triskelion Posted September 13, 2009 Share Posted September 13, 2009 As I recall, there were moves from certain members (Watterson is the only one I remember) to have the limit moved from 75% of up to 20,000, to 30,000 - in line with what the UK was offering at the time. I think that Mr. Bell than announced he was going to bring forward a rise to £50,000. Then KSF went belly-up before this was actually voted on. Link to comment Share on other sites More sharing options...
b4mbi Posted September 13, 2009 Share Posted September 13, 2009 Apparently the data submitted was not sufficient for whatever banking IT system they are using and therefore no payments have been made. Fayle said that "according to recent information these errors will be rectified today and the transfers will be made " This means that the earliest anyone hoping for DCS are likely to see any funds in their account is Tuesday. AAAAAAAARRRRRRRRRRGHHHHHHHHHHHHHHHHH! I am just lost for words. Can anyone involved with this fiasco get ANYTHING right? Link to comment Share on other sites More sharing options...
Terse Posted September 14, 2009 Share Posted September 14, 2009 From the IMF report: It recommends the government continues to build defences against economic turmoil, but describes the Depositors Compensation Scheme offered here to protect bank customers, as 'unusually extensive for a small jurisdiction'. Manx Radio Item Link to comment Share on other sites More sharing options...
pongo Posted September 14, 2009 Share Posted September 14, 2009 Can someone confirm the correct amounts and dates/sequence?I was under the impresson that an increase was 'backdated' to cover Krapfart after it went tits up. Might be be down to the official / technical interpretation of "collapse". The banking licence was withdrawn on Wednesday 8th October, the day before the debate - the day before the scheme was improved. KSFIOM had "ceased trading as a bank" according to KSFIOM website. Manx Radio reported on Thursday 9th that the bank had gone into liquidation "overnight" (ie Wed-Thurs) though the bank's website says "On 9 October 2008 the Isle of Man Court made an Provisional Liquidation Order in relation to Kaupthing Singer and Friedlander (Isle of Man) Limited ("KS&FIOM").". ie the Manx Radio story had the liquidation ahead of the debate though the actual liquidation may have been officially held back until after the debate - ie until after the scheme was improved. Kaupthing Singer & Friedlander (IoM) wound up The bank announced early this morning (Thursday) that it would be wound up and a liquidator is due to be appointed soon. The Financial Supervision Commission says those with money in the bank will be protected under the depositors compensation scheme. But with Tynwald due to discuss the scheme this morning, there’s still uncertainty about how much money savers will get back. Depositors' scheme backed by Tynwald Tynwald has approved a new depositors' protection scheme for the Isle of Man. Members unanimously supported a package which which has increased the guaranteed compensation from £15,000 to £50,000. 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. Explaining the need for the first emergency sitting of Tynwald since 1967, he said decisive action was needed, with the situation in the global financial crisis changing by the hour. Discussions on how the improved scheme will be funded will take place between now and the next scheduled sitting of Tynwald, On October 21st. The new depositors' protection scheme brings the Isle of Man into line with the United Kingdom and puts it ahead of the Channel Islands and most other European countries. Meanwhile, there will be a meeting for Kaupthing Singer and Friedlander depositors at the Gaiety Theatre, at 4pm today. Link to comment Share on other sites More sharing options...
pongo Posted September 14, 2009 Share Posted September 14, 2009 Also: http://www.manxradio.com/newsread.aspx?id=26640 it was confirmed this morning the local branch of the Icelandic bank Kaupthing Singer and Friedlander had gone into liquidation. That was made public a few hours before Tynwald held its first emergency sitting for over 40 years, at which members unanimously supported an improved depositor protection scheme for people with money in banks in the Island. Mike Simpson, of Price Waterhouse Coopers - answered questions. ... "I've been appointed today by the Isle of Man High Court, as liquidator provisionally, in order to protect the assets and gather in the assets that I can, in order to try and meet those liabilities to depositors. ... they know whether they will be claiming compensation under the old depositor protection scheme - guaranteeing up to £15,000 - or the new one, passed today, which pays out up to £50,000. No announcement is expected on that until after a winding-up order has been made, later this month. Link to comment Share on other sites More sharing options...
bellyup Posted September 26, 2009 Share Posted September 26, 2009 Is manx gov rewriting history?Bit of Newspeak? Clicky The protection offered by the Manx government's Depositors Compensation Scheme - or DCS - was raised from £20,000 to £50,000 for individual account holders, last October, for one year. The move was in response to alarming events on the global financial stage and was announced just before the collapse of Kaupthing Singer and Friedlander, Isle of Man. Can someone confirm the correct amounts and dates/sequence? I was under the impresson that an increase was 'backdated' to cover Krapfart after it went tits up. Could it be that the powers that be knew that the rug was about to be pulled from under the feet of the depositors ? Link to comment Share on other sites More sharing options...
bellyup Posted September 26, 2009 Share Posted September 26, 2009 The forgotten victims http://www.timesonline.co.uk/tol/money/inv...icle6848825.ece Link to comment Share on other sites More sharing options...
Celt Posted September 27, 2009 Share Posted September 27, 2009 Nice house for someone who has lost everything I'll give her £50 for the dog and £10 for a blow job. The victims are the poor numpties who have had the budgets that pays for essential and future structure of the IOM, raped to pay you bloody crap investors out. Hopefully, in years to come, you, and the IOM Government, can explain to my kids, why they have to do without becuase you fucked up. The main reason why the IOM got it wrong is they won't stand up to Whitehall. The main reason you keep bleeting on about it hear is you are looking for the weak link, the IOM Govenment. If you'd looked after your money as good as you give blame, i'm sure we'd never have heard of you. Link to comment Share on other sites More sharing options...
Celt Posted September 27, 2009 Share Posted September 27, 2009 I would like to invite all people owed monies to join PROWL. Please Return Our Wedge Legally. Link to comment Share on other sites More sharing options...
bellyup Posted September 27, 2009 Share Posted September 27, 2009 Nice house for someone who has lost everything I'll give her £50 for the dog and £10 for a blow job. The victims are the poor numpties who have had the budgets that pays for essential and future structure of the IOM, raped to pay you bloody crap investors out. Hopefully, in years to come, you, and the IOM Government, can explain to my kids, why they have to do without becuase you fucked up. The main reason why the IOM got it wrong is they won't stand up to Whitehall. The main reason you keep bleeting on about it hear is you are looking for the weak link, the IOM Govenment. If you'd looked after your money as good as you give blame, i'm sure we'd never have heard of you. A strange post from a place that solicitates people to bank with the IOM and promotes the island as a safe and secure place to put your savings. you can tell your children - we had the trust and confidence of people but our government togther with that of the British and Icelandic authoirties let them down. at the same time you can give a thought to their children and the elderly people who are left waiting nearly a year now for the implication of the IOMs Depositors compensaton scheme. ( bearing in mind that the IOM government has been paid out by the liquidator for nearly two weeks now) Link to comment Share on other sites More sharing options...
ans Posted September 27, 2009 Share Posted September 27, 2009 Seeing as there's pretty much only you bumping this thread every couple of weeks with your self serving promotion and whinging, I think it's time we closed this particular thread and you moved on to somewhere more welcoming. Link to comment Share on other sites More sharing options...
ans Posted September 28, 2009 Share Posted September 28, 2009 Thread reopened in the vain hope that you might keep all your KSF whining in one place. Link to comment Share on other sites More sharing options...
pongo Posted September 28, 2009 Share Posted September 28, 2009 I wonder whether this would be the British Times article which member Declan referenced on another thread: Kaupthing investors kept away from their refunds Bond holders at Kaupthing Singer & Friedlander may never be able to get their hands on the £10,000 compensation - Sept 06 09 Link to comment Share on other sites More sharing options...
censorship Posted September 28, 2009 Share Posted September 28, 2009 A strange post from a place that solicitates people to bank with the IOM and promotes the island as a safe and secure place to put your savings. What does 'solicitates' mean? Link to comment Share on other sites More sharing options...
Declan Posted September 28, 2009 Share Posted September 28, 2009 Pongo, no this one. Link to comment Share on other sites More sharing options...
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