Write to the Treasury Committee please

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
Posted: Sat, 18/10/2008 - 11:50

(Moderator - repost from Katalan's post here in case it gets lost)

Has anyone sent questions for the Treasury Select Committee hearing?
I received the following prompt (automated?) reply, so maybe this is another avenue that can be used, hopefully in the near future.

Banking Crisis Inquiry
The Committee has invited the Rt. Hon. Alistair Darling MP, Chancellor
of the Exchequer, Mervyn King, Governor of the Bank of England, and Lord Adair Turner, Chairman, Financial Services Authority to appear as soon as possible, given the public concern about the stability of the UK
banking system and commitment of such a large sum of taxpayers' money in the Chancellor's proposals.
Thank you for sending us the questions that you would like to be
answered is this evidence session. The Committee will ask as many of the questions submitted as possible.
The date of the hearing will be announced in due course.
Please note:
* Questions can be submitted up to 48 hours before the hearing.
* The Committee regrets it cannot accept any other form of submission
apart from email to the following address: bankingcrisis(?)parliament [dot] uk

* Submissions should take the form of questions rather than statements
  and should be no longer than 100 words. If you wish to remain anonymous,
  please state clearly at the beginning of the email.
* The Committee regrets that not all questions submitted can be
  guaranteed to be asked.

Treasury Committee
House of Commons
7 Millbank

Can others please send their questions asap to ensure some exposure to our plight?

(Moderator: and Minotaur's reply)

Thank you Katalan: this is about the most useful thing I have yet seen.

I urge everyone to submit questions. The 100 word limit is a very useful discipline.

Here are two questions I have sent. Other members of this forum with more legal and procedural knowledge than myself will undoubtedly be able to refine them in such a way that the Chancellor is forced to give a definite answer, although it is certain that he will prevaricate along the lines of "all possible steps are being taken"; or "HMG is aware and will explore all avenues...".

Question 1: Does the chancellor agree that HMG’s actions in freezing Icelandic assets on 9th October led to the collapse of Kaupthing Singer Friedlander (Isle of Man), an estimated 60% of whose assets were at that moment held by Kaupthing Singer Friedlander (UK)?
If so, does the chancellor accept that HMG has a moral or ethical duty to protect the interests of the many British expatriates with savings deposited in Kaupthing Singer Friedlander (Isle of Man) that have been frozen and the recovery of which currently seems unlikely?

Question 2: In a press-release dated 15th October, the Chief Minister of the Isle of Man reported confirmation that HMG “will represent the Island in negotiations with the Government of Iceland” concerning the parental guarantee of Kauphthing Hf (now nationalised by Iceland) with respect to its subsidiary Kaupthing Singer Friedlander (Isle of Man) [http://www.gov.im/lib/docs/fsc/PressReleases/ukicelandupdateoct1508.pdf]
Would the chancellor confirm his awareness that the savings of many British citizens at Kaupthing Singer Friedlander (Isle of Man) are at risk, and that the honouring of this guarantee will be a mandatory element in any negotiations or actions between HMG and Iceland?

0
Your rating: None

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Ice question to TSC.

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Thu, 30/10/2008 - 08:33

In addition to the 4 questions posed in the Treasury Select Committee Forum I am personally sending the following question using as many email addresses that I can access.

"Chancellor, the Government’s position on tax havens is well known, but please explain why UK resident citizens and other tax-declaring British subjects are still waiting for the return of their monies held under Administration with Kaupthing bank UK? These offshore savers had £555,000,000 saved with KFSIOM temporarily on deposit with Kaupthing UK when Government action instigated a run on that bank which consequently caused the Kaupthing IOM bank (which is not a UK subsidiary) to have its licence suspended. These British savers are in angst-ridden turmoil; they do not seek a bail-out, only the rightful return of their LIFE-savings."

(KFSIOM: Kaupthing Singer and Friedlander ISLE OF MAN)

name
address
postcode
tel no

IceCrusher


Treasury questions Pt2...

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Sat, 25/10/2008 - 15:18

Another round of questions...

  1. Would the Chancellor confirm that during his long telephone conversation with the Icelandic Treasury Minister, Arni Mathiesen on Oct 7th, he concluded that the Icelandic Government had no intention of honouring its obligation to pay guarantees on British deposit holders’ saving accounts with IceSave and this is a position he continues to hold?

  2. Chancellor, was the person previously unnamed and claimed by you to have said that Iceland would not honour its obligations to British IceSave depositors in fact Mr. Arni Mathiesen? If so, would you kindly explain your reasons for not revealing his identity at the time?

  3. Did the Chancellor make the announcement on Oct 8th: “The Icelandic Government believe it or not, have told me yesterday they had no intention of honouring their obligations here.”

  4. Did the Chancellor use the idiomatic phrase ‘believe it or not’ to emphasise surprise in his interpretation of the Icelandic response – was this statement constructed specifically to provoke the British people into the response that fatefully ensued?

  5. Does the Chancellor concede that although he may have formed an opinion that fitted his prognosis of the situation, official telephone transcripts of the conversation with Mr. Mathiesen reveal no statement that could in any way be construed as a refusal by the Icelandic Government to honour its obligations?

  6. Would the Chancellor agree that revealing the identity of the person claimed to have made the statement would have provided that person with the opportunity of refuting the allegation/misinterpretation and thus allowed further discussion and diffusion of the incident before it descended to the grave depths that subsequently transpired: using a law intended to fight international terrorism, cut crime and increase security to hammer a fellow Sovereign State over its economy?

  7. Would the Chancellor concede that even men moderate of understanding in high street economics could predict the obvious outcome of a statement made by the Chancellor of the Exchequer of the United Kingdom that another State was refusing to honour its obligations to this country?

  8. Is the Chancellor prepared to admit that his actions, whether premeditated or imprudent, caused an unprecedented economic disaster in Iceland, bringing untold misery to thousands of everyday Icelanders and started a plunge into the economic abyss for the United Kingdom that has yet to hit rock bottom?

  9. Does the Chancellor further understand that his actions have brought devastating hardship to neighbours much closer to home; thousands of British subjects living and/or banking in the Crown Dependencies have had their life-savings taken from them, removed by the Regulator to the United Kingdom under the pretence of safe keeping, only to be expropriated by the fallacious use of inappropriate legislation?

IceCrusher


'

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Sat, 25/10/2008 - 15:26

duplicated


Next Big Event

  • Consuelo
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 25/10/2008 - 11:43

It seems to me that whilst the Treasury are in negotiations with Iceland and Isle of Man Treasury are hopefully lobying UK Treasury the next big event for us foot soldiers apart from the constant pressure on MPs MEPs etc is the Treasury Select Committee which is very influential. John McFall virtually guaranteed John Snow that a question would be asked about Isle of Man investors in Kaupthing but as this is our chance to put Darling and Lord Turner (head of FSA) on the spot I guess the more the better. Dont forget that any member of the public can send an email (they may be regretting this already) For what it is worth this is my latest offering:

'What is the Treasury is doing to return the the £600 Million pounds of mainly UK depositors money that was temporarily transferred by their Bank, Kaupthing Isle of Man into Kaupthing UK, (an action taken by the Isle of Man Financial Services Commission in conjunction with the FSA to protect Depositors), and subsequently seized when the Government froze the assets of Landesbanki on 8th October using terrorist legislation and placed Kaupthing UK into administration using a sealed Court order? Kaupthing Isle of Man is currently in provisional liquidation until this money is returned putting at risk the life savings of many thousand UK citizens who live and work abroad and who could therefore not open a UK account'

Ps contacting the Committee members directly cannot do any harm I guess
John McFall's email is john [dot] mcfall(?)blueyonder [dot] co [dot] uk and Michael Fallon (conservative) who sits on the committee as well is fallonm(?)parliament [dot] uk


Monday 3 November 2008

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 14:04

Treasury Committee
House of Commons, Committee Office 7 Millbank London SW1P 3JA
Tel 020 7219 5769 Fax 020 7219 2069 Email treascom(?)parliament [dot] uk Website www.parliament.uk/treascom

22 October 2008: For Immediate Release

TREASURY COMMITTEE ANNOUNCES NEXT STEPS IN BANKING CRISIS INQUIRY

The Treasury Committee announced today that it will take evidence from the Chancellor of the Exchequer, the Governor of the Bank of England and the Chairman of the Financial Services Authority at the start of its inquiry into the Banking Crisis, and also set out plans for the next steps in its inquiry.

Initial hearing

The first public evidence session will take place at 4.00 pm on Monday 3 November 2008 in the Grimond Room, Portcullis House, with the following witnesses appearing together:

The Rt Hon Alistair Darling MP Chancellor of the Exchequer

Mervyn King Governor of the Bank of England

Lord Turner of Ecchinswell Chairman of the Financial Services Authority

As previously announced (in the Committee’s press notice of 14 October [see Note 1], the Committee is inviting members of the public to send in questions they would like to see put to the witnesses, which can be sent to bankingcrisis(?)parliament [dot] uk up to 48 hours before the start of the hearing. Further information about submitting questions is given in Note 2 at the end of this announcement.

Listed financial institutions during the current period of heightened instability

The Committee has decided that, during the current period of heightened instability, it would not be appropriate for the Committee to take oral evidence from listed financial institutions. The Committee does expect to take evidence from such institutions at a later stage in its inquiry.

Topics for further hearings planned for November

The Committee plans to hold three further hearings in November on the following topics:

      o The performance and actions of two banks that have recently been nationalised: Northern Rock and Bradford & Bingley;

      o Fair value accounting and accounting standards, and their role in the current financial crisis;

      o Incentive structures (including remuneration policies) within financial institutions, and their potential effects on financial stability, both at the institutional and system-wide level.

The Committee will invite written evidence on these three specific topics when it announces the dates and witnesses for these hearings. Further written evidence will be invited at a later stage in the inquiry. Details about the submission of written evidence will be given in a subsequent press notice.

  1. PRESS NOTICE ISSUED ON 14 OCTOBER 2008

For details of the Committee’s press notice issued on 14 October, see:

http://www.parliament.uk/parliamentary_committees/treasury_committee/tsc...

  1. GUIDANCE FOR SUBMITTING QUESTIONS RELATING TO HEARING ON 3 NOVEMBER 2008

Questions can be submitted up to 48 hours before the hearing, which will take place at 4pm on 3 November. The Committee regrets it cannot accept any other form of submission apart from email to the following address:

bankingcrisis(?)parliament [dot] uk

Submissions should take the form of questions rather than statements and should be no longer than 100 words. If you wish to remain anonymous, please state clearly at the beginning of the email.

The Committee regrets that not all questions submitted can be guaranteed to be asked.

FURTHER INFORMATION:

Committee Membership is as follows: Rt Hon John McFall (Chairman), Nick Ainger, Mr Graham Brady, Mr Colin Breed, Jim Cousins, Mr Philip Dunne, Mr Michael Fallon (Sub-Committee Chairman), Ms Sally Keeble, Mr Andrew Love, Mr George Mudie, Mr Siôn Simon, John Thurso, Mr Mark Todd, Sir Peter Viggers.

Media Enquiries: Laura Humble, Tel 020 7219 2003 / 07917 488 489, email – humblel(?)parliament [dot] uk

Specific Committee Information: treascom(?)parliament [dot] uk Tel 020 7219 5769

Committee Website: www.parliament.uk/treascom

Watch committees and parliamentary debates online: www.parliamentlive.tv

Publications / Reports / Reference Material: Copies of all select committee reports are available from the Parliamentary Bookshop (12 Bridge St, Westminster, 020 7219 3890) or the Stationery Office (0845 7023474). Committee reports, press releases, evidence transcripts, Bills; research papers, a directory of MPs, plus Hansard (from 8am daily) and much more, can be found on www.parliament.uk


Treasury emails - not enough?

  • michelenona
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 23/10/2008 - 18:33

Recently, my daughter (Tanya) emailed 15 pertinent questions to the TSC; as advised, with only one question per email. (She published her questions on this topic, below, using my signin name.)

A few hours ago, feeling a bit curious and cynical, she emailed a rather blunt and facetious question: "Are all the emails to this address being sent automatically to spam?"

Much to her surprise, she received a personal reply, rather than the usual automated one: "I can assure you that they are all being read. You may be interested to know that we have received several hundred on the matter of the Isle of Man and Kaupthing."

It was reassuring to know that the questions are indeed being read, but the 'several hundred' mentioned has me wondering. How many depositors have submitted questions? Tanya sent 15, and I know others have posted to say they sent multiple emails. Is it just a few dozen people who have actually emailed questions? Can we continue to encourage more depositors to write, please?

Kind regards,
Michele


Treasury e-mails

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 18:01

Michele...I had a quick look through your questions and noticed that some make no reference at all to our particular situation ie KSFIOM. Remember that the treasury will be receiving e-mails from all kinds of people with questions which are nothing to do with us..The topic is simply the "banking crisis".
Personally I've sent around 10 and received a standard acknowlegement e-mail for every one,which is frankly more that I had expected. My most recent one was posted below..scrolldown a bit.


Stress to treasury that we are KSF ISLE OF MAN not UK

  • chd
  • 13/10/08 30/09/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 17:04

I sent an e-mail to Treasury and got a generic reply taking me for a KSF UK. They attached an informative download telling me not to worry that funds were with ING and I would get a full refund. I wrote back stressing that we were not KSF UK, and that they needed to deal with our situation. So please stress in e-mails to HM Treasury that WE ARE KSF ISLE OF MAN, and that we want our money back!


Treasury

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 17:30

I got a confirmation (a few mins ago) that they had read the message or at least opened it, but no reply.


Copy to MPs

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 13:50

Whilst we are busy sending these emails to the Treasury, why not keep the action alive with your MP/any MP/ambassador etc by copying them in? The Chancellor is hardly going to answer all of these questions, but each MP etc might be interested enough to read them - and ponder! (Even if they don't answer you).

IceCrusher


Treasury Question

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 13:24

I've sent around 10 questions over the last few days. Here's my latest in which I try to address several pertinent points in one long question.
By the way remember to follow the rules and just write your question without any superfluous comments or pre-amble, or they may just be rejected out of hand. Also send only 1 question per e-mail. If you didn't follow the rules then re-send your questions.

Does Alistair Darling agree that the Isle of Man FSC has stated that it was
responsible for some £550M of mostly british depositors money in Kaupthing
Singer & Friedlander Isle of Man being deposited for safe keeping in
Kaupthing Singer & Friedlander UK and does he also agree that it did so
following discussions with the UK financial regulatory authorities,and does
he further agree that the FSC was not consulted in any way prior to KSF UK
being placed into administration, using sealed papers, by the ill-conceived
& hasty actions of the UK Government thus causing these funds to continue
to remain inaccessible to the liquidator provisional for KSFIOM and therefore
causing untold hardship to thousands of british depositors?


Kaupthing Singer & Friedlander depositors - Remember ALL the sav

  • brennajm
  • 22/10/08 n/a (free)
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 12:42

I sent this e-mail question to the Treasury address a short while ago -
"I would like to ask the following question of the Prime Minister and the Chancellor: Does you not now both agree with hindsight that you, Mr Brown, grossly mislead the public by saying that “ no UK citizen has or will lose their money deposited in the banking crisis” as many UK citizens, tax payers and, non-UK citizens but ex-UK tax payers such as myself, are potentially about to lose all their savings due to your inappropriate response to the Icelandic banks situation. Do you not think that HMG has an obligation to protect all depositors as it was your action that put us in this position in the first place?"


Questions sent to the Treasury Committee

  • btandkt
  • 11/10/08 30/11/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 12:27

1) The IOM FSC instructed the management of KSF IOM to transfer around £500M to KSF UK only days before it was taken into administration by Govt. This action directly brought about the failure of KSF IOM. Did Government or the FSA bring pressure to bear on FSC to issue such an instruction, and if so,why?

2)The Administration of KSF UK is being carried out 'under seal' which prevents the KSF IOM provisional liquidator from accessing information regarding the £500M of IOM depositors’ funds. Did the Govt or FSA instruct that Administration 'under seal' should apply and, if so, why?

3) Does the Chancellor agree that prudent savers in IOM banks should not have their life savings expropriated and their lives ruined as a result of ill judged and badly communicated actions of the UK Government? If he does agree, will he take action to promptly reinstate those funds to their rightful owners? If he does not agree, can he explain why?

Sent in separate emails.


Letters to Treasury

  • michelenona
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 03:05

The following questions have been sent (all in separate emails) to the bankingcrisis email address by us.

A great many actions were taken in order to provide an immediate response to a volatile situation a few weeks ago, and in the chaos, it is possible that some injustices may have been done to individual depositors. Is the UK government absolutely certain without a shadow of a doubt that forging ahead with the liquidation of KSF (IOM) will NOT cause further injustices that could be avoided with a delay and more detailed consideration?

If the Kaupthing Singer Friedlander Isle of Man bank is liquidated prior to a court outcome regarding the actions of the British government in seizing assets, how might the KSF liquidation be affected by a decision in its favour?

Is it legal to liquidate the Kaupthing Singer Friedlander Isle of Man bank while there are still legal questions to be resolved between Iceland and Great Britain? Do the pending court cases provide any form of stay of execution for the liquidation process?

Can the FSC of the IOM explain how the liquidation process will secure the best possible outcome for the majority of the depositors compared to another decision regarding Kaupthing Singer Freidlander Bank's fate?

If the court decides in favour of the KSF IOM and penalises the British Government for its illegal actions in seizing Icelandic assets in a panicked situation, then how might this affect the depositors, and would they be entitled to a share of any compensation awarded to KSF?

The difficulties arising from the KSF IOM closure stemmed from overreactions to an unusual economic situation, and actions were taken in the heat of the moment which resulted in KSF IOM's failure. Is the liquidation process essential at this stage or is this another impulsive action to try to provide a quick fix solution which may negatively impact depositors for decades to come?

Can the FSC of the IOM assure depositors that their actions are rational and in everyone's best interests and not reactions to time pressures and international pressures to liquidate KSF IOM quickly to make the problem go away?

As a depositor, I feel that my best long-term interests lie in a delayed liquidation that allows for more time to unravel the circumstances behind the abrupt failure of KSF IOM and allows time for court arguments to be heard regarding the British government and the Icelandic government and their interference in the operations of the KSF IOM at the time of failure. Can the FSC IOM give me the reasons why a short term decision regarding liquidation is being made without recourse to the long term interests of depositors?

Are you all VERY VERY sure that you are doing your utmost to help the families devastated by this international financial disaster?

If the depositors were victims of a tsunami, they would be helped. Why is the UK government turning their backs on victims and their families who have suffered devastating financial losses? My mother has lost everything that she worked all her life for, her nest egg for retirement is gone. Will the UK government do anything to support her in her old age now that she cannot do that for herself?

Will KSF IOM depositors get a fair hearing or will the courts of Britain favour the UK depositors, possibly at the expense of the depositors from the IOM bank?
Is the British court system likely to provide an impartial jurisdiction for any hearings related to the actions of the British government, the Icelandic government and the bank operations of KSF?

Will the term anti-terrorism laws be used to blanket the entire proceedings with secrecy and or justify illegal actions on the basis of political expediency? Will the little people suffer for heavy handed government 'knee-jerk' reactions in a volatile situation?

We all know that this event went down badly, you have an opportunity to help. Are you doing your best to ensure the right and just outcome for all involved, including Isle of Man depositors?

Do you bear any prejudices towards offshore depositors or hold any stereotypical beliefs about which people maintain offshore accounts on the Isle of Man? Please examine your beliefs before making a decision about the future of my family.

Will add more as they come to me.

Hope everyone keeps up the email pressure and that the bankingcrisis email address isn't redirected straight to the govt's spam box :)

Tanya and Michele


TSC Question

  • expatvictim
  • 10/10/08 01/11/10
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 02:50

Heres my submitted question - heavily plagerized but the more they receive along the same lines the better chance of getting heard

Does the Chancellor concede that the Prime Minister’s public declaration of the freezing of Icelandic assets, subsequently retracted in a letter to the Icelandic Government, together with HMG’s actions concerning Icelandic banks in the UK, ultimately caused the collapse of KSF (Isle of Man) with the potential loss of savings by British citizens? And, does the Chancellor therefore acknowledge that subsequent public statements that all British depositors will be protected are at best deliberately ambiguous and at worst a deception on the British public and also that the Government has failed in its duty to protect the interests of the Isle of Man?


Treasury Committee questions

  • mesufish
  • 21/10/08 01/10/15
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 21:06

Keep on sending e-mails to all the relevant parties! Send letters too:- they may be slower but often seem more important and thus have more effect. It's true. I have just written to Gordon Brown, Jack Straw and Allan Bell (Treasury department head in IoM). They all need to know that this is not a minority issue.

Here is my question to the treasury committee:

Does the Chancellor concede that the extreme insolvency problems created for many savers and pensioners - mostly British - by the freezing of KSF (IoM) assets held at KSF (UK) was an unanticipated result of the Government's actions in trying to protect depositors in KSF (UK) and does he not now feel morally responsible to take action to protect these people, who stand to lose almost everything if KSF(IoM) is allowed to be wound up on Friday? Or is KSF (IoM) going to make a lie of his and the Prime Minister's claim that no British saver will lose their savings?


Yes

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 08:49

One of my questions had a similar point.

I would think that prior to activating such a draconian piece of legislation particularly in these circumstances, the Government would have had to conduct some sort of Risk Assessment. Who would it benefit, who would it damage, that sort of thing. If so, were the depositors at KSF IOM seen as reasonable collateral damage. Were we fair game?

I also wanted to know what specific Act of Terror was being plannned against Britain by the Icelandic Govt. You just can't go around using a piece of legislation such as this just because 'that is where the power lies'. It's akin to using the Death sentence (which I'm led to believe still exists for Acts of Treason) against a shoplifter. It wasn't designed for the purpose it was eventually used.


Quality and Quantity

  • Anonymous
  • Offline
  • Tue, 21/10/2008 - 12:11

Guys, i have seen quality and quantity going on here! Both are needed in high numbers.

If none of our questions are asked and there is a whitewash then we will supply the thread to the media; who will have a field day!

A visit to the Self Appreciation Society for us all i reckon....

Mat

PS. Um, anyone know when this TSC hearing is?


Sent this from another email

  • Podcar
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:49

Sent this from another email address:

Please pose this question to the Chancellor at the Treasury Committee meeting:

Will the Chancellor explain without blushing how the government can justify freezing the money deposited in KSF in the IOM by innocent people wishing to do no more than safeguard their savings?


My email to the treasury

  • Podcar
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:31

My email to the treasury (slightly emotional, I know):

The Isle of Man continues to be promoted for its offshore status, despite the fact that I and thousands of other depositors in Kaupthing, Singer and Friedlander are being deprived access to our own money.

My question is as follows:

How can the British government ethically, morally or indeed legally, encourage innocent people to deposit their savings in the Isle of Man when it is the government that is responsible for withholding funds from the depositors of KSF (IOM)? How in all honesty can the government tout the Isle of Man as a safe repository for ordinary peoples' savings when, as we know today to our regret, that the money is not only not safe, but can be taken away at a whim?


Banking Crisis Enquiry

  • taiping
  • 12/10/08 n/a (free)
  • unspecified
  • Offline
  • Tue, 21/10/2008 - 11:11

I submitted my questions as follows:

When Kaupthing Singer & Friedlander (Isle of Man) took over The Derbyshire (Isle of Man) in 2007, why were not depositors with the Derbyshire (Isle of Man) not allowed to withdraw their deposits, since deposits with the Derbyshire (IoM) were guaranteed by the Derbyshire Building Society in the UK, and Kaupthing Singer & Friedlander (IoM) were guaranteed by Kaupthing Bank in Iceland?

Why is the British government not guaranteeing the deposits of KS&F (IoM), as they have done for Kaupthing in the UK, since the bank collapsed because of action initiated by the UK government?

Why is the UK government not guaranteeing the deposits of British citizens (UK residents and non-residents alike) in KS&F (IoM)?

Stephen T


TSC questions sent

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 09:53

3 questions sent:

As a worried, honest British citizen resident in France, I wish to pose the following related questions concerning the collapse of the Kaupthing, Singer & Friedlander (Isle of Man) bank.

Question 1.
Does the chancellor agree that the loss of their life-savings through the collapse of Kaupthing, Singer & Friedlander resulting from HMG's actions in freezing Icelandic assets on 9th October would represent a serious injustice to the many honest British citizens obliged to deposit their savings offshore since it has become impossible for non-residents to open bank accounts in the UK?
If so, what – in the name of British justice - does the government intend to do about it?

Question 2.
Was it the intention of the Prime Minister that British citizens living abroad be excluded from his statement on 20th October that "People must have confidence when they go to their banks that their savings are safe and secure"? If not, what does the government intend to do to protect the interests of the depositors of Kaupthing, Singer & Friedlander (Isle of Man), many of whom are non-resident tax-paying British citizens no longer able to open accounts in UK-based banks who risk losing their life-time savings following the freezing of Icelandic assets on 9th October?

Question 3.
It is my understanding that a large proportion (around £600m) of the assets of Kaupthing, Singer & Friedlander (Isle of Man) remain frozen since 9th October along with the assets of Kaupting, Singer & Freidlander (UK). Can the chancellor give at least one valid reason why these funds cannot be returned immediately to their rightful owners before Kaupthing, Singer & Friedlander (Isle of Man) is forced into liquidation, possibly at the end of this week?


TC Questions

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 10:22

Sorry all. Below is an earlier go at what I wanted to say. Don't know how I managed to post it. Glad I wasn't being rude about anybody though!


TC Questions

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 09:49

You may well be right, sgKZ. It's about public perception too, though. Some budding Bob Woodwards triggered by govt denial and counter-denial, anti-terrorist legislation used against a friendly country instead of a simple court injunction, sealed court order re appointment of KSF UK administrators, Freedom of Information Act. What's going on? It's all publicity for us.

There are superb questions going up here, look at Julienne's latest for example. We just need enough of them to try to make sure some at least get raised in the hearing - cf. Mekong. And I get the impression there are plenty of others on the site who, like us, can see a really worthwhile activity here. We will be heard and we won't go away!


Write to Treasury Committee

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 09:43

Here are my questions to the Chancellor:

  1. "Would the Chancellor please name the representative of the Icelandic government who allegedly informed UK authorities that the Icelandic government had no intention of honouring its obligations to non-domestic depositors as the Chancellor claimed in a public forum on 8 October 2008?"

  2. "Would the Chancellor please explain how HM Govt. came to use the Anti Terrorism Crime and Security Act 2001 in an action to prevent detriment to the United Kingdoms economy when its very use in this circumstance contradicted the Governments constitutional obligation to defend the interests of the Crown Dependency of the Isle of Man?"

  3. "Would the Chancellor concede that a public declaration made by the Prime Minister to freeze Icelandic assets was incorrect; extremely inflammatory; jingoistic; politically motivated and ill-judged?"

  4. "Would the Chancellor agree that a simple press release stating that Landsbanki bank assets had been frozen would have sufficed?"

  5. "Would the Chancellor concede that writing a letter to the Icelandic Govt. retracting the aforementioned public statement, confirms that an error of judgment had been made in this respect?"

  6. "Would the Chancellor care to expound on why a public retraction of this statement was not made?"

  7. "Would the Chancellor agree that a reasonable man, much less the Prime Minister of the United Kingdom, would be fully conscious of the serious effect that such an ill-judged public announcement would have on the populace of the United Kingdom already made jittery by global financial meltdown?"

  8. "Would the Chancellor consider that a public retraction of the statement made by the Prime Minister would have led to a severe loss of credibility on the part of the Prime Minister and on members of his cabinet"?

  9. "Would the Chancellor consider that in order to save public face at home - yet satisfy the cause of international etiquette - the Prime Minister chose a written communication to the Icelandic Government yet allowed a completely fallacious idea to continue to ferment in the minds of the general public, and by such dereliction failed to impede the silent run on Icelandic banking institutions not connected with Landsbanki?"

  10. "Would the Chancellor therefore concede that the Government initiated a process that fair and reasonable precognition of ordinary persons could envisage lead to extremely unstable circumstances and be instrumental in causing a discriminatory run on the Kaupthing Bank (UK) identified by the Prime Minister as an Icelandic asset?"

  11. "Is the Chancellor aware that a run on the Kaupthing Bank (UK) resulted in financial assets in the order of 600 million pounds sterling being moved from Kaupthing Singer and Friedlander (IoM) to the UK and further runs on this bank, mirroring the action taken in the UK, bought a suspension of its licence to operate?"

  12. "Is the Chancellor further aware that prior to this catastrophic incident, the Kaupthing Singer and Friedlander Bank (IoM) had been a solvent and liquid entity?"

  13. "Would the Chancellor accept that the Isle of Man government has been grossly impositioned as a direct result of UK Government action?"

  14. "Would the Chancellor concede that but for ill-chosen words uttered at an inappropriate time in the wrong context by a man of such strategic importance as the Prime Minister, brought about a chain of unforeseen circumstances that led to a calamitous effect on the banking sectors of the Channel Islands and the Isle of Man that has resulted in some seven thousand depositors of the Kaupthing (IoM) bank losing their life-savings?"

  15. "Would the Chancellor accept the the Government of the United Kingdom for several days turned a blind eye to the calamity they inadvertently created in the Isle of Man?"

  16. "Would the Chancellor accept that whether dire consequences or disastrous results may not have been intended, that in common law the perpetrator is still guilty?"

  17. "Would the Chancellor acknowledge that the depositors of the Kaupthing Singer and Friedlander bank (IoM) have been vindictively discriminated against?"

  18. "Would the Chancellor explain why the needs of another government severely impositioned by the UK through no fault of its own, with its economic future in serious doubt if it does not quickly and fully satisfy customers of its banking institutions, is obliged to wait while HMG FSA Administrators attend to their own matters first?"

  19. "Would the Chancellor confirm that if the affected Government happened to be that of the United States, France or Germany would the UK Goverment offer them the same ‘hospitable’ service?"

  20. "Will the Chancellor now take action with all due haste to put matters right and restore confidence in the integrity and social conscience of a British Government entrusted with the duty of care to all British subjects and not just those resident on the mainland?"

  21. "Will the Chancellor ensure that the UK FSA Administrators are directed to amplify their efforts in identifying those assets held in the UK and belonging to Kaupthing Singer and Friedlander (IoM) that they may return them as a matter of utmost urgency as lives depend upon it?"

IceCrusher


Excellent Questions

  • ferrandiere
  • 19/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 16:34

You have put my thoughts into words exactly! I have sent my own questions, but wish I could have worded them as concisely!


Chancellor

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 21/10/2008 - 16:28

Well done excellently put.

Posted on to expat and he has sent them on to his contacts in the media.


Thats the Spirit

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 16:27

Ice

Thats the Spirit

Come on then 21 good questions copy n paste one and send it in

Fight Fight Fight


A-a-awesome!

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 21/10/2008 - 16:18

It's our entire platform in one set of questions. Blair


Great questions and well put

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 12:30

The London team will be including these questions in a press release going out today. The PR details our discussions with the Icelandic Ambassador yesterday and raises similar questions to those above. The PR will be published on here in full in the next few hours.

It is important that questions such as the above are placed in front of any Journalist, MP, radio or tv reporter that you come up in front of.

Main points:

1) Bank was fine before UK commenced hostilities
2) 60% of our assets were sat in the UK bank but still no guarantee from UK Government
3) UK government now seizing our deposits to pay UK savers - UK government NOT bailing out Kaupthing savers...we are!


Private Eye

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 14:25

Diver,

I have had just come off the phone with Richard Brooks of Private Eye. I was
trying to get across how the UK Government are up to their necks in this.
Perhaps you could send the new Press Release to him when it is done:-

richard [dot] brooks40(?)ntlworld [dot] com


Wow!

  • michelenona
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:54

I am in awe, IceCrusher! Congratulations on an amazingly well thought out, comprehensive, and beautifully written document.

I have made my humble contribution by sending off a question to add to the pile. Now I feel like writing again, saying 'Yeah, ditto, exactly what IceCrusher said!'

It is nearly one in the morning my time (NZ), and I have run out of time to do a search of the site to see if there are any suggestions with regard to writing to the FSC to try to persuade them to grant a stay of execution. Any pointers on that score?

Like so many others, I am indebted to you and your colleagues in the fight for justice, IceCrusher. Without all your tireless efforts, this would be a dead issue now. Please keep up the hard work!

Kind regards,
Michele


covered all angles ??

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:22

My God IceCusher --- is there any angle you haven't covered?? - absolutely brilliant


Thank you!

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 13:22

Thank you all for your very kind comments, now lets go get em!

IceCrusher


Good work icecrusher!

  • expat3
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 21/10/2008 - 13:28

Seems the beer and the chat we had last night spurred you on to even greater efforts. Great job.


treasury questions

  • shafted
  • 10/10/08 12/12/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 09:46

Does anyone know when the questions are going to be asked and are they covered by the media/tv


Treasury hearing date ????????????

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 11:17

Hi Shafted -
Here is a copy of a mail just received from the treasury to my questions - note the part -" the date of the hearing will be announced in due course " whenever due course is !!!!!!!!

Banking Crisis Inquiry
The Committee has invited the Rt. Hon. Alistair Darling MP, Chancellor of the Exchequer, Mervyn King, Governor of the Bank of England, and Lord Adair Turner, Chairman, Financial Services Authority to appear as soon as possible, given the public concern about the stability of the UK banking system and commitment of such a large sum of taxpayers’ money in the Chancellor’s proposals.

Thank you for sending us the questions that you would like to be answered is this evidence session. The Committee will ask as many of the questions submitted as possible.

The date of the hearing will be announced in due course.

Please note:

· Questions can be submitted up to 48 hours before the hearing.

· The Committee regrets it cannot accept any other form of submission apart from email to the following address: bankingcrisis(?)parliament [dot] uk

· Submissions should take the form of questions rather than statements and should be no longer than 100 words. If you wish to remain anonymous, please state clearly at the beginning of the email.

· The Committee regrets that not all questions submitted can be guaranteed to be asked.

Treasury Committee

House of Commons

7 Millbank

020 7219 5766


They will advise apparently,

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 10:27

They will advise apparently, can't find the origin now...


Write to the TSC

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 09:17

My husband has just mailed me the questions he is raisnig - he is now registered as himself as he is now back in the far East!!

From: stuartardenrose(?)hotmail [dot] co [dot] uk
To: bankingcrisis(?)parliament [dot] uk
Subject: Questions for Mr Alistair Darling, Mervyn King & Lord Adair Turner regarding KS&F Bank on The Isle of Man
Date: Tue, 21 Oct 2008 05:49:48 +0000

A number of British subjects currently have their savings (in many cases their total life savings) frozen on the Isle of Man in the Kaupthing, Singer & Friedlander Bank, thanks to the actions of the current UK government. Without exception, these are honest, hard working people. They didn't put their money on a horse, or even on the stock market; they put it in a reputable bank in the assumption that it would, at the very least, remain intact. Most of these poor souls were doing what they can to create a fund for their retirement so that they don't become a burden to the UK tax payer when they retire.

My Question are:

1 - On 8 October 2008 Alistair Darling stated in a public forum that the Icelandic Government had informed the UK authorities that it has no intention of honouring its obligations in the UK. This information has been denied by the Icelandic Government and, strangely, the UK Government has no record of who supposedly delivered this message.
Who told the UK Government that Iceland had no intention of honouring its obligations?

2 - Do Alistair Darling MP, Mervyn King, and Lord Adair Turner agree/accept that HMG has a duty to protect the interests of the many British expatriates with savings deposited in Kaupthing Singer Friedlander (Isle of Man)?

3 - Would the chancellor confirm his awareness that the savings of many British citizens at Kaupthing Singer Friedlander (Isle of Man) are at risk, and that the honouring of this guarantee will be a mandatory element in any negotiations or actions between HMG and Iceland?

Sincerely
Stuart Arden-Rose


TC Questions

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 08:53

In Divers' report on the meeting with the Icelandic Ambassador yesterday, the Ambassador says in para 2a and b:

The Icelandic govt not only denies any message was sent to the UK authorities saying it had no intention of honouring its obligations in UK, but also says they can't supply a name to corroborate their claim.

Do you think enough questions around this point - give us a name - might help to get one asked? Imagine if the answer were squirmy enough to make the reporters believe the direct cause of our problem (our assets frozen in UK - see Minotaur's Q1 above)) was a lie!


I think

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 09:01

That there may be alot of 'National Security' issues (after all they used the Anti-terror legislation) and also 'Sub Judicae' dodges.

I'm always a little suspicious of govt information from so called insiders or informants. Remember the 'weapons of mass destruction debacle' and how 'solid' there information was then from 'multiple sources'. errr.

Anyway, lets see what happens first.......


TC Questions

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 10:05

Yes, Sg, but look at all the media exposure that got. We've got govt denial and counter-denial, anti-terrorist legislation instead of a court injunction, sealed court order to appoint a simple KSFUK administrator. There's a budding Bob Woodward out there somewhere...
Our real goal here of course is not just quality (I've just seen Juliette's latest posting - great Qs) but quantity too (if we could all do what Mekong's doing!). We'd surely get some of our questions raised at the hearing if they form a large enough proportion of the total submissions so we all just need to keep going. The more Qs from everyone on the site from all over the world the better.
We WILL be heard and we WILL NOT go away.


FSC Meeting

  • caledonia
  • 14/10/08 30/09/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 08:28

Received this automated reply:Dear Sir

Thank you for your comments in relation to the date for the petition for winding up to be presented to the Court in the Isle of Man. The Commission, as joint petitioner, has not yet fully determined its position in relation to this matter and will be considering information from relevant parties ahead of the hearing.

Regards

Andrew

Andrew Kermode

Senior Manager - Supervision


Treasury select comittee

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 07:46

On the basis of "quantity" I hve sent the following questions - which is my second send - from a different email address
I just think they need to be swamped with stuff from us ...
- Sorry I did start with wood's question - it seemed so good.

Dear Sirs
Please consider this questions for the Rt. Hon. Alistair Darling MP at the upcoming Treasury Select Committee into the banking crisis.

  1. Why has the government not acted to include the depositors of Kaupthing, Singer & Friedlander (Isle of Man) in Mr Brown's statement on 20 October 2008 that "People must have confidence when they go to their banks that their savings are safe and secure"?

  2. Why is it only US in the Isle of Man that are being punished by having our funds frozen in the UK?

  3. When is the Government going to release those funds so the bank can function again?

expanded question 2 and submitted all!

  • Anonymous
  • Offline
  • Tue, 21/10/2008 - 09:05

Why is it only US BRITISH CITIZENS with our savings in the Isle of Man that are being punished by having our funds frozen in the UK, especially after it was the UK Government that prevented us opening bank accounts on the mainland because of anti-terror laws, and yet these same laws can freeze our monies?


TC Questions

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 07:10

Another question sent:
Why has the government not acted to include the depositors of Kaupthing, Singer & Friedlander (Isle of Man) in Mr Brown's statement on 20 October 2008 that "People must have confidence when they go to their banks that their savings are safe and secure"?


Keep them Flowing

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 07:20

Well done wood,

Lets keep these questions flowing to TC !


Sent

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 03:20

Six questions submitted already from separate email addresses, I will open some more addy's and fire off more questions during the day. IMNO it does not matter how simple the questions are or how many questions are asked on numerous occasions its how many KSF IoM Depositors questions are recieved.

If we all sent just 2-3 questions in the number of KSF IoM queries recieved would make up a high percentage of all the questions and may actually make them sit up and listen. So come on fellow expats who couldn't be in London or IOM yesterday, lets do our part for the campaign for justice, send them emails in


Questions sent

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 06:59

Ditto


Questions sent

  • SusanfromBC
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 21/10/2008 - 05:17

Thanks for your all of your efforts !!