but please let's do something constructive: bombard the media: Why sealed papers? Where is the £550 million belonging to KSF IOM? And does the UK government have any intention of handing it over?


As a non-resident I have

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:18

As a non-resident I have accounts (active) in the UK, I can assure you that the major issue is non-domicile, not non-residence. Hell, bankrupts can get half decent accounts now - without going into specifics, after the happening of two weeks ago, if someone can't work out how to get an account open somewhere other that the IoM, then I can't advise much. I know for sure that I could pick any of the more dodgy banks in Indonesia now, and they are ALL safer that the IoM. Hindsight is a wonderful thing, and if the exchange rates hadn't been slaughtered by Brown, then I wouldn't be crying every night. Still, live and learn, which is what I suggest and current depositor in the IoM does right now - run as fast as you can.


Use a friends or relatives address

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 23/10/2008 - 04:13

Maybe to can use a friends or relatives address to open a UK account, this was a bit inconvenient for me as I had to mail cheques to a family member to get deposite, hence opening KSF account. However, also I have found that HSBC will allow me to change my address to an overseas address. Nationwide required me to close my account if I move out the country


I suspect that many

  • brokefirefly
  • 12/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:21

people may have resorted to that: but as far as I'm aware, it's illegal unless you actually give all your money to that friend or relative. If I'm wrong, someone please tell me.


Oh Lord, morality. In the

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 04:28

Oh Lord, morality.
In the great scheme of things, I'd rather be a but dodgy with a two week lease on a flat to get an account open, or using a friends address than lose the whole lot. Show me where morals have played an active part to date in the dealings of KSF IoM.
What's legal in banking, is what you can get away with.


One can sit quietly for ever

  • chipmunk
  • 13/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 20:28

One can sit quietly for ever and we will be the forgotten ones....I am amazed than some still have money in off shore IOM accounts....Why ??...I pulled out everything else I had (Not much as I lost 350K)
I do however think we wait until this weekend,a very critical time and then depending on the outcome......we must review the situation and then absolutely go for it if necessary.....and to shame and alert the world to the real situation may be the only way to proceed...but lets see what happens tomorrow.


warning site

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 20:17

if we do not get our funds returned shortly then we will do so, but for now hold off.

let's give it a few weeks.


This is a very dangerous suggestion

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Wed, 22/10/2008 - 20:05

DON'T SET UP SUCH A WEBSITE ! There may be depositors here & elsewhere who have savings in other IOM banks and anything that causes a run on those & other banks would simply compound the problem.

The powers that be (politicians, bankers, governments, etc.) know full well the implications of depositors in KSF IOM losing out, & it will not need any website to precipitate the demise of the IOM as a secure off-shore banking centre.


BAD IDEA

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 23/10/2008 - 00:03

I completely agree that this is a really bad and negative idea.
Why don't you put your energies into trying to recover our assets in the UK, like most of the rest of us, ie contacting MPs and media etc ? This now seems to be a very promising approach as more and more MPs are becoming aware of this problem, and it is getting more & more media coverage.Let's shame the government into returning our £550M from the UK.


Very Dangerous

  • btandkt
  • 11/10/08 30/11/09
  • a depositor
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  • Wed, 22/10/2008 - 20:45

It would be dreadful to jeopardise the work that has been done - I am sure there is a great deal of negotiating behing the scenes. Please don't put more people at risk.


agree

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 20:15

Totally agree - they all (IOM, UK, etc) know FULL WELL the consequences of failing to obtain a satisfactory outcome of our case.
Any further destabilisation of the IOM financial sector at this point can only harm our interests and reduce the likelihood of an overrall political/commercial solution to all this.
Not to mention how it would make the already weak compensation scheme even weaker.


Bad Idea

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 20:10

I also think that this would be a bad idea.

It mat be something that should be considered at some point but I do not think we have reached that point yet.

The powers to be definately know what the implications are which is why we are beginning to get noticed.


No Run Please

  • worriedsaver
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 20:13

Just reduce savings to the compensatory limits , it will not cause serious damage to the banking system but it will send a loud message should we not receive a satisfactory resolution .


Compensatory limits, and wait

  • DawnArmstrong
  • 22/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 20:40

Compensatory limits, and wait 10+ years for payment??

I am listening to the warnings about the risk, but this is a very high risk situation we are in.
Currently ALL my life savings appear to have gone and I think this is possibly the only chance.
I listened to the Tynwald discussions this week and basically they couldn't care less about savers.
There is the cripped defective deposit scheme in place and we should all be so grateful for it.
Well I am not, it's not far off useless.

I would not like to think of any other soul loosing all just because they were not aware.

I have already spken to three banks about opening accounts (knowing that they will be in the IoM) and after going through many questions I ask for confirmation that they will NOT be in the IoM. When they respond that they are I say "No way I will not have any money in the IoM, they are not trustworthy".
I would encourage you all do do this, we need pressure from all sides and if the other IoM bank put pressure on that can only help

I will further muse on the website but I am still minded this is the right course of action at this time.

PS
The 3 banks are Anglo Irish, Lloyds TSB and Halifax BoS.

This is the list from the IoM website of the banks they "regulate (sic):
AIB Bank (CI) Ltd
Alliance & Leicester International Ltd
Anglo Irish Bank Corporation (I.O.M) Plc
Bank of Ireland (I.O.M) Ltd
Bank of Scotland International Ltd (including their activities on the Isle of Man under the business name Halifax and Halifax International)
Bank of Scotland plc (including their activities on the Isle of Man under the business name Halifax)
Barclays Bank Plc
Barclays Private Bank & Trust (Isle of Man) Ltd
Barclays Private Clients International Limited
BNP Paribas Securities Services Custody Bank Limited
Bradford & Bingley International Ltd
Britannia International Ltd
Cayman National Bank & Trust Company (Isle of Man) Limited
Close Bank (Isle of Man) Ltd
Conister Trust Limited
Duncan Lawrie (IOM) Limited
Fairbairn Private Bank (IOM) Limited
Habib European Bank Ltd
HSBC Bank International Ltd
HSBC Bank Plc
Irish Nationwide (I.O.M) Ltd
Irish Permanent (IOM) Ltd
Isle of Man Bank Ltd
Kaupthing Singer & Friedlander (Isle of Man) Ltd
Lloyds TSB Offshore Ltd
Nationwide International Ltd
RBS Coutts Bank (Manx) Limited
Standard Bank Isle of Man Ltd
The Royal Bank of Scotland International Ltd (including their activities on the Isle of Man under the
business name NatWest)
The Royal Bank of Scotland Plc
Zurich Bank International Ltd
Britannia Building Society
Cheshire Building Society
Nationwide Building Society

If all were to call them all and ask about opening accounts and then say no way if its in the IoM that must help

PPS Isn't it so sick that they can't even remove KSF from the list??


"Currently ALL my life

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 20:51

"Currently ALL my life savings appear to have gone and I think this is possibly the only chance"

....a chance that would make absolutely sure that a political/commercial deal to save them (currently quite possible, if admittedly uncertain right now) is impossible. Respectfully...


A stunningly bad idea

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 20:39

No run on any IoM banks!!!! Clearly you haven't thought this through. We're going to be hard pressed (if the worst comes to the worst) to get any sensible level of compensation out to the IoM scheme as it is. What do you think people will get if we bring down another bank with another 8,000 depositors????!!!!


Tactical withdrawal

  • worriedsaver
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 20:46

I do not think a run on the banks is in our best interests . As I previously said I have reduced my deposits in the IOM sufficiently to send a "message" but hopefully not enough to be part of a larger "run" . That said if we all do not, by whatever means, receive all 100% of our savings back in full I will then close all my remaining accounts and withdraw every penny from the IOM and Mr Brown should know that I do not intend to deposit these in the UK either ! I suspect this will be the same as others who might end up in that situation and I am sure that the powers that be are very well aware of that fact and will take it into consideration .


I of M as safe haven?

  • bloodybankers
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 22:36

Whilst I do not agree with causing a run on IOM banks, I do think that we should be aware that many other banks in the IOM are continuing to boast that the island is one of the safest places to deposit money, and that it has an outstanding compensation scheme.

The following is a direct quote from AngloIrish IOM bank website TODAY:

"Financial Regulation
The Island is acknowledged as one of the best-regulated financial centres, with the regulators working in conjunction and harmony with the private sector to ensure good governance.Anglo Irish Bank is a leading offshore bank based in the Isle of Man providing banking, corporate and professional intermediary services. We are based in an offshore financial centre which is acknowledged to be one of the most innovative and best regulated in the world."

Furthermore, it is somewhat disingenuous to state, as it does, that what the IOM is offering is the same as the guarantees provided by the UK:

"The Compensation of Depositors Regulations 2008 offers the equivalent protection to that available in the UK (i.e. 100% of the first £50,000 of a deposit) extending the protection to foreign currency as well as sterling deposits."

The banks are continuing to try to bamboozle people into depositing money where it has been proven to not be safe.


Maybe so, but right now I

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 00:26

Maybe so, but right now I don't care about what the other banks are saying.
I'm keeping focus on one bank, and one bank only. The one with my money. That's KSFIOM.
All the rest are a diversion from our cause and can wait for after I get my money back....


Question regarding Bonds

  • Daughter
  • 17/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 00:40

Would someone be able to help me understand if a plain simple bond with Kaupthing
1OM is covered under the $50,000 compensation.
If the answer is "No" what is the best result that bond holders would want so ensure their money is returned. I appreciate anyone's time in answering these questions.


'Bonds'

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 23/10/2008 - 00:49

A 'bond' that is a direct deal with the bank, but long-term locked in, is still a bank account, i.e. Manx Bond. Therefore the compensation does cover it.

Note that there are potential downsides to the compensation scheme.


"Bonds"

  • Daughter
  • 17/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 00:58

Really appreciate your answer Mr. Cold-dose. That allows me to breath a little easier. From what I have been reading on this gigantic learning curve it would be better for the bank to be bought out. Am I correct?


Bought out?

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 23/10/2008 - 01:30

If the bank was bought out then it'd be able to commence operations and those who need access to their money would get it pretty quickly.

The (rather big) issue is would anyone want to buy a bank when it's not currently know whether it has enough money in it or not?


Bank buy out conditions?

  • Daughter
  • 17/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 02:39

Would you help me a stage further? Under what conditions would there be a buy out? If we all promised to keep a certain amount of money in the bank for a certain time frame would that help? I appreciate you answering my questions. thank you.


Promising to keep money there

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 02:09

The trouble is that the money just isn't there at the moment.

If the buyer was certain that the £550m would be returned from the UK in nine months, then a promise to leave the deposits until after that would make a difference.

Without the £550m, you'd have to pay another bank to buy out KSFIOM. You'd have to pay them around £700m in fact.

...which is exactly what HM Treasury did with Kaupthing Edge UK - they had to pay ING £2.5bn to take it over.


Why Promise?

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 03:02

Why Promise?

Kaupthing Hf PROMISED 100% cover for Investors when they took over S&F and Derbyshire BS

Gormless Brown PROMISED 100% cover for all UK Citizens

Promises ring rather hollow at the moment!