La Colombe Posted June 28, 2017 Share Posted June 28, 2017 ...all their cash. And more. Belly up should be pleased. Link to comment Share on other sites More sharing options...
P.K. Posted June 28, 2017 Share Posted June 28, 2017 3 minutes ago, La Colombe said: ...all their cash. And more. Belly up should be pleased. If he's still alive.... Link to comment Share on other sites More sharing options...
thesultanofsheight Posted June 28, 2017 Share Posted June 28, 2017 The liquidator has done a good job here. Yes it's taken a while but it's been an orderly recovery and return to the depositors. Must have earned them a fair few million too in the process. Link to comment Share on other sites More sharing options...
Max Power Posted June 28, 2017 Share Posted June 28, 2017 Too late for those who have been driven to suicide I guess. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted June 28, 2017 Share Posted June 28, 2017 9 minutes ago, Max Power said: Too late for those who have been driven to suicide I guess. If that has actually happened Max then yes of course. However, people who are that risk adverse or who can't afford to lose it shouldn't ever have invested into an IOM Bank in the first place. Neither should they moving forward as our Depositor protection scheme is virtually non existent if you are expecting an immediate claim and return if it all goes wrong. I wouldn't ever put more than £30k on deposit here as there isn't much actual substance if you really can't do without that money for a year or two. But it does show you that the banks are fundamentally solvent if they can get recoverability of this level over the longer term. It just doesn't tally with all the guff the DED pumps out about how great our finance sector and our banks are. Link to comment Share on other sites More sharing options...
Rhumsaa Posted June 28, 2017 Share Posted June 28, 2017 I think this is an amazing achievement considering Link to comment Share on other sites More sharing options...
Parrot Posted June 28, 2017 Share Posted June 28, 2017 7 minutes ago, Max Power said: Too late for those who have been driven to suicide I guess. Why so. People with loads of lolly depositing it in banks offering unusually high benefits can't really complain when it turns out differently. The fact that they have got their money back with interest probably means that you and I have paid towards it through all our banks having to throw money into the kitty, as it were. I don't think that is fair. Do you ? Link to comment Share on other sites More sharing options...
Max Power Posted June 28, 2017 Share Posted June 28, 2017 3 minutes ago, thesultanofsheight said: If that has actually happened Max then yes of course. However, people who are that risk adverse or who can't afford to lose it shouldn't ever have invested into an IOM Bank in the first place. Neither should they moving forward as our Depositor protection scheme is virtually non existent if you are expecting an immediate claim and return if it all goes wrong. I wouldn't ever put more than £30k on deposit here as there isn't much actual substance if you really can't do without that money for a year or two. But it does show you that the banks are fundamentally solvent if they can get recoverability of this level over the longer term. It just doesn't tally with all the guff the DED pumps out about how great our finance sector and our banks are. I agree, but I know of one very well known local who apparently had quite a bit invested and had advised friends to get on board. He unfortunately couldn't live with it at the time but who knows what other factors were involved. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted June 28, 2017 Share Posted June 28, 2017 3 minutes ago, Max Power said: I agree, but I know of one very well known local who apparently had quite a bit invested and had advised friends to get on board. He unfortunately couldn't live with it at the time but who knows what other factors were involved. I agree it's certainly too late in that case then. Sad. Link to comment Share on other sites More sharing options...
the stinking enigma Posted June 28, 2017 Share Posted June 28, 2017 That's why I always stick to universal trouser bonds Link to comment Share on other sites More sharing options...
Max Power Posted June 28, 2017 Share Posted June 28, 2017 3 minutes ago, Parrot said: Why so. People with loads of lolly depositing it in banks offering unusually high benefits can't really complain when it turns out differently. The fact that they have got their money back with interest probably means that you and I have paid towards it through all our banks having to throw money into the kitty, as it were. I don't think that is fair. Do you ? At the time, interest rates were reasonably high. There was a bit of mismanagement by our FSC too, the money was allowed to leave the island as it was signed off by the head of our FSC who was also MD of KSF IIRC?. There was a lot of talk of scandal at the time. I'm not wealthy but I can understand people who want their money to work for them. I wouldn't wish anyone to commit suicide over money and I doubt I'll ever be in that situation. Link to comment Share on other sites More sharing options...
finlo Posted June 28, 2017 Share Posted June 28, 2017 16 minutes ago, Parrot said: Why so. People with loads of lolly depositing it in banks offering unusually high benefits can't really complain when it turns out differently. The fact that they have got their money back with interest probably means that you and I have paid towards it through all our banks having to throw money into the kitty, as it were. I don't think that is fair. Do you ? Nottys back! Link to comment Share on other sites More sharing options...
Parrot Posted June 28, 2017 Share Posted June 28, 2017 7 minutes ago, finlo said: Nottys back! Not at all. it just sounds like the SIB all over again. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted June 28, 2017 Share Posted June 28, 2017 28 minutes ago, Parrot said: Why so. People with loads of lolly depositing it in banks offering unusually high benefits can't really complain when it turns out differently. The fact that they have got their money back with interest probably means that you and I have paid towards it through all our banks having to throw money into the kitty, as it were. I don't think that is fair. Do you ? Wrong completely. Your banks are commercial enterprises so it's their money that's used where there is a levy call not yours. In fact I believe there was no levy call on the DCS in this case. All the money recovered was the banks assets and loans gradually recovered by the liquidator. As I also understand it any advanced funding by IOMG (that was used to make some advanced stage payments) was repaid as and when sufficient assets were liquidated to allow them to be repaid. Link to comment Share on other sites More sharing options...
Parrot Posted June 28, 2017 Share Posted June 28, 2017 2 minutes ago, thesultanofsheight said: Wrong completely. Your banks are commercial enterprises so it's their money where there is a levy not yours that's used. In fact I believe there was no levy call in this case. All the money recovered was the banks assets and loans recovered by the liquidator. As I also understand it any advanced funding by IOMG was repaid as and when sufficient assets were liquidated to allow them to be repaid. "Their" money comes from where exactly ?? They take the financial hit and don't pass it on. ? One of us is wrong. Link to comment Share on other sites More sharing options...
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