Manx Herald Isle of Man

KSF (IOM) DAG unconvinced voting ‘Yes’ to SoA is best option

Wed, 22 Apr 2009 10:16:00 -0400

In fact many DAG members still believe depositors, with over £50,000 at stake, are disadvantaged by the proposed SoA and are actively campaigning for a ‘No’ vote; even though all DAG members are still 100% united in calling for the Treasury to guarantee 100% return of their money.

David R Morrison

Thu, 23 Apr 2009 01:06:11 -0400

By the way sorry to hear you suffered some sort of attack, looks like you were badly hacked. A sort of back-handed compliment!

Re: this Scheme of Arrangement.
The situation has become farcical.
Look at the situation simply.

The treasury's stated aim was to come up with a product that was clearly better than the normal liquidation for all depositors. They have signally failed, the confusion and hence animosity the scheme has generated is intense. Any benefits now seem so marginal and unequally distributed that
the Treasury's failure is inescapably obvious

And while the Treasury tries to force feed this scheme to the 'patient' they are apparently trying to help they are acting like a visitor to intensive care who is standing on the pipe between the oxygen tank and the patients oxygen mask. No funds, none, not a penny, have been paid out of the bank to date, and under this SoA we are going to have to keep waiting for months and months.

I for the life of me cannot see how anybody cannot see the situation as having been insensitively/incompetently/or cynically handled.

Which one of these you choose is I guess going to depend on what you feel were more appropriate actions.

When so many jobs in this island are dependent on 'finance' I guess there are a lot of people that think even when something as ugly as this happens it's best not to comment whilst the clean up squad is in action, but might they not also think that the clean up team appear to be the same people that oversaw the creation of the mess and think that it might be appropriate to possibly see if it would be possible to find a more competent team? Is talent really so resticted on this island?

I'll give it to Bell, he has the skin of a rhinoceros. Is his job for life?

Jim

Thu, 23 Apr 2009 03:47:29 -0400

Why doesn't the IoM want to promote its great Depositors Compensation Scheme that is enshrined in IoM legislation and, as Tony Brown says, "has served us well to date"? Every bank on the Island strongly promotes & reinforces the solid, safe virtues of the DCS, so what's wrong with it?

The IoM Government says it wants to act in the best interests of the depositors... good! then why not LISTEN to what the depositors are saying? The message is loud & clear "WE don't want YOUR SoA that serves your interests and not ours!" So for starters, give the depositors the benefit of your much-vaunted DCS and let them fight you to get the rest of their money back!

Jim for Justice

Evelyn Roxburgh

Thu, 30 Apr 2009 00:54:55 -0400

Do I want to vote for the SOA? NO! The dragging of feet on producing what turned out to be a vague SOA with inbuilt loopholes and the IOMGs history of moving goalposts, leads me to suspect this is not in my interests