What about a poll on Nationalisation ???

  • gerry paul johnson
  • 13/10/08 31/05/09
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Posted: Wed, 31/12/2008 - 16:35

Over the last two weeks countless posts have called for a poll on the feasibility/desirability of Nationalisation, yet so far there has been no response from the webwizards...what about it ?

We have nothing to lose, and potentially powerful information to gain, that we can then place in front of Alixpartners to assist in their deliberations.

The poll would ideally identify the percentage of savers, ( and therefore by extrapolation, the sums of money involved) who would be prepared to re-invest their deposits in the newly restructured entity.

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In support of Nationalisation

  • shellshocked
  • 23/10/08 31/05/09
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  • Mon, 05/01/2009 - 10:57

We have/had approx 250k deposited in Kaupthing. We would certainly be happy to leave it there on deposit, without interest, for a given period of time if we were assured our capital was 100% secure. Quite how we could be given assurance I don't know but that's not an issue right now. Suffice to say we would be in agreement.


Poll Nationalisation - can the bank be restarted? (Manx Radio)

  • IceCrusher
  • 14/10/08 25/10/11
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  • Mon, 05/01/2009 - 09:53

MANX RADIO were discussing the DCS etc on Mandate this morning; unfortunately I only caught a few minutes and did not get the name of the guest but he was of the opinion that restructuring the bank or getting it operational again was not what he anticipated, rather the priority was to compensate KSF depositors. Sorry I didn't catch more, but apparently the show is to be repeated at 5:30pm (Manx time).

http://www.manxradio.com/default.aspx


Tony Brown said this today

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Mon, 05/01/2009 - 18:21

This is what Tony Brown IOM Chief Minister had to say on Manx Radio this morning (49:50 into the Mandate prog):

"I don't think the firm (KSFIOM) will actually be back on its feet and operating. I just think that we need to come up with a solution that will speed payments up to depositors and give them as much of their money back as possible.I think that's one of the key things for the reputation of the Isle of Man"

It sems to me that this is not good news and indicates that still no "solution" has yet been found.


Mandate

  • Martin H
  • 12/10/08 31/05/09
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  • Mon, 05/01/2009 - 20:22

Quote, while accurately reported, was from John Hollis? of Royal Scandia, chairman of manx Ch. of Comm., not from Tony Brown and was, as such, more likely a statement of opinion than a calculated slip.


John Hollis not Tony Brown

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Mon, 05/01/2009 - 21:05

Martin...Apologies... you're quite correct. Having listened again, Tony Brown spoke just before John Hollis was introduced. I thought Tony Brown's voice had changed a little!


Tony Brown said this today

  • wood
  • 12/10/08 30/05/13
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  • Mon, 05/01/2009 - 20:16

I had hoped that the Isle of Man's Chief Minister had understood by now that the return of anything other than ALL of every depositors' funds would in itself be a problem for the reputation of the Isle of Man. The "key" he refers to does not lie in simply "giv(ing) them as much of their money back as possible". That won't do.

One possible reason I can think of for his lack of awareness is that that message has not been put forcefully enough or directly enough to him.

Like everyone else here, I have been threatened for three months with an insupportable loss and have tried to meet that threat in a reasonable and reasoned way. All during this time, I had expected the Isle of Man government to be doing everything humanly possible to return our deposits in full, if for no other reason than to protect its banking reputation.

From what he said, I no longer believe that a 100% return is something they are even trying to achieve. If members of this group can come up with ways in which the IoM govt might be able to ensure the return of the bank's licence, I would like to hear that the govt has at least considered these and is not simply ready to fob us off with something less.

If he doesn't realise the damage that less than 100% return will do to the island's banking reputation, is it time the DAG spelled it out directly to him before it's too late?

As others have pointed out from time to time here, I do not want to suffer the loss of my savings with the feeling I didn't try everything I thought might help.

This matter has been raised in the past, but should it not be looked at again: Would the DAG be prepared to send a reminder directly to Tony Brown that the same amount of time and energy and effort expended so far could equally be devoted to warning others of the risk in IOM banking? Their reputation really is on the line...


max clifford campaign

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Tue, 06/01/2009 - 05:24

This is like one of the depositors said a criminal rip off. We have been robbed full stop. I have said time and time again they have taken legacys, life savings and proceeds of house sales away and we are going to just sit there. Lets put it to dag for a campaign by sir max clifford and a permanent website of what will happen to you if you bank here,. Enough of this sofly softly approach. This has been one long torment since oct, my health has suffered, we didnt know what christmas was , we havent seen our only child since oct. Then there are these politicians stalling, playing ball with our lives. Uk govt caused a collapse for more uk votes, iceland not honouring a guarantee and the isle of man who is not fit to put banks on their island because at the end of the day they cant look after their depositors intrests. Meanwhile in all of this we have been sentenced.


mikeinfrance, Thanks for

  • IceCrusher
  • 14/10/08 25/10/11
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  • Mon, 05/01/2009 - 19:13

mikeinfrance,
Thanks for filling in the details mikeinfrance, I'd just tuned in and caught the tail end of it, but it didn't sound too good to me, that's why I posted the comment. I've said before that I've started to read elgee's comments with a weather eye open as it were, and I am becoming more concerned that IMG doesn't really have anything for us and is just trying to delay the inevitable. I surely hope that I'm being overly pessimistic, but we should look beyond the PR exercise...


icecrusher

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Mon, 05/01/2009 - 10:40

Then, if this is all for nothing then the whole thing is more cruel than i thought. If that was the case then the whole ghastly situation would have been handled like guernsey, very quickly. It seems manx radio are always worried about their own backs in this. Is it the truman show island?


Leaving our funds in the bank

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Mon, 05/01/2009 - 04:46

We would need 40% of our total deposit after about one year (depending on when any scheme such as that suggested began) - around March/April 2010 - we need to buy a home - but we would be willing and able to leave the remaining 60% in the bank for another year or longer as long as it was earning (a reasonable rate of) interest, which we could access (without interest we will have nothing at all to live on...). I have just had a letter and update from Bradford & Bingley - from whence I removed savings when they started looking precarious - their (gross) rates seem to be running currently at about 2.4% - 4.4%, with an online account at 5%.

Really, I guess we would be willing to be as flexible as we need to be if it means us all getting 100% of our deposits back (preferably plus interest, October 2008 - January 2009!).


movement of funds from B and B

  • uptight61
  • 14/10/08 n/a (free)
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  • Mon, 05/01/2009 - 05:09

Hello Hoping and coping -
Did you move your funds on the advice of an IFA or was it your own decision. I ask this for am currently suing my IFA for negligence - he should have known better than move money from the frying pan into the fire - and wonder if you are doing likewise.
Regards,
Uptight61


Movement of funds, IFA Advice

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Tue, 06/01/2009 - 00:54

Hello again Uptight61 -
It was all done on the advice of our IFA - and thus all our funds - the proceeds from the sale of our UK home and all our savings - everything - are in KSFIOM... The funds went in in July and late September... (All so avoidable...) I have initiated the complaint process with the IFA, and am awaiting a response from the Compliance Manager. Do you have a likely total figure for the cost of suing your IFA? Our current financial position is tenuous to say the least.
Kind regards, Hoping and coping


Cost of suing IFA

  • uptight61
  • 14/10/08 n/a (free)
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  • Tue, 06/01/2009 - 07:15

Hello there, hoping and coping.
With regard to the cost of suing my IFA so far I have not spent a penny - and do not intend spending anything on suing the individual in question. The IFA has 8 weeks to come up with a satisfactory resolution to my complaint (no cost to me). If he does not make me happy, the complaint will be referred to the Ombudsman (which it will be in the next few days) - again, no charge for the Ombudsman doing an objective investigation of one's complaint and making a recommendation which IFA's adhere to. In a nutshell, H and C, the cost of suing the rogue (polite expression) is zero. Other members of the forum have taken private legal action against their IFAs which does cost money (eg. Barbaragee). However, I consider why not go the way of the ombudsman if it is free?
Am very sorry to hear of your situation - the current loss of your life savings. I encourage you to contact the Ombudsman when the 8 week waitig period has elapsed with regard to your IFA. You can find info on the financial ombudsman on-line - just google/yahoo Financial Ombudsman.


Action against IFA

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Tue, 06/01/2009 - 10:53

Many thanks, uptight61, for the information, encouragement and support. This is indeed the route I wish to take: the eight-week deadline for a response from the IFA/Compliance Manager will be in two weeks' time, and then, depending on the outcome, I will certainly refer my complaint to the Ombudsman. I wish you well with your own complaint process - it would be good for all of us to hear that you have received a positive response from your IFA. (We all definitely deserve compensation for all the emotional angst we have been living with these last three months, as well as all our money back...)

For anyone else out there who hasn't taken this action yet, there's a website: www.financial-ombudsman.org.uk and a telephone number: 0845 080 1800. There's also information on making complaints at www.moneymadeclear.fsa.org.uk (I know that there is also a KSFIOMDAG thread dedicated to this topic).

Thanks again for the support - it really helps. I'm currently doing what needs to be done, and coping by hoping that by the end of January this nightmare will be over for all of us...


IFA Action Groups

  • Tricky Dicky
  • 24/10/08 30/05/09
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  • Tue, 06/01/2009 - 12:07

There appears to be 2 groups talking about action against IFA's. There is within the forum a Group called IFA Action, which members can join to pool their resources, knowledge and perhaps expenses.
The forum topis is here : http://chat.ksfiomdepositors.org/group-topic/i-think-we-should-be-sharin... and to join the IFA Action Group go to : http://chat.ksfiomdepositors.org/og and join the Group.

Thanks


Hoping and coping

  • user1123
  • 14/10/08 31/05/09
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  • Tue, 06/01/2009 - 11:50

Sorry but you need a reality check mate and realign your planning. "This nightmare" will not be over by the end of January next year.

If you need some reminding then look at history and how the Iom Government has dealt with all its bank failures (and there have been several) in the past. They take about seven years to conclude. You have to remember that the people dealing with this are not what you might call high caliber. The average Iom civil servant has a couple of GCSE's, those in the hierarchy have double that. The man responsible for regulation allegidly doesn't have any.

Someone on this site should be managing expectations otherwise lots of people are heading for serious health problems as well as wealth problems.


Coping by hoping, but well aware of the reality of it all...

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Wed, 07/01/2009 - 04:25

As I said in my post, I'm coping by hoping, I'm coping by trying to stay optimistic - I imagine that I'm not the only person out there doing this. I'm working on the basis that it does not do me any good - physically, mentally or emotionally - to stay focused on the possibility of worst or difficult scenarios, though I am well aware of them.

Meanwhile I am doing all that I can - complaint to our IFA, plus letters to MPs, Ambassador, Political Parties, etc, etc. I'm also trying to save every penny - cent - that my husband is currently earning (I'm already retired) - in order to get us out of here - this will only go on for a few more months, then we have to leave - and as I was the one with the expat contract, we're living on his local salary - and his contract doesn't include baggage, shipment, anything extra. What we actually do once our belongings have been packed, I don't know - we will not have a home to ship them to, and we will have no money to pay for their storage. The solution to that is obvious, but at the moment I am not going to spend my time thinking that on top of everything else we will need to sell all our belongings as well.

When this all first happened, I sat down and worked out what it would mean for us in the event of various outcomes - the obvious one being to go back to work/keep on working - possibly for a very long time - but I hit various brick walls each time, as we will never be able to make up what we have lost (financially, everything), or have enough to last us through to the end of our lives. As for putting a roof over our heads... All hard ideas to cope with, given that this period was supposed to be one of pleasurable anticipation and planning as we moved into the next stage of our lives, after a lifetime (two lifetimes) of work.

I appreciate your concern about my - and others' - awareness of the reality of all of this. Sadly, I'm only too aware. And I realise that your concern is with the time factor. I do realise that everything is not suddenly going to be well again on January 29th (though I can still hope!), that I will not wake up and find it was all just a dream, and I do realise that these things take time. Nevertheless, January 29th will presumably bring news, which will give us some idea of how to handle things, both personally and as a (KSFIOMDAG) group.

In the meantime I am trying to remain optimistic, trying not to lose my faith in human nature completely, and hoping, for now, that there are (some good and capable) people who are working behind the scenes to sort out this devastating mess. When we learn what has happened on the 29th, we will take action accordingly, as best we can.

I don't think that anyone needs to worry about managing expectations - the contents of the site make the reality very obvious.


Dear Hoping and coping

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Wed, 07/01/2009 - 05:32

please dont stop writing about your plight to media, politicians etc. people squabbling about a time frame in getting their so called 50k the next day, should read your account of hardship as it wil put them to shame. This is human rights issues here. yes, biggger depositors thought a govt giving guarantees would not let them down. Though in our case we even thought we were actually 90 percent protected in a bond so there are alot of innocent victims in this and divisions just do not help anyone. Its downright plain cruel when people do not understand that there will have to be compromises here for us to all some out of this mess . If I got a warning about any of this i would nt have even gone near the isle of man, kept my accounts in uk and let an ifa not talk me into moving my funds a day before collapse. Things happen and thats how it is, but we do have a brilliant IOM team there and that is the only hope we have, in getting over a reasonable time our life savings back. It can happen you know , tomorow is a mystery sometimes and the day after that and that. Lets see what can unfold but we can make it unfold in time with the correct pressure and perisitence. After all that is what an action group is.


Thank you hippychickrobbed

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Wed, 07/01/2009 - 08:06

Thank you, hippychickrobbed. Yes, I will keep up the writing and doing my bit to keep the plight of all of us in the minds of people who could do something if they chose. I have to say, though, that the response thus far has been very disappointing. I did ultimately receive a short, sympathetic letter from the High Commissioner here, for which I was grateful, but he had forwarded my letter to the UK Treasury, and enclosed their, standard, response, and I did receive responses from a constituency worker for our ex-MP, but nothing seems to have actually come of that, and it was noted that we no longer lived there. E-mails to Select Committees have been acknowledged, but I received no acknowledgement from Conservatives Abroad. But yes, “correct pressure and persistence” – I agree.

And yes, I have felt perturbed and saddened by some of the comments that have been posted recently, especially the arguments between “smaller” and “larger” depositors. The reality is that we all have money tied up in KSFIOM and it is not for anyone to draw inferences about anyone else’s needs. This debacle should not have happened and we are all entitled to have our money, for whatever we need it for – and we shouldn’t have to be going through this at all.

But we are having to go through it, and the question of different scenarios and time frames is clearly fraught, and puts people in very difficult situations (though so far it is all hypothetical…), but I would hope that, if/when the time comes, we will be able to find a way to act as a group, and find a solution/solutions that will work for everyone – smaller depositors, larger depositors, direct savers, those with investment “wrappers”, etc.

It is also obviously very disturbing for me (and I’m sure for others too) to read criticism of larger depositors for depositing funds above the compensation amount. I thought we had finished with all of that long ago – when the criticism came from people outside the group. Yes, if only… I’m sure we’ll all be taking compensation clauses seriously in future, and we’ll know that parental guarantees cannot be relied on, and we’ll all do our own research, and not rely on the “expertise” of IFAs. (Had I done so, I might have come across this article published in February: http://www.timesonline.co.uk/tol/money/savings/article3340734.ece (The Sunday Times, Time to bale out of Iceland? British savers have billions in Icelandic accounts, but its banking system is looking shaky).

We’ve been saving in the IOM for about fifteen years, very happily until recently. We didn’t have a large amount there, but we did have more than the compensation amount, but there has never seemed to be the need to worry about this (and I don’t remember our IFA ever drawing our attention to it). It was only very recently that we needed a place for all our funds, just for one year. Keeping things in line with compensation amounts would have involved opening many accounts, and we all know the difficulties of this. (It would have been impossible, for example, to come up with sufficient current utility bills!!) Subsequently, we had a small window when we could have withdrawn our savings, but we were reassured by our IFA that we did not need to worry.

It’s very easy to be wise after the event, and I don’t think any of us should have to justify what we’ve done. Of course those who have been very cautious and who have heeded the compensation situation should not lose out, but I think we’re all hoping here for humanity, understanding, and support – from within as well as from outside the group. We thought we were being careful – by banking with an institution with a parental guarantee, a bank which had such a presence in the Nordic countries, a bank with such strong and old City of London connections, by banking with a bank (under the mattress would certainly have been a much better bet)…

Yes, there are a lot of innocent victims in this. Yes, we are lucky to have our IOM team working for us, and heeding the concerns and fears of us all. This is a particularly difficult time, as we move closer to January 29th, and beyond, and feelings will inevitably be running high. Hopefully though we can continue to work together, as things do unfold, and, yes, as we make them unfold, and hopefully we can continue to support one another.


Hoping and coping

  • cottesmore
  • 21/10/08 16/07/12
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  • Wed, 07/01/2009 - 04:32

You carry on as your name says.It's faith and trust in people that helps achieve so much.
Bless you,
Mark


To Cottesmore

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Wed, 07/01/2009 - 04:52

Thank you, so much.


I wish you luck with ( as

  • bellyup
  • 10/10/08 09/01/10
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  • Mon, 05/01/2009 - 11:22

I wish you luck with ( as far as Im concerned ) IFAs the words blood and stone come to mind!


uptight61

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Mon, 05/01/2009 - 07:30

Hello uptight 61 I we moved our funds on advice from an ifa, to a so called safe haven isle of man, joke and he advised would youbeleive it against switzerland? so he can get his grredy commission on a bond for 320k. We have to wait to see how much weve lost first befor sueing


Suing your IFA

  • uptight61
  • 14/10/08 n/a (free)
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  • Tue, 06/01/2009 - 07:28

Dear Hippychick,
I would get the ball rolling ASAP. Even if you get all your money back plus interest, you will still have a case based on pain and suffering - the Financial Ombudsman can make monetary awards if he/she considers complainants have so suffered. If someone was to ask me if I had suffered pain/anxiety/depression as a result of this fiaco, the answer would obviously be YES - BIG TIME (the same goes for all members of this forum). Cannot believe the adviser advised against Switzerland - stronger currency, quality safe haven. Like me, you must be dealing with an idiot/cowboy


uptight 61

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Tue, 06/01/2009 - 12:28

The problem is this ,the bond was taken out in dubai apparently they cant help me in the uk only in dubai, but we are looking at it legally here with an emirati lawyer, maybe they were not regd here. ITs all a mess. Are we looking at getting something back in the pound like 40p/50p?


HI Hippychick

  • uptight61
  • 14/10/08 n/a (free)
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  • Thu, 08/01/2009 - 07:52

If you worked with an IFA based in Dubai, I'm sure you can't take the creature to the UK Ombudsman (unless he was an employee of a UK-based firm). Private legal action sounds like your best bet - how about the lawyer gets paid if you win?
Best of luck against your IFA******* (that is what mine is - fill in the stars)


like the creature bit

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Thu, 08/01/2009 - 08:00

Yes, thats why the creature is being investigated by dubai lawyers, they want to outline what is involved, but i wanted to see what our losses here are involved. I have to tell you the metal anguish of all of this is just another thing altogether. We actually approached the creature for help in this crisis first and formeost, its like going to a doctor for a consultation and then he leads you here to the gas chamber so you can wait to die, DR DEATH thats where we went to. so he can just get his commision. Like Ive said before none of us will give up the fight until we get what is simply rightfully ours.


Mental anguish!!! Understatement, hippychick!

  • uptight61
  • 14/10/08 n/a (free)
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  • Thu, 08/01/2009 - 08:09

I sympathise with your situation. What nationality is the creature that you're dealing with? If he is British (you would think he is if he's heard of the Isle of Man) perhaps the Ombudsman will still consider the case if he is/was registered in the UK.
As for pain and anguish/suffering, my IFA******* is being sued for this too - he has made my life a misery though I am recovering


I have to check that out actually...

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Thu, 08/01/2009 - 08:38

I rang the ombudsman in the uk, though it is an intl company I still have to go with a legal case here and let me tell you it wont be easy. to prove things, they have the top barristers. I think costs here in dubai will be cheaper than the uk and I dont know about sharia law. I will tell you though they dont tolerate injustices. This ifa is british from a very well known firm who gave us crap advice. The thing is all of these financial services need to get shut down they are one word out for themselves and the fsc. have been sleeping on the job.I mean look at those poor guys that too have lost everything in the madoff scam, the fsc there gave it the all clear two yrs ago. I want to know though what world we are living in and what right have another group of human beings to take away our funds like this, what is humanity coming to?. This torment as I see it has brought me the start of asthma, in the start I was shocked. So I have developed breathing problems, my husband goes through bouts of depression. I though in the end beleive we will evetually defeat them all but its when. This is why we have to remain srong and together.


Hi Hippychick

  • uptight61
  • 14/10/08 n/a (free)
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  • Thu, 08/01/2009 - 08:49

If I was you, I would email them (the Ombusdman) explaining your situation together with what you know about the financial adviser and ask them if you can seek redress through them after you have been through the 8 week complaint prodecure with the IFA. I'm sure they will gladly enlighten you as to whether you can pursue your IFA through themselves - they similarly helped me. For their web adress, see the Financial Ombudsman's website.
I agree we need to stand firm but need to use every avenue to seek redress - that is why the Ombusdman was set up in the first place.


okay

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Thu, 08/01/2009 - 09:24

I will try that avenue again, but I didcontact them and I spoke to someone but its worth a try again..


Good luck, hippychick

  • uptight61
  • 14/10/08 n/a (free)
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  • Thu, 08/01/2009 - 09:29

Write to them giving as much info as possible. They are only too willing to help!


Hi Hippy chick... i also

  • qatar
  • 15/10/08 31/05/09
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  • Mon, 05/01/2009 - 12:00

Hi Hippy chick... i also moved on advice from my IFA but at that time it was the Derbyshire and not KSF, without trawling through reams of paperwork i probably would have nothing in writing to confirm the IFA advising me to move all my funds ... My guess is that i havent a leg to stand on in court...

Keep up the good work folks (and the chins) god willing we will smile again one day!


Suing your IFA

  • Tricky Dicky
  • 24/10/08 30/05/09
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  • Tue, 06/01/2009 - 07:55

For all of you looking to sue your IFA or follow the route of going to the IFA Ombudsman etc, can I suggest you join the IFA Action Group - go to Groups at the top of the page. There are others in the same boat, and it may prove useful to pool resources within this Group. See also forum topic : http://chat.ksfiomdepositors.org/group-topic/i-think-we-should-be-sharin...


qatar neighbours

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Mon, 05/01/2009 - 12:50

Are we neighbours because we are in dubai and your in qatar?


Yes... there are many other

  • qatar
  • 15/10/08 31/05/09
  • unspecified
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  • Tue, 06/01/2009 - 08:59

Yes... there are many other members in UAE / Saudi but i am the only one i know of in Qatar... skint and lonely!!


IOM bank

  • shafted
  • 10/10/08 12/12/09
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  • Sun, 04/01/2009 - 19:41

I would be prepared to leave 250k of my sipp deposit for a reasonable period.


Yes to poll ASAP

  • adambw
  • 13/10/08 31/08/10
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  • Sun, 04/01/2009 - 19:23

Some very good and constructive posts on this forum. Compromise? No, we want 100% back with interest to date (as per Derbyshire/Kaupthing ‘guarantees’). But surely nationalisation is a likely win/win for both us and IoM Govt. If the majority of funds are kept in NEWCO bank for at least a couple of years (whilst IoM recover bank assets), IoM won’t have to borrow much cash, only arrange a potential borrowing facility. Lets urgently do a poll. Reasonable poll criteria is important. Cottesmore and Sophie’s comments have been good (+many others). What about Cottesmore’s suggested poll criteria as follows:
a. IOM guarantee on all deposits left 'in.'
b. 5% interest rate on your deposit. (option to have it paid to your account monthly)
c. Minimum 2 year investment.
Would you take all your money and run for the hills? Yes or No.
If yes, how much will you take?
If no, how much will you leave in?
User name? (not personal details)
How many accounts held?

Perhaps 5% is a desirable but unreasonable interest expectation? Maybe 4 point something more realistic? Who can help with this? Probably ng and other privileged access people. I’d like to get a poll picture to Mike Simpson and all key parties ASAP.


We support ´Nationalization´ of the bank

  • peter and louise
  • 18/10/08 01/09/09
  • a depositor
  • Offline
  • Sun, 04/01/2009 - 16:15

This is to confirm that should a poll go ahead for ´Nationalization,´ as has been suggested/hinted at on this site, we wish our names to be added to the list of supporters. This is something which is achievable and, we believe, in our best interests. UK effectively nationalized Northern Rock, surely IOM could nationalize KSFIOM. IOM could guarantee our savings (though I hate that word) in the same way UK guaranteed Northern Rock savers. If there is common support, with thousands of KSFIOM depositors signing up for this, the authorities would have to act upon this.


Below, as if by magic, a list

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Fri, 02/01/2009 - 21:12

Below, as if by magic, a list of users with special access on the site - admin, moderator and trusted user can create a poll. Check the last-access date, as one or two people have "disappeared" from the site in recent weeks.


POLL

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
  • Offline
  • Wed, 31/12/2008 - 17:26

I agree,at least we can get an idea of who's in,who's out and for how much.I realise confidentiality is an issue,but, we could use our forum names and a least get a flavour for the numbers. I'm sure it would be useful to present to Simpson and Manx Gov' as to the general feelings of the forum members.
ng can you do this poll?


Poll

  • homeless
  • 18/10/08 01/01/16
  • a depositor
  • Offline
  • Sat, 03/01/2009 - 03:45

Cottesmore,
I agree with you, a poll would give some indication of the enthusiasm for "nationalisation" of the bank and the level of support for leaving deposits in the bank for a period of time.
If the Manx Government are considering "nationalisation"as an option, then the support of the depositors can only be viewed as encouraging. It is in our interest to encourage the Manx Government to "nationalise" the bank, this strategy has to be better than the dreaded Liquidation.


homeless

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
  • Offline
  • Sat, 03/01/2009 - 13:37

homeless bigger depositors like ourselves have no real alternative than to see nationalisation, something which the manx govt should have done in the first place when this occurred. This has caused nothing but ruin for many depositors never mind the misery and I will not see my funds, and everyones elses for that matter go down some dreaded gas chamber. I have said countless times liquidation equals the gas chamber for all our precious savings. This is unheard of in a western world to be battling for ones savings in a godamn bank. WE didnt put it in some dotcom venture here are these IOm govt people aware of our general feelings here or what.


nationalization

  • Anonymous
  • Offline
  • Thu, 01/01/2009 - 14:27

What is the possibility of the IoM nationalizing the ex-KSFIoM?
This entity still exists as a company. It does not have a banking license.
[The UK government stepped into Northern Rock while it was still functioning.]
What exactly would the IoM be nationalizing?

Does nationalization require the existence of a nation? [The IoM is merely a crown dependency.] Or a central bank?


Nationalisation

  • gerry paul johnson
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 01/01/2009 - 16:06

Perhaps Nationalisation is a clumsy choice of wording for what would really just be the IOM Government taking a major part in the ownership, since the bank could already be a viable entity if the sum lodged in KSFUK were to be returned. As I understand it this is precisely what the UK did in the case of the "teetering" High Street banks. Any "holding" could at some future point in time be realised, and any profits then taken into the IOM treasury, whilst at the same time, demonstrating good fiscal management by the IOM, by their actions, in helping to resolve this serious situation.

The logic for requesting a poll would be that information would be at hand for presentation (should it be needed) by Alixpartners in their deliberations, remembering that time is at large until the next hearing.
The request for a poll needs to be answered, and understood that just because there would be a poll, would not bind any party to its findings. As was been made clear in Diver's Christmas Eve posting.
So give us the poll, and give us it NOW!!!


Nationalisation Poll

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
  • Offline
  • Thu, 01/01/2009 - 16:31

If you are so desperate for a poll, then I suggest you go to the top of the page and next to "Recent Posts" is a button that says "Create Content", if you click this, then a sub menu appears, one of these is POLL. This will allow you to create as many polls on whatever subjects/topics/questions etc as you like.


Creating a poll

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Fri, 02/01/2009 - 20:56

TD, that's true for you due to your enhanced status here - the majority of members don't have access to that option. Now that the Christmas holiday period is over, I think it's about time we got this poll done, but what exactly need to be the options to choose from?


Thanks NG

  • gerry paul johnson
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 04/01/2009 - 11:52

Thanks NG for that information. I could not find what TD referred to on my version of the website, and I was somewhat disappointed in the apparently petulant tone of his response to my posting. It seems to have become a characteristic of this website that members openly engage in vexatious and abrasive postings, when our best endeavours will be served by positivity, and not discord.

I agree with you that now is the time to get the poll organised, and I would propose that for its purpose, the criteria submitted by Cottesmore yesterday would suffice. (yes even at 5% interest which is currently on offer from none other than ING!!!)
Thank you again in anticipation of your assistance.


Poll

  • chipmunk
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 04/01/2009 - 13:16

Whilst I am more than willing to join the Poll I wonder if all this will be of any relevance

..I am sure that when push comes to shove all of us will accept almost any restructuring arrangement even without interest......right now my only hope is that the bank can be nationalised or restructured and I will certainly accept any reasonable deal over a two or three year period until the bank is healthy again....Do we have a choice ? This is our only hope.............I see no other way.


same here...

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
  • Offline
  • Sun, 04/01/2009 - 14:10

we would accept any restructuring deal if it meant our capitals were kept intact,never mind the intrest rate. There isnt a decent one anyway. Lets just hope that over time this bank can be saved along with our precious funds so we can all start going back to the land of the living. Am I asking for too much from a banking island?