partypolitics Posted December 16, 2005 Share Posted December 16, 2005 Blank Link to comment Share on other sites More sharing options...
manxchatterbox Posted December 16, 2005 Share Posted December 16, 2005 wasn't Gwen Lamb on ManninLine a couple of weeks ago bleating about this...deja vu I mentioned it somewhere....who has profited from the SIB collapse.. Link to comment Share on other sites More sharing options...
Charles Flynn Posted December 16, 2005 Share Posted December 16, 2005 I wonder how many of the creditors are still alive. This episode caused some to commit suicide - their only mistake was to try and get a few percent higher interest rate for their savings from a Bank which they felt had the full support of the Manx Government. Even the major accountancy firms recommended it just before the collapse. Those who borrowed from it - and it was not difficult to do so - also had a major shock when the liquidators pursued them. This event was a major problem for the credibility of our finance industry for many years particularly as those who lost money were not slow to shout foul in the media. Link to comment Share on other sites More sharing options...
manxchatterbox Posted December 16, 2005 Share Posted December 16, 2005 .....particularly as those who lost money were not slow to shout foul in the media. ah... but how many who were advanced money and of those that invested it in schemes where it can't be recoverted shouted foul?? Link to comment Share on other sites More sharing options...
Charles Flynn Posted December 16, 2005 Share Posted December 16, 2005 Probably none but if we allow banks to trade by giving them a licence we give some assurance that depositors money is safe. We have tightened up a lot in the last 23 years but this episode ruined many people's lives. Their retirement money was put into this bank and it was lost due to its slip shod borrowing policy. Of course some got their money out at the last minute because it is said they were tipped off e.g. Bishop Nicholls - can't blame him nearly all of us would have done the same. Link to comment Share on other sites More sharing options...
manxchatterbox Posted December 16, 2005 Share Posted December 16, 2005 it was lost due to its slip shod borrowing policy. shirley shom mishtake? ....and substitute lending for borrowing.......... Link to comment Share on other sites More sharing options...
Charles Flynn Posted December 16, 2005 Share Posted December 16, 2005 it was lost due to its slip shod borrowing policy. shirley shom mishtake? ....and substitute lending for borrowing.......... Well spotted but please excuse me as I'm not too familiar with all this as I believe "never a lender or a borrower be." But this is not today's culture. In fact there is no mistake as the SIB was slip shod in borrowing other people's money and in its lending policy. Many would say this was criminal neglect. We deserve at the very least professional practice in banking. Link to comment Share on other sites More sharing options...
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