IOM Government must guarentee 100% return to GKSFIOM Depositors

ON January 29, the High Court will hear further representations from affected parties in the Kaupthing Singer & Friedlander debacle, including the IoM Government. At that time, the court is expected to rule on the future of the life/ retirement savings of thousands of Kaupthing Singer & Friedlander Isle of Man depositors. The court will also rule, de facto, on the future of the financial services industry in the Isle of Man.

In the past few days, the states of Finland and Norway have announced that they will insure that Kaupthing Singer & Friedlander savers in their respective countries will receive access to 100 per cent of their deposits. Neither of these nations is known as financial services centres, as is the Isle of Man.

This stands in sharp contrast to the IoM Government, which has yet to fully accept and act to fulfil its responsibilities to protect the funds of KSFIOM depositors.

As an ex-pat working in the Middle East, I opened my account at KSFIOM not because I had a desire to deal with Kaupthing Bank in particular, but because it was a 'safe' Isle of Man bank. Like many other depositors, I had faith in the honesty, integrity, expertise, and fine reputation of the Isle of Man financial services industry.
If the IoM Government does not do the right thing by KSFIoM depositors, as have the governments of every other country in which Kaupthing Bank operated, what will happen to the reputation of the IoM financial services industry? In business, as in other aspects of life, reputation and trust are everything.

The funds that many of us KSFIOM depositors need to meet our daily expenses have been frozen since October 8 of last year. Yet the Isle of Man Government has yet to step up, as other governments have done, to ensure that KSFIOM depositors' regain access to their funds, without loss. Can anyone in the financial services or government of the Isle of Man not foresee the devastating effect that significant loss to KSFIoM depositors will have on the IoM financial services industry?

The internet provides the means for several thousands of KSFIoM depositors to mount a sustained, global campaign to inform people everywhere of the loss of our assets on deposit in the Isle of Man, should that become necessary.

Many of us, impoverished by the loss of our life/retirement savings, will have plenty of time on our hands in which to ensure that others do not make the same error in entrusting their assets to the Isle of Man.
Any proposal for resolution of the KSFIoM crisis must see that depositors receive access to their funds without loss. Anything less may well mean the end of the financial services industry in the Isle of Man.

As January 29 approaches, please contact your authorities and urge them to put forth a proposal that will ensure that the people of the Isle of Man and KSFIoM depositors can move ahead together into a future based on continued faithfulness and trust.