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Trust us says Treasury Minister - Not likely Mr Bell
Mr Bell, you have had 8 years as Treasury Minister to “protect” the IOM and you have failed miserably.
Treasury Minister Allan Bell took umbrage when Tynwald colleagues laughed when he asked them to trust him and, it is assumed, the Chief Minister to deal with “a whole raft of issues - international, Kaupthing, and all the other issues which are swirling around us at the moment.”
North Douglas MHK, Bill Henderson had been asking Mr Bell to keep Tynwald Members better briefed, regarding meetings he had held in London and Reykjavik; to which Mr Bell had replied that he would when he had some “salient examples of progress being made on all these various issues” as he, and the Chief Minister had done on a number of occasions.
Mr Bell had gone on to say “I really wish Members would learn to trust and realise that we” when he was interrupted by interjections and the laughter. It was at this point he started his rant calling some of the comments from colleagues “immature”, that they needed to “wake up” to the “stress and extreme scrutiny” the IOM is currently under from “external threats”; and appreciate how he, and other government officials, are working to “protect” the IOM.
He ended by stating that if Members do not have confidence in what they are doing then “please come forward and let us know”.
The Manx Herald may not be in a position to give Mr Bell our response on the floor of Tynwald but we have no reservations in telling Mr Bell what it would be if we could; which is:Go, and go now!
Mr Bell, you have had 8 years as Treasury Minister to “protect” the IOM and you have failed miserably.
The IOM is facing criticism from more people than probably ever before because of your ineffectual handling of the KSF (IOM) bank situation, the revised, and ‘non-guaranteed’, depositors’ compensation scheme, the subsequent ‘slow’, and inadequate, ‘Early Payment Scheme’ and now a proposed ‘Scheme of Arrangement’ that lacks credibility.
However, had you had in place a reliable regulatory body (you nominated the members of the Financial Supervision Commission to Tynwald did you not?) rather than a ‘Failed Supervision Commission’ then perhaps Treasury, and the IOM, would not be in the hole it is in now.It is time to stop digging Mr Bell and call it a day.
You said on Sunday’s Mannin Line - when challenged by the Manx Herald’s editor over your spectacular failure to achieve anything of real merit during your time in the Treasury - “I’d be delighted to resign” - so what is stopping you? It certainly isn’t the Herald.
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I travelled from Bahrain to the Isle of Man with the intention of meeting Mr Allan Bell and managed to spend one and half hours with him on the 28th January. I flew there for the specific reason of raising the issue of a sovereign loan from the UK Treasury pending the release of assets from the UK Kaupthing bank under Administration. We spoke of the Scheme of Arrangement and I pressed the point of the participating bank’s commitment to the Scheme. Mr Bell, in the company of Mr Mark Shimmin and others, assured me that the banks’ were on board and all necessary documentation was already in their possession. He appeared a little dismissive of the question as though of course this has been done – yet a month later we find no such commitment and Mr Bell is still living his own delusion.
Four months has passed since the Kaupthing bank IoM closed its doors; four months of hell for depositors deprived of their very life-savings. This IoM ‘Government’ has procrastinated and weaseled its willful way out of making a meaningful commitment to depositors, save distributing a paltry £1K LOAN as a “Christmas Present” that is still pending for those who through sheer desperation had no choice but to put pennies before pride and complete the 8 page application form begging for this meagre Maundy money.
The IoM Government is so small-minded that in the face of all other countries within Europe repatriating their saver’s funds 100%, these motley misers propose an increase in the Compensation Scheme and get it approved without checking as to whether it would find favour with participating banks. When due resistance is met, Bell figures that £150M of taxpayers money is required to fund the deficit and goes trotting back to Tynwald to seek its approval. It is given, but only if Bell and smart Alix can weasel the money back into the Treasury’s coffers. So along comes the Scheme of Arrangement - scheme being the operative word. Instead of doing their utmost to help the unwitting victims recover from their awful fiscal fall, Bell and Alix conjure up this complex computation of doling out Treasury funds folded in with assets already recovered from the bank, and then, once only 60% has been realized, the Treasury is mandated to suck back its loan monies! How does this Government not die of shame! Allan Miser and Mark Scrooge are alive and well working in the Treasury office of the Isle of Man aided and abetted by Smart Alix.
ISLE OF MAN Freedom to Perish
Yours,
IceCrusher
KSFIoM Depositor
Unfortunately Mr Bell is incapable of thinking of such bold and imaginative action. Heis incapable of getting the Island out of a crisis but qiuite capable of sitting idly by as it drifts into crisis.
Could the "external threats" be coming from the same place where most of our KSFIoM funds are seized?
The only people supporting our cause seems to be the Manx Herald, thanks.
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