Why 60% before IOMG begin to recover funding is just no where near good enough........

  • podather
  • 10/10/08 31/05/09
  • a depositor
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Posted: Mon, 30/03/2009 - 13:53

Under the currently proposed SOA once depositors receive 60% return on their deposits the £175 million of funding IOMG are committing to the scheme at its onset will begin to be recouped.
They wish to recover 60% of this funding or £105 million before any further payments would be made to depositors.
Once the have achieved this any further recoveries would be pari passu with all depositors and IOMG recovering the same % of their deposits/funding with each subsequent payment.

60% is just nowhere near good enough, and here is why....

60% payout on deposits of £850 million is £510 million
IOMG Funding is £175 million
Recoveries required to meet difference £335 million

Funds on Hand - Cash and COD's is £176 million
Additional Recoveries Required from loan book and KSF UK deposit £159 million
Book Value of Loan book and KSF UK deposit is £817 million

Recoveries Required as % of unrecovered assets to pay out 60% to depositors is 19.5%

Did you get that.... 19.5% , thats it, what kind of a favour do they think they are doing us when as soon as 20% of the yet to be recovered assets are returned they start to take there money back.....and MS has already stated that the loan book is of good quality and there WILL be a reasonable return from KSF UK, they did have a £1.3 billion surplus at book values on the day they went into administration don't forget.

IOMG funding returned at 60% payout is £105 million before any other payment to depositors can be made.
Recoveries required to return this to them is £440 million
Funds on Hand - Cash and COD's is £176 million
Additional recoveries required from loan book and KSF UK deposit is £264 million

Recoveries required as % of unrecovered assets to pay depositors and IOMG to 60% is 32.4%

Did you get that...32.4% recoveries and IOMG will have taken back £105 million and now only be as exposed as all other depositors with a possible 40% loss on there hands.
32.4% , not 82.4% or some other figure which would convince you that they had your best interest at heart and they wanted you to get your money back before they started to recover theirs.
I mean lets not forget who transferred £500 million of our deposits to the Dark side and who really needs to admit this error and pay the price for doing it.

So basically, so long as recoveries from the loan book and KSFUK reach 20% of there value IOMG begin to recover the funding they have committed to the SOA and when recoveries from these assets exceed 32.4% of there value IOMG will have recovered 60% of the funding they have committed.

What kind of mugs do they take us for.......

Even at 80% payout to depositors before they recover 80% of the funding the figures are only 40% return before they begin to get it back and 57.5% before they have recovered it - £140 million this time aswell. (80% of £175 million)

For this reason only the SOA does nothing for High Value depositors whatsoever and at a 80, 90 or the magic 100% payout before they start to grab back the money they make you think they are giving you £50k and under depositors would still be guaranteed a 2 year payout ...

IOMG - you need to do a lot better

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  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 30/03/2009 - 22:24

as you keep saying where "Did you get that ", seems strange to me that you claim to know all this when if this is the case why is IOM online, manx ardio and other media not covered this "exclusive " by you. Do you have some inside information ?

Oh yes the bottom line says it all SOA does nothing for the HIGH VALUE DEPOSITORS, it's yet again another reason why the SOA is no good. The SOA is going to work because the majority want it, the majority will be better off by it and on the 9th April hopefuly the courts will bring the very long saga to an end.

Think you efforts would be better served getting all the high value depositors together and trying to sue the pants off your IFA's or Insurance company for mis selling a product and not trying to worry the depositors on this.

Just some info to those who claimed the EPS2, I got my funds today and my form was received on 5 March so anyone later it's on it's way.
This payment has brought some joy to those who had £10K and under as they now have their full money back and under wahtever scheme you want this would not have happened. I still have another £11K to get back which the SOA is the only way this will happen for me and all those in the same boat.

@giveus backourfunds: Relax your 50K is safe.

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 31/03/2009 - 04:32

Hi there,

By the way thank-you for you direct email response from you to my communication. The detail you gave was useful to me. I appreciate that.

I can see you are worried. And I think I understand why you are worried. The SoA is important to you because, according to the IoMG it is the only guarantee you have of a definite schedule for the return of your money.
I do understand this.

I don't think you have much respect for the IoMG, just as I don't.

The difference is that right now I think the IoMG won't have any other choice but to shell out under the DCS, in exactly the same way it is saying it would have shelled out under the SoA if their 'Heath-Robinson' SoA is voted down.

The public hue and cry, and the public relations debacle that would follow would be literally overwhelmly embarrassing for them. Believe me they will deliver. What they are doing is trying to frighten you. And I personally am disgusted with their behaviour. But they can't carry it off!

They could have before they put they committed themselves to the SoA. It would have looked pathetically shoddy but they could have got away with it. But they didn't. And now they are stuck. Relax, they aren't going to renaigue.

What they are doing at the moment is screwing the HNW. And they are playing us off against each other.

So I'm voting against the SoA.

Reply to Giveusbackourfunds

  • podather
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 31/03/2009 - 00:00

No inside information needed
Just look at what they are offering and the figures they are working with.
A good deal for the Isle of Man, a lousy deal for any depositor with more than £50k

I can only assume that the media you mentioned have not worked it out either yet , hope they do and publish what a
one sided offer it is,

Well done on getting half your money out, if the SOA gets the thumbs up by august you should be in the clear.
10 months you would have waited to get all your money back
Think about the rest of us when we could still be waiting cap in hand in ten years at this rate.

@giveus back your fund

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Mon, 30/03/2009 - 23:59

Well thanks for that ' I'm alright jack b********** you.

Podather is simply trying to point out the facts of the matter

I am a depositor . just the same as you.

but after a life time of work I have more savings than you maybe I am older and worker harder I dont know

I don't have an IFA to sue because i am a simple person who entrusted my money to the Derbyshire Building Society the savings of a life time.

So you have your money back good for you

So take your money and your selfish self righteous attitude and good luck to you.

I wonder why you bother coming on this site at all.

be nice

  • dj
  • 07/11/08 31/05/09
  • a depositor
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  • Mon, 30/03/2009 - 23:34

Come on giveusbackourfinds, there are a lot of people who have been very badly affected y this. Every single person affected has a different story to tell and so while some things work for some they dont for others.

But to attack the 'High Value' depositors for their stance is just not nice. I have £150,000 at stake. It is not a lot by any measure but it is EVERYTHING we had. We, as with many others, had been forced to use an offshore bank as we could not get an onshore one like we wanted.

So giveusbackourfunds, i am very happy for you. I'd just ask that maybe you give a little thought before posting and realise that although we are all in the boat, our circumstances are as individual as our fingerprints.

dj and belly up

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Tue, 31/03/2009 - 07:59

my comments were not aimed at you and apologies if you are offended., I just think those who do not want the SOA should not be worrying people unnecessarily. I realise those who were brought into this mees through Derbyshire and you all have my sympaythy.

Recovery Soa

  • shafted
  • 10/10/08 12/12/09
  • a depositor
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  • Mon, 30/03/2009 - 20:58

I would imagine that Alix have worked this scheme for them to start recovering their money back, the IOM government are helping themselves , when they should be taking a back seat until all depositors are paid out first in full.

of course its not good enough

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Mon, 30/03/2009 - 20:25

Of course its not good enough but these are people who show by their every action that they dont give a monkeys about the depositors who have saved with their island for decades and on whom they have made good livings .

These are people who have bodged up and now want to weasel out?

Do they really believe they have a future as a banking centre?