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Island's Future As A Finance Centre


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I had £250,000 in Northern Rock & HMG guaranteed that. It also guaranteed my savings account £75,000 with LloydsTSB. The only thing that would theoretically attract me to deposit in the IoM is the rather extraordinarily high rates of interest on offer

 

In that case you must live in the UK since only UK residents can bank there. So what's your angle ? Why are you so interested in this story ?

 

It's incredibly crass telling people how much money you've got in your account and completely unnecessary in this context since it adds nothing to your point.

 

Oh - and IOM rates are not significantly higher than UK money market rates currently with the exception of the Irish Banks.

Crass? Not at all! I state the sums to illustrate the high risk that I was taking at the time which I would not have done had I known what was coming up in the global financial crisis.. In the light of the financial tsunami I now have accounts in several countries with sums that do not exceed the compensation guarantees. I do not wish to disclose my home base or the banks I use. (now that would be crass :D ) I roam the globe with my laptop. I once banked here believing that it was a trustworthy Crown dependency! NEVER AGAIN! I now make a point of visiting a bank & weighing up whether I feel comfortable trusting my money to their care before doing so.

 

Mind you, I do understand that if one is a multi-millionaire living here the politics of the IoM are inconsequential, & when it all goes pearshaped one can just pack up & move to another low tax regime. I notice that the airport flies regularly to the Cayman Islands. I guess that's where most of the toffs have their money! One of my 'insider' contacts tells me that it's likely a lot of KSFIOM money is tucked away in that unpalatable place.

 

My heart goes out to all those desperate, dispossessed, disillusioned, downcast folk from all quarters of the globe who thought they could trust a bank on the IoM, only to find that TRUST is not a word that lives comfortably in this little land of make believe. The banks smother people with smooth buttered words of assurance, gilded with a whole host of promises just to get their lolly off them, & then when things go wrong they kick them into the gutter!

 

I f fear for the good people of the Manx because this Isle is assuredly doomed.

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I'm not the sharpest knife in the drawer when it comes to financial matters. Sadly, failures to stay with the same woman and a failure to avoid risk when in business means that I get by without ever having the safety net of savings. I earn it - I spend it, on the basis that the rainy day I'd otherwise scrimp and save for will probably happen when I'm too old to enjoy much more than a bed bath anyway.

 

Never mind when you are old and the present missus has given up on you you can always go and sponge off the NHS services .

 

Since when has it been wrong to SAVE and be prudent?

 

As the entire IOM economy depends on the financial and banking industry they do have something to do with it and they have some fiduciary duty to the depositors.

Edited by bellyup
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@007:

 

Really - I must book a ticket to the Cayman Islands. Direct from Ronaldsway you say?

 

You have no knowledge or interest in the Isle of Man or the Manx people - your fellow saver Bellyup doesn't even know what the bloody bank is called. If you're posting on here to convince the Manx people to give you THEIR money (maybe from our Treasury Reserves?) I think you can expect short shrift.

 

Again, condolences. But it's not our fault.

 

@Bellyup:

 

I'll have paid far more INTO the State through taxes and NI than I could ever hope to recoup. Unlike many people who avoid taxes. Nothing wrong with saving - but there's a risk with everything that pays interest. This time, the unexpected happened...although I think Channel 4 were sounding sirens about Iceland MONTHS before KSF went down. So maybe you weren't quite so prudent as you'd have us believe.

 

And whilst the Island may rely on FS as things are today, we'll weather any storm - so don't worry about us.

Edited by Stu Peters
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@007:

 

Really - I must book a ticket to the Cayman Islands. Direct from Ronaldsway you say?

 

You have no knowledge or interest in the Isle of Man or the Manx people - your fellow saver Bellyup doesn't even know what the bloody bank is called. If you're posting on here to convince the Manx people to give you THEIR money (maybe from our Treasury Reserves?) I think you can expect short shrift.

 

Again, condolences. But it's not our fault.

 

 

 

KAUPTHING SINGER AND FRIEDLANDER IOM

The IOM and the MANX people were / are pretty interested in promoting themselves as a financial centre though and its what has paid the bacon for many

 

long years of course people like yourself earn and spend whee hee ah the swash buckling life but 47% of your fellow manxmen are employed in the

 

banking and financial industry.

 

Many are now unemployed and more soon will be, if trust and confidence are lost the IOM wont have a future as a financial centre at all

 

If their were warnings given why did your FSC Regulator send 532 million pounds of depositors money to and Icelandic bank in the UK?

Edited by bellyup
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I had £250,000 in Northern Rock & HMG guaranteed that. It also guaranteed my savings account £75,000 with LloydsTSB. The only thing that would theoretically attract me to deposit in the IoM is the rather extraordinarily high rates of interest on offer

 

In that case you must live in the UK since only UK residents can bank there. So what's your angle ? Why are you so interested in this story ?

 

It's incredibly crass telling people how much money you've got in your account and completely unnecessary in this context since it adds nothing to your point.

 

Oh - and IOM rates are not significantly higher than UK money market rates currently with the exception of the Irish Banks.

 

It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK. The problem is that you have to work at it and not be fobbed off. You can fill in a UK Income Tax form to claim gross interest or fixed term deposits

of £50k or more are paid gross automatically. Some banks will try and point you to their Offshore subsidiaries but persevere. Bank of Scotland even has a website for Non Residents which offers rates that are better than those offered by BOSI in the Isle of Man. I know Barclays NatWest Bank of Scotland/HBOS all will take non resident accounts. The problems to be remembered though are that it may be that UK probate would be required should the depositor die and it will be important not to exceed the IHT levels. Nevertheless with Joint Accounts the UK could currently be used for up to £650k spread around in £100k parcels to be safer but the UK is far more likely to support its own banks rather than

the Offshore subsidiaries and at the end of the day the UK just prints the money that may be needed. The IOM cannot do that. Incidentally how long will NatWest Offshore (NatWest Coutts IOM Bank) survive as part of RBS and owned by UK Government ? Santander will doubtless be pleased to be given the deposits to manage and bail out the Spanish Property

market !

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It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK.

 

Not true at all.

 

It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK

 

Just ring up Lloyds Banks HQ for one.

 

Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM)

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It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK.

 

Not true at all.

 

It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK

 

Just ring up Lloyds Banks HQ for one.

 

Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM)

 

Please find below another imaginative report.

 

http://www.iomtoday.co.im/isle-of-man-busi...n39s.5365648.jp

 

Do take the time to read the comments.

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It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK.

 

Not true at all.

 

It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK

 

Just ring up Lloyds Banks HQ for one.

 

Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM)

 

It is difficult especially to do it by mail but walk in to any of the Banks in Liverpool with your passport utility bill and cheque book and they will sort you out very quickly. Also a good idea to print off the form for Gross Interest (for a non resident) from HMRC site and take it with you as the banks often do not have the forms handy. I have opened accounts with the UK branches of all the Banks I mentioned. For info here is HBOS site for Non Residents

http://www.bankofscotlandhalifax.co.uk/sav...stomerrates.asp

Edited by veuve
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.........................................

I feel sorry for anyone who loses money, but to invest in anything (to have your money 'working' for you) runs the risk of it taking time off sick. There's a risk for every reward, and I don't believe the IOM taxpayer should be held to ransom by KSF investors, whose real argument should be with their financial adviser or those in Iceland.

 

Hi Stu... a deposit is not an investment. If you went on holiday in Blackpool leaving the spare keys of your house to a trusted caretaker you would not be very happy to find a note when you got back saying: "thank you for your trust, but I cleared out your house & sold the lot so I could have a holiday in the South Pacific whilst you were away".

 

Now imagine yourself as a retired, 76yr old, who had sold your home to downsize & put this & your hard-earned life savings in an IoM bank to supplement your depreciating pension & pay for your medical care , then wake up one day to be told: "the directors of the bank put all your money into another bank that was known to be insesure, and now there's only half of it left" you might just say to yourself: "never mind, it's only money and I am so pleased someone else has spent it to sail happily around the Caribbean. At least I have the other half left".

 

Then imagine the next day being told: "Ah! there's a problem, Stu ! most of the other half will go to pay the liquidators earning £800/hr and the legal fees, and the bank staff looking after the loan book, and the cost of the premises, and the governments costs, and.... er...hey! Stu old boy, in 6 years time you will get a few pence in the £, but don't worry old chap, in all probability you will be dead before then. It will be enough to put a wooden cross over your grave "

 

A chap in Thailand had all the working capital for his business in KSFIOM. He lost it so had to lay off his workforce & 2 of them committed suicide. Nice eh? Then there's the retired civil engineer who was using income from his deposit to rescue 2 girls from a life on a rubbish tip & pay for their education. Now they are back on the foul rat infested rubbish tip thanks to the directors & FSC.

 

There's a 68 year old widow who is chronic sick, crippled & living in intense pain because she fell through an unsound floor at her workplace. She had to retire early. She got damages and put the money into Kaupthing to earn the money to pay for her expensive specialist medical care. She's lost it so no longer has the medical care she needs for the severe head pains she suffers on account of her damaged spine. Someone in Ramsey says: "Never mind, she was just a stupid old woman to put her lifeline in the trust of a bank in an Island that sells itself as one of the best off-shore centres in the world. The IoM wins, she loses. That's life, ain't it? -- you win some you lose some"

 

Gordon Brown said on 7 June: "where there is unfairness & irresponsibility we have got to act." Will Tony Brown do the same? NO! Should he?

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It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK.

 

Not true at all.

 

It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK

 

Just ring up Lloyds Banks HQ for one.

 

Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM)

 

It is difficult especially to do it by mail but walk in to any of the Banks in Liverpool with your passport utility bill and cheque book and they will sort you out very quickly. Also a good idea to print off the form for Gross Interest (for a non resident) from HMRC site and take it with you as the banks often do not have the forms handy. I have opened accounts with the UK branches of all the Banks I mentioned. For info here is HBOS site for Non Residents

http://www.bankofscotlandhalifax.co.uk/sav...stomerrates.asp

It is NOW getting easier for expats to open an account following the recommendations of the TSC and action being taken thereon by the British banking association

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It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK.

 

Not true at all.

 

It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK

 

Just ring up Lloyds Banks HQ for one.

 

Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM)

 

It is difficult especially to do it by mail but walk in to any of the Banks in Liverpool with your passport utility bill and cheque book and they will sort you out very quickly. Also a good idea to print off the form for Gross Interest (for a non resident) from HMRC site and take it with you as the banks often do not have the forms handy. I have opened accounts with the UK branches of all the Banks I mentioned. For info here is HBOS site for Non Residents

http://www.bankofscotlandhalifax.co.uk/sav...stomerrates.asp

 

I walked into a bank less than 10 days ago ( my bank Lloyds ) where i have banked for years and was refused ( even though I have 4 accounts with them) already as i am now abroad.

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