As a depositor with US$ and € holdings - that date far back to Singer and Friedlander days, the latest 'Memorandum of Assignment' from the IOM Gov is a swindle. Implicit in that document is an exchange rate of 9 Oct into Sterling that means all US$ and Euro holders lose up to and sometimes more than 25% of their deposit. Since much of that cash is still in the Bank
the IOM Gov stand to make millions in profits from our money. The latest 'Early repayment Scheme' - a joke -five months and they still cannot make up their minds - is a scam to get voting rights in what is primarily regulatory failure by the FSC. The FSC broke it's own rules by allowing 550 million to be transferred out of it's jurisdiction in a solvency crisis. Madness; now they seek protection by taking voting rights from those they have financially strapped. It's a scandal!

In resolving the global banking crisis The British Prime Minister made a policy statement on 18 February saying that a global solution required all governments to safeguard savings & deposits in banks in their jurisdiction. The IoM Government is the only one in the whole of Europe to refuse to accept this policy. Thus it arrogantly cocks the snook at Her majesty's Government.

This is an international policy and as such the UK Government could legislate to force the IoM Governement into compliance. It should not wait for this to happen. It should concur with the policy and get its act together to pay up 100% the money lost due to the utter failure of its FSC to do the job it is paid to do to protect depositors' money.

The reputation of the Isle of man is getting more & more tarnished as outraged citizens are posting blogs and condemnatory messages on Facebook which is now accessed by 170,000,000 people every day! Wake up IoM! The writing is on many a wall for you in Facebook!

L.Jim

There is no separate agenda!

All depositors want a 100% guarantee and return of their money deposited in KSF IOM.

The depositors, not investors (as the discredited FSC tried to label us at one time), in KSF are a whole lot more united than the members of Tynwald. The depositors have a simple goal; 100% return of deposits.

Rather than Tynwald and the FSCClub trying every underhand tactic to divide and conquer the depositors, one would have thought it was in the best interest of all parties to bring a swift and satisfatory resolution to this. We only have to look at financial chat forums on the web to see that confidence in the IoM is on the slide to realise that!

If I were a Manxman, I would be quite concerned at the actions of my Government over this matter.

Sir, The fact is, it is the depositor's money that's been lost; we know where it is too - and we know how it got there. It has not gone missing, the bank was not broke, and it didn't go back to Iceland and fund the domestic collective there. Some may say that it's as well that the FSC and directors of the bank moved the assets to the sister bank in the UK instead of leaving it in Iceland. Now that we know as much as the FSC did at the time, I think we are quite at liberty to say that what the FSC and directors did was less than 1/2 a job. Just knowing that Icelandic banks were under close scrutiny from the FSA and other regulators should have put all the warning lights on, and to trying to foist the responsibility of the decision in moving the assets to London onto the FSA instead of making up their own minds and taking responsible action - appropriate to all the circumstances - speaks volumes of people doing a job for which they were neither competent or qualified.

The Isle of Man has operated its Financial Offshore Centre along lines not too dissimilar from Iceland, especially in having no independent bank of last resort. The Icelandic people are bearing the brunt of the greed and incompetence of their banks and their officials for getting them into this awful mess, but they also realise that their Government failed to enact rules preventing fiscal deprivation being wrought upon thousand of other hapless European depositors and that they must foot the bill and suffer the consequences - on top of their own much reduced quality of life. If you belong to a free country and the elected leaders of the majority screw up, then you all pay. The UK taxpayers will be funding this financial banking disaster for many years, if not decades.

The IoM Government were happy to advertise a Depositors Compensation Scheme (DCS) which went without pre-funding even though there is no bank of last resort to step in and ADEQUATELY satisfy a single bank failure, let alone more than one in succession. The IoMG have escaped the consequences of this risky operation for years; years in which the average size of accounts has vastly increased without any corresponding increase in the size of compensation. These people have been living in cloud cuckoo land; only when the bank failed did they take extraordinary measures to implement an increase in the 'virtual' DCS. They have been happy to take the profits of a multi-billion pound financial business, but run from one disaster to another in a purely reactive manner because they do not have the vision to see what's coming, or a proper sense of responsibility and means to take effective action prior to the event. You have only to look back at the number of sheer cock-ups made by them to realise that the people running this Government and other official entities are inadequate in any fair appraisal of their efforts.

Someone must pay for their mistakes, and its not going to be the thousands of folk who have prudently saved for their respective retirements in the mistaken belief that the Isle of Man was a safe place to do so. No, the Government of the island has let down its own people and the thousands who brought wealth to the place for decades past. It is a simple fact of life, it is not for the people who made these diligent savings to lose their money, or even part of their money, it is for the people who lost it to pay, and that ultimately falls to the people who voted these incompetents into office - and have kept them in office despite the magnitude of past errors that already found them seriously wanting in truth and integrity. I am as sorry for the Manx people (22% of KSFIoM savers are from IoM) as I am for the Icelandic people; they apparently did nothing wrong - but sitting on the sidelines and allowing corrupt Governments to continue in practice is an apathetic abdication of responsibility from which too many of us are suffering, and no one is going to escape paying for the multitude of mistakes that have brought us here.
IceCrusher

There have been a great many appropriate words said on the subject, and very much appreciated by depositors.
The fact can be briefly said: Our savings have been stolen, we need our money refunded with compensation and no delays are justified.