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Kaupthing Singer & Friedlander... About To Go Pop?


gilf_uk

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I think that the Manx Government have been somewhat naive to think that the IOM could avoid the implications of a global credit crunch.

 

It stands to reason that the IOM would be hit hard when so many people are employed in the finance sector

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By my very rough estimates - if the current levy is £250k (max) and there are about 70 registered banks (number from a different thread - so probably wrong) then provided all 70 pay the maximum levy it will take at least 28 years to cover the £500 million in deposits. Even if the figures are not 100% it just goes to show that the scheme is next to useless.

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I've been listening since 10:30.

My will to live is diminishing rapidly.

I'm holding out here - but it is difficult to not throw myself off the balcony.

 

We need some storm troopers on the Island - and quick!

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By my very rough estimates - if the current levy is £250k (max) and there are about 70 registered banks (number from a different thread - so probably wrong) then provided all 70 pay the maximum levy it will take at least 28 years to cover the £500 million in deposits. Even if the figures are not 100% it just goes to show that the scheme is next to useless.

 

Don't forget, if you're talking about the old scheme, the limit is 75% of £20k. There's (now) 40 banks as far as I can tell:

 

http://www.fsc.gov.im/licence/search.aspx?selection=Banks

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They certainly dont seem to inspire confidence...I fear that most of this is above their heads. Although do love some of them banging about how "they told you so" many months back...yeah right.

 

A bit worrying that the scheme seems to exclude corporate bodies and trusts.....if I have heard it correctly.

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They certainly dont seem to inspire confidence...I fear that most of this is above their heads. Although do love some of them banging about how "they told you so" many months back...yeah right.

 

A bit worrying that the scheme seems to exclude corporate bodies and trusts.....if I have heard it correctly.

 

I think they understand, but I don't belive the Island can compensate for all the money that has been lost. This is waffle - the end results will be lots of money lost and the beginning of the decline in the Island's banking sector.

 

Think I'll buy a fishing boat.

 

Virginia_class_submarine.jpg

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I dont think its just the Island's banking sector that are to be effected...this isnt an IOM problem. The effects are going to be felt worldwide....hopefully the end result will be a cleaner banking system, based on transparency and liquidity. Sadly though there will be a lot more pain felt before we get to the end of this......on reflection though basing an economy on a housing market that was always over boiling was always going to end in disaster.

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