ai_Droid Posted October 9, 2008 Share Posted October 9, 2008 I have 3k sitting in my ksf account. dont think I can move it so dont know what I am going to get. As far as I am aware I am entitled to 75% compenstion up to 15 - SO I am well below the 15k. 75% up to £20k. been reading on iomonline some peoples stories - one couple had put their life savings in the other day as they are abou to move to OZ - now they are goosed. Some awful stories on the earlier thread that Albert linked. I have thought about breaking into their offices and stealing 3k worth of kit - any helpers? we could get all sorts, pens, cups, coffee, carpet, chairs. You'd have a job, all the staff are in there today as far as I can tell. Sorry to hear about your savings, and I think it sucks that borrowers who are in a large part responsible for this mess are being rewarded with a drop in interest rates, and savers are getting it up their jaxie. That's bent. Hope you get something back. Link to comment Share on other sites More sharing options...
b4mbi Posted October 9, 2008 Share Posted October 9, 2008 yes, depositors meeting called by the provisional liquidator doors at 3pm meeting at 4pm today.. see you there edit: at the gaiety ! Link to comment Share on other sites More sharing options...
pongo Posted October 9, 2008 Share Posted October 9, 2008 is it still per investor, per institution ... or is it now only per investor ? Link to comment Share on other sites More sharing options...
thebees Posted October 9, 2008 Share Posted October 9, 2008 I wish I was 'nice' like you. Droidy, you can try & be like me as much as you like but, I don't think you will ever manage it . As for the tax payers money, hey ho, I didnt pay all of that in, I'd reckon only a couple of grand is down to my income tax, I paid it to them, they blew it, such is life. No one could say they saw this coming, however, many have said (and have been saying for years) this had to happen & it has. Like I said in the thread about the governments bail outs "Can they afford it?" Link to comment Share on other sites More sharing options...
Mutley Posted October 9, 2008 Share Posted October 9, 2008 "Iceland has suspended trading on its stock exchange in an attempt to prevent further panic spreading throughout the country's financial markets." Can someone explain to me in simple terms why they didn't do this in all the stock exchanges throughout the world 2 weeks ago? Link to comment Share on other sites More sharing options...
Amadeus Posted October 9, 2008 Share Posted October 9, 2008 ITV News site - latest program has the member for Douglas West saying what a global player we are... http://www.itvlocal.com/border/news/?playe...amp;void=232490 Link to comment Share on other sites More sharing options...
ai_Droid Posted October 9, 2008 Share Posted October 9, 2008 Droidy, you can try & be like me as much as you like but, I don't think you will ever manage it Your right, I'd have to get a large portion of my brain removed. Like I said in the thread about the governments bail outs "Can they afford it?" And you were told to keep up. The Government, as it stands, aren't paying a penny. Link to comment Share on other sites More sharing options...
parchedpeas Posted October 9, 2008 Share Posted October 9, 2008 Isle of Man in financial crisis. Manx Radio interviewing Tony Christie and playing Five Star Link to comment Share on other sites More sharing options...
Jimcalagon Posted October 9, 2008 Share Posted October 9, 2008 Can someone explain to me in simple terms why they didn't do this in all the stock exchanges throughout the world 2 weeks ago? Because the champagne-swilling twats in the square mile thought that if shares went down, they could buy cheap and make another packet when the valuies came back up. The'yve only just realised that the values might not come back up. This is what comes of basing the world's economy on what is, in essence, a massive casino. Link to comment Share on other sites More sharing options...
johnquayleiom Posted October 9, 2008 Share Posted October 9, 2008 can somebody confirm there is a meeting at the gaiety? Will there be tea and biscuits - could be a riot - there are people who have big savings in there. Im going down for the show! Link to comment Share on other sites More sharing options...
ai_Droid Posted October 9, 2008 Share Posted October 9, 2008 is it still per investor, per institution ... or is it now only per investor ? Not 100% clear to me, but it looks like all deposits will be combined? Unless its a separate fund per bank. Here's the full scheme, see if you can make sense of it: http://www.gov.im/lib/docs/fsc/PressReleas...rsregulatio.pdf 10 banks exempted, so that leaves 30 paying in. Link to comment Share on other sites More sharing options...
thebees Posted October 9, 2008 Share Posted October 9, 2008 OK Droidy seeing as you have an enormous head, who is going to pay the 75% compensation to the investors if the bank/investment houses cannot? the magic bean man perchance?? As far as I am aware the FSC are part of the government, its them that does set it all up, is it not? Please explain dear, who are the ones with all the money? Link to comment Share on other sites More sharing options...
gilf_uk Posted October 9, 2008 Author Share Posted October 9, 2008 For the average Joe, if you have a something in savings and it is less than the balance of your mortgage, the best place to have your money is the same bank as your mortgage. The reason being, if the bank goes Kaput, they offset your savings with your mortgage, so you won't lose out (apart from the liquidity) and you won't need to go through the horrific job of form filling and waiting. I feel terribly sorry for those who have lost everything in KS&F, but really, all your eggs in one basket? Link to comment Share on other sites More sharing options...
TerryMcCann Posted October 9, 2008 Share Posted October 9, 2008 All very worrying this. The first time I have had a decent amount of cash in the bank and there is the constant worry that it will be gone. Hopefully the credit crunch will drive down the value of Aston Martins to an affordable level before HSBC goes tits up and I will 'invest' in one of those instead Either that or Twix bars Link to comment Share on other sites More sharing options...
ai_Droid Posted October 9, 2008 Share Posted October 9, 2008 OK Droidy seeing as you have an enormous head, who is going to pay the 75% compensation to the investors if the bank/investment houses cannot? the magic bean man perchance?? As far as I am aware the FSC are part of the government, its them that does set it all up, is it not? Please explain dear, who are the ones with all the money? Roughly, when a bank goes tits up a fund is setup and managed by the government for the depositors. All the existing banks minus those exempted pay a capped levy into that fund and the dosh is divvied up and paid out. I suppose if the banks can't pay in, they'll lose their licenses. The FSC just sets up the fund, it doesn't pay into it. Link to comment Share on other sites More sharing options...
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