Depositors warn of looming 'Armageddon'

Posted 24/01/2009 - 04:37 by Hoping and coping

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2009-01-23 16

KAUPTHING depositors are losing patience with the Manx Government and claim a massive injection of public money – working out at £6,870 per taxpayer – is needed to avoid 'looming Armageddon'.

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The Action Group statement said depositors were getting 'weary of hollow promises of progress'.

It added 'Not only is the future of over 10,000 ordinary savers at risk but so is the credibility of the IoM banking sector and the whole financial services industry that surrounds it.

'The sooner the IoM authorities wake up to the looming Armageddon on their horizon the sooner they may start treating the depositors of KSF (IoM) with the respect they are due.'

The statement said the depositors were now turning their focus on the roles played by KSF's directors in the disaster, particularly those of John Cashen and former chief minister Donald Gelling, who also held key posts with the Island's financial regulators.