Tempus Fugit Posted October 9, 2008 Share Posted October 9, 2008 the other worrying thing apart from personal funds is small businesses, the scheme has wiped out the previous provisions and now almost all small businesses on the Island are liable to close if their bank does, and put a lot more people out of work Link to comment Share on other sites More sharing options...
Slim Posted October 9, 2008 Share Posted October 9, 2008 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. Er, hang on. The UK Govt in protecting the mainland depositors by stepping in and selling the deposits to ING had effectively cut the IOM off as I understand it. I can see why they did it, but it's them and the icelandic government who've buggered this up, not the IOM. That's got nowt to do with refunding or compensation either. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 9, 2008 Share Posted October 9, 2008 [Nah nah nah, it is and always has been Nice one Gilf-uk http://www.moneysupermarket.com/community/...spx?PageIndex=9 A bit of sympathy would not have gone amiss! Link to comment Share on other sites More sharing options...
gilf_uk Posted October 9, 2008 Author Share Posted October 9, 2008 [Nah nah nah, it is and always has been Nice one Gilf-uk http://www.moneysupermarket.com/community/...spx?PageIndex=9 A bit of sympathy would not have gone amiss! I was sympathetic... until they called us a bunch of freeloaders!! Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 9, 2008 Share Posted October 9, 2008 Er, hang on. The UK Govt in protecting the mainland depositors by stepping in and selling the deposits to ING had effectively cut the IOM off as I understand it. I can see why they did it, but it's them and the icelandic government who've buggered this up, not the IOM. I think that there has been confusion over the ownership of the IOM company by people in the UK. I think that maybe the UK, from some of the comments on the money sites, assumed it was a subsidiary of the UK company and a sort of assumption was made that all deposits had transferred to ING and were safe. In reality the ING move probably killed the IOM company because it left it high and dry. Worse still the UK & IOM companies are separate subsidiaries of Kaupthing hl and the Icelandic government seems to have taken a 'fuck you' attitude to any subsidiary outside of Iceland. Its clearly the Icelandic government at fault but the UK governments move (which I suggest was done as a response to the the pathetic go screw yourself approach from the Icelandic Government) does appear to have made things worse for the IOM. If its owed monies by either the UK or Iceland its going to take a while to get them back. Link to comment Share on other sites More sharing options...
Skeddan Posted October 9, 2008 Share Posted October 9, 2008 Someone needs to get a grip on the PR for this oldmanxfella. I won't quote the whole of your post, but you make some very pertinent points here re confidence, PR, communication - and also the online presence. In any 'crisis' or uncertainty situation, good effective communication conveying confidence and competence is vital. Quite an interesting overview about this here: Crisis response communication challenges: building theory from qualitative data What might be the lessons which would be better not to learn with hindsight? Perhaps IoMG should have set up a special website providing authoritative up to date information, had people experienced in putting out this information manning the desks rather than leaving it to media, and coordinating and working with media - nipping false stories in the bud, getting corrections of misleading ill-informed reports etc. It's not over yet, and not too late to be doing this (could be up and running in very little time). I'd think this could make a difference, and perhaps not enough attention is given to this being no less important than putting heads together in meetings trying to figure out what to do. Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 9, 2008 Share Posted October 9, 2008 What might be the lessons which would be better not to learn with hindsight? Perhaps IoMG should have set up a special website providing authoritative up to date information, had people experienced in putting out this information manning the desks rather than leaving it to media, and coordinating and working with media - nipping false stories in the bud, getting corrections of misleading ill-informed reports etc. If it was me I'd have had tried to get a special website up on Tuesday afternoon. I'm not trying to make light of the situation investors have found themselves in but I do think that the IOM could come out bruised but confident from this if it does the right things. These are situations outside of our control, its not down to weak regulation, or any other local factor, and to be fair this may not be the last bank to go. We can however strive hard to appear to be in control and to be working in the best interests of everyone. Link to comment Share on other sites More sharing options...
johnquayleiom Posted October 9, 2008 Share Posted October 9, 2008 To anybody who attended the meeting this evening - Was it just me or did the boss of KSF seem like a bit of a half wit? Link to comment Share on other sites More sharing options...
manshimajin Posted October 9, 2008 Share Posted October 9, 2008 I'm not trying to make light of the situation investors have found themselves in but I do think that the IOM could come out bruised but confident from this if it does the right things. What moves do you think could be taken to make the IOM emerge confident from this? Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 9, 2008 Share Posted October 9, 2008 What moves do you think could be taken to make the IOM emerge confident from this? Take its lead from Gordon Brown 1. Call the Icelandic Government a bunch of money grabbing thieving shites for what they have done 2. Engage a good legal team to look into suing Iceland and advertise the fact your doing it (even if its pointless) 3. Cancel the double taxation agreement we have with the Icelandic government and advertise why 4. Explore any & every option with the UK government (ING etc) 5. Keep up the perception that we are the good guys trapped in the headlights on this 6. Keep open dialogue with every newspaper and financial journal reiterrating all of the above Thats for starters Link to comment Share on other sites More sharing options...
b4mbi Posted October 9, 2008 Share Posted October 9, 2008 Jersey have backed their local depositors 100% in case of bank failure... IoM politicians where are you? Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 There is a stark difference in politicians saying they will back depositors 100% and then actually being able to meet these expectations. For once I would prefer some honesty, no matter how hard it is to swallow, rather then knee jerk political sound bites. Link to comment Share on other sites More sharing options...
WTF Posted October 9, 2008 Share Posted October 9, 2008 it could be a lot worse than it is, i could have had money invested there too. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 9, 2008 Share Posted October 9, 2008 Jersey have backed their local depositors 100% in case of bank failure... IoM politicians where are you? But B4ambi Jersey has a deposit base of £100bn do you think by any stretch of the imagination that a government worth tuppence hapenny is ever going to come good on it? I read your post a few back and I have great sympathy for your position BUT you can't assume that your money would be safe if it was in Jersey. They cannot afford to back anything, they have less money than we do in reserve. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 I am not a legal bod but....is there any call against the FSC here? They bang on about the issue of licenses and how they seek to be the best regulators in the world...and then this happens. I know the circumstances are extraordinary, but the collapse was so swift as to indicate a somewhat flimsy business model in the first place. I am prob way off base here but just a thought.... Link to comment Share on other sites More sharing options...
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