Slim Posted October 9, 2008 Share Posted October 9, 2008 Some of the comments on iomonline aren't that good - life savings et al http://www.iomtoday.co.im/your-shout/Finan...-IoM.4544715.jp It's extremely sad, which makes the comments and laughter above by Bees particularly innapropriate. Nobody deserves to lose their savings, no matter who they are. It's definitely time to spread your risks around, you don't want a lot of money with a single bank in my view, spread it around. Course lots of these people were in fixed bonds so couldn't withdraw, and then subsequently stuffed up by the current account holders cleaning out what little the bank had liquid. Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 9, 2008 Share Posted October 9, 2008 It was confirmed that the new depositors compensation scheme enacted today WILL apply to this case. i.e. £50k per individual. Someone needs to get a grip on the PR for this. The MR site still states that "The main concern expressed during the three hour debate was whether depositors with the Isle of Man branch of the Icelandic bank Kaupthing Singer and Friedlander - which went into liquidation overnight - would benefit from the new scheme. Mr Bell said the situation was too 'sensitive' for him to respond in the Tynwald chamber, but there would be a statement later this afternoon". http://www.manxradio.com/readNEwsItem.aspx?id=26622 If its been agreed at the Gaity that they are backdating this should have been online in minutes because everyone in Asia reading this over the net tonight and who have Manx deposits will be moving out of the IOM first thing because they might assume that the government has backed out on the compensation deal. This is very bad press for the Island and needs to be managed as such - sticking a few reports up and then going home for your tea and not updating them when things change is doing us a huge disservice. People in the wider world are looking at us and the threads on moneysupermarket.com are being read by millions of UK and expat savers. If the situation has changed they need to know otherwise they'll be moving deposits with other banks out straight away. Edit Also IOMtoday reports that "Six MHKs and three MLCs were not present at the sitting". Who and why would be my question. Link to comment Share on other sites More sharing options...
johnquayleiom Posted October 9, 2008 Share Posted October 9, 2008 Just been to the meeting, load of rubbish with some real hot heads who have lost a shit load of money. Boss of KSF said he knew nothing about the problems until late last night - so why did staff withdraw all their money yesterday - yet I wasnt able to? Link to comment Share on other sites More sharing options...
The Old Git Posted October 9, 2008 Share Posted October 9, 2008 if buyers are not found, IMHO this could signal the end of the Isle of Man as a finance centre, as confidence would evaporate.... If the finance sector disappears they we're all pretty well stuffed. I can't see anthing that could step in to replace it. We'll also be awash with cheap houses but with few people able to buy them Worrying times Link to comment Share on other sites More sharing options...
Amadeus Posted October 9, 2008 Share Posted October 9, 2008 IMHO this could signal the end of the Isle of Man as a finance centre, as confidence would evaporate.... It will certainly do damage to the repuation of the IOM. Just from the small comment section on iomonline, you can see they had customers from all over the world - UK to Canada and beyond, all of which now won't be talking in glowing terms about this little isle. Must be absolutely gut wrenching to have your life savings wiped out - the stuff that breaks relationships and worse... Soon, the new tourist slogan will be IOM = 'I'm Owed Money' Link to comment Share on other sites More sharing options...
The Old Git Posted October 9, 2008 Share Posted October 9, 2008 Also IOMtoday reports that "Six MHKs and three MLCs were not present at the sitting". Who and why would be my question. Tynwald was in recess. Some will be away on holiday and presumably not able to get back in time. Link to comment Share on other sites More sharing options...
gilf_uk Posted October 9, 2008 Author Share Posted October 9, 2008 Also IOMtoday reports that "Six MHKs and three MLCs were not present at the sitting". Who and why would be my question. Because it was an emergency sitting called yesterday at short notice and I understand that every member who was on the Island (and also who flew back this morning) attended but there were those who were further afield and could not get back at short notice. Link to comment Share on other sites More sharing options...
gilf_uk Posted October 9, 2008 Author Share Posted October 9, 2008 IMHO this could signal the end of the Isle of Man as a finance centre, as confidence would evaporate.... It will certainly do damage to the repuation of the IOM. Just from the small comment section on iomonline, you can see they had customers from all over the world - UK to Canada and beyond, all of which now won't be talking in glowing terms about this little isle. Must be absolutely gut wrenching to have your life savings wiped out - the stuff that breaks relationships and worse... Soon, the new tourist slogan will be IOM = 'I'm Owed Money' Nah nah nah, it is and always has been Isle of Man : Giving you Freedom to Fleece Link to comment Share on other sites More sharing options...
manshimajin Posted October 9, 2008 Share Posted October 9, 2008 Someone needs to get a grip on the PR for this. The MR site still states that "The main concern expressed during the three hour debate was whether depositors with the Isle of Man branch of the Icelandic bank Kaupthing Singer and Friedlander - which went into liquidation overnight - would benefit from the new scheme. Mr Bell said the situation was too 'sensitive' for him to respond in the Tynwald chamber, but there would be a statement later this afternoon". This really needs people with PR skills to handle it. This is very bad press for the Island and needs to be managed as such - sticking a few articles up and then going home for your tea and not updating them when things change is doing us a huge disservice. People in the wider world are looking at us and the threads on moneysupermarket.com are being read by millions of UK and expat savers. If the situation has changed they need to know otherwise they'll be moving deposits out straight away. Edit Also IOMtoday reports that "Six MHKs and three MLCs were not present at the sitting". Who and why would be my question. A quote from the 2008 Budget speech: So I make no apologies in this Budget for a continued emphasis on our economic goals. Only success in achieving these goals will allow for the continued generation and distribution of the benefits of economic growth throughout our community. Good to read about the professionalism being shown in the management and communication of this situation. Tighten our belts time.... Could this end up with us surrendering our Crown Dependency status? Link to comment Share on other sites More sharing options...
manshimajin Posted October 9, 2008 Share Posted October 9, 2008 Also IOMtoday reports that "Six MHKs and three MLCs were not present at the sitting". Who and why would be my question. Because it was an emergency sitting called yesterday at short notice and I understand that every member who was on the Island (and also who flew back this morning) attended but there were those who were further afield and could not get back at short notice. Is another way of saying this, "that despite the fact that the world's economies have been in free-fall for a number of weeks and that they preach that the IOM is a major offshore financial centre that is economically very dependent on the finance sector, they didn't believe that the situation had anything to do with the IOM and therefore didn't feel as MHKs and MLCs any need to get back in case things blew up?" Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 9, 2008 Share Posted October 9, 2008 Could this end up with us surrendering our Crown Dependency status? Thats a bit extreme. I think Allan Bell has done very well in terms of taking control of the situation, but this is a crisis of confidence and it needs to be managed as such. All the news agencies need to pull together and protect IOM plc as much as possible. This is, after all, a situation that happened in Iceland its not of our making. I don't see any evidence of that when I see ill informed comments being made on Border News by people who frankly know bugger all about anything, or by what has been reported in the press here so far. Its like they all really want it to fail because secretly they don't like the finance sector very much - despite the fact that their livings rely on it. Even the people who have sadly lost money need to know that all that can be done is being done and that the government is a responsible government doing all it can. Link to comment Share on other sites More sharing options...
Declan Posted October 9, 2008 Share Posted October 9, 2008 Being discussed on Channel 4 news now. Link to comment Share on other sites More sharing options...
WTF Posted October 9, 2008 Share Posted October 9, 2008 bottom line, stop saving in banks, buy expensive toys, fuck the finance sector. if you don't give em your money, they can't steal it. Link to comment Share on other sites More sharing options...
Slim Posted October 9, 2008 Share Posted October 9, 2008 I don't see any evidence of that when I see ill informed comments being made on Border News by people who frankly know bugger all about anything, or by what has been reported in the press here so far. Its like they all really want it to fail because secretly they don't like the finance sector very much - despite the fact that their livings rely on it. Well said. I'm sure its little compensation today, but many of these savers would be a lot worse off if their deposits were in many other countries. Link to comment Share on other sites More sharing options...
pongo Posted October 9, 2008 Share Posted October 9, 2008 my child who had a damages award held in cash with the dreaded freeloaders in the isle of man , has today lost over 300k, I found out whilst looking for something else, the financial advisor in meeting, didnt think to let me know link The IOM / banking community - institutionally and individually, have done very well over the past few years and now have a moral obligation to ensure that all of these people get their money back in full. but many of these savers would be a lot worse off if their deposits were in many other countries. UK savers are being refunded in full. Guess where I would rather have the bulk of my savings. The rates are similar. There is a negligible tax advantage. Its very hard for the IOM Directors - as long as the parent didn't default they were probably a profitable subsidiary, but due to events beyond their control suddenly they are insolvent. They should not have lent all of the deposits to a single external entity. That has been the point of, but also a fundamental weakness, of the offshore banking (deposit taking) model. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.