ai_Droid Posted October 9, 2008 Share Posted October 9, 2008 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. Noticed this from 2001: http://www.efinancialnews.com/assetmanagement/content/578639 Anyone know if any public funds are deposited with KS&F? Link to comment Share on other sites More sharing options...
Stavros Posted October 9, 2008 Share Posted October 9, 2008 I'm pleased that I put my savings in one of the safer banks now: Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 Anyone know if any public funds are deposited with KS&F? Apparently there are a number of UK councils that have funds lodged with them....but not sure about IOM Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 I'm pleased that I put my savings in one of the safer banks now: Got any account opening forms Stav? Link to comment Share on other sites More sharing options...
b4mbi Posted October 9, 2008 Share Posted October 9, 2008 I've been listening since 10:30.My will to live is diminishing rapidly. Also been listening.... and my will to live is also diminishing and I'm sitting on 6 figure loss regardless of the compensation scheme whenever that will turn up.... Doh. Doh. Doh. Doh. Doh. tried on Tuesday to urgently transfer funds out but to no avail. feel like a total lemon... Icelandic bank ffs. Isn't hindsight ace? and again.... Doh. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 Sorry to hear that B4mbi...its the true personal cost that sometimes get lost in this. Whilst we may not care too much about the toils of faceless financial institutions and their "fat cat" bosses.....its the man and woman on the street who will feel the full force of this. Link to comment Share on other sites More sharing options...
bluemonday Posted October 9, 2008 Share Posted October 9, 2008 Anyone know if any public funds are deposited with KS&F? Apparently there are a number of UK councils that have funds lodged with them....but not sure about IOM Came out at some point in the past two hours on radio mogadon that they are ( were ) also one of the financial advisors to the Manx government.......... Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 Here comes Mr bell......opening with wonderfully rambling mixed metaphor. Link to comment Share on other sites More sharing options...
pongo Posted October 9, 2008 Share Posted October 9, 2008 The speakers broadly agree that there are only 2 options as to the funding of the scheme ... either funded by taxes or else funded by the banks. + If the scheme and its fine detail does not provide adequate assurances then investors will not keep their money in the IOM. The recent problems highlight an issue which many had not previously seriously considered. If depositors do not trust the scheme then they will put their cash into jurisdictions backed by larger economies. + A sufficiently effective scheme will be too expensive to fund via taxation. = The banks will fund a scheme adequately attractive (to depositors) if they typically believe that the value of the business which the IOM generates for them makes it profitable for them to fund a scheme. If not then the banking sector will cease to exist. If the KSF depositors do not get back 100% of their savings (just like savers of the failed UK institutions), then confidence in the IOM will be damaged for ever. Link to comment Share on other sites More sharing options...
Mutley Posted October 9, 2008 Share Posted October 9, 2008 If the KSF depositors do not get back 100% of their savings (just like savers of the failed UK institutions), then confidence in the IOM will be damaged for ever. Back to kippers and farming it is then. Thank fuck for our tourist industry. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 9, 2008 Share Posted October 9, 2008 It's a rainy day. Link to comment Share on other sites More sharing options...
Mutley Posted October 9, 2008 Share Posted October 9, 2008 America in shock spanking by Allan Bell! Link to comment Share on other sites More sharing options...
GD4ELI Posted October 9, 2008 Share Posted October 9, 2008 Back to kippers and farming it is then. Thank fuck for our tourist industry. And the sees are full of fish, the weather is so good the Farmers are making millions. What's a tourist? Link to comment Share on other sites More sharing options...
Tempus Fugit Posted October 9, 2008 Share Posted October 9, 2008 the liquidators have arrived ! Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 HAAHHAHAHAH thank goodness I dont work in a bank or poxy finance company, right enough we dont have it easy in the old Engineering sector....but at least what we have is real...I am really sorry for a few people (the ones I like) but the greedy and the bolshy - Im laughing my head right off at you oh, I am getting so much pleasure from the fact my ex-boss will be shitting himself and squirming like the horrible nasty little worm he truly is. Like I said, 'sorry' to all the nice people this is effecting. Sadly the fat cats will still find away to come out of this pile of shit smelling like roses...in the meantime hard working people who have manage to save what they can get screwed over. Time for an uprising....who's with me!!! Link to comment Share on other sites More sharing options...
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