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Coutts


Educa

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Yeah, CMI are on Victoria Road, I assumed once it got that far it became Onchan, but evidently not.

 

My point, however, is that Olde Moore's post was vague, and only appears prescient now some corroborating event happens that can be made to fit his post. How many of his equally vague posts haven't been proven correct in time?

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What sort of message does that send out to the international finance community?
But is there any evidence that any of these issues have influenced this consolidation? I don't think that there is. I have seen no significant reporting of Mount Murray, or of the CM's private legal disputes, in any of the business pages. Though I don't read everything or have a press cuttings service.

 

These are, only, local issues - AFAIK. I simply do not believe that the actions of any individual have in any way influenced the business choices made by any company.

 

Surely some sort of consolidation at Coutts has been inevitable since it was bought by NatWest - and, then, since NatWest and RBS 'merged'. Coutts is simply a brand. It long since stopped existing as an independent. Think Skoda and Audi. And Coutts is about as posh as Harrods or Burberry, these days.

 

This consolidation doesn't represent reliable evidence of anything IMO. If all of the finance companies suddenly moved elsewhere, stating loss of confidence in the Manx Govt as a reason .... then this would represent empirical evidence of a loss of faith. You can't draw conclusions from the actions of one company.

 

Meanwhile - my personal opinion is that the entire British 'offshore' finance sector is consolidating and also shrinking. I believe that this is inevitable as we move towards tighter international compliance. It's also an inevitable part of less paper and less people needed. And London is, itself, already an offshore centre, in many ways. Doesn't mean that Manx finance will vanish immediately, or even in our life times.

 

But we are, inevitably and probably rightly, moving towards ever more tightly integrated international regulation. So there will, IMO, be less and less point in the continued existence of the 'paradis fiscals'. So a gradual reduction of the working population of the IOM (and of the City of London) is probably healthy, sensible and inevitable, IMO.

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I think it has more to do with September the 11th than our local ministers personal and public antics.

 

Coutts announced at the start of this year that they would be rationalising their on island workforce. So the news in that respect is very old and not at all surprising.

 

Geo

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But they could have - and for that reason our Chief Minister should have ensured that his administration was whiter than white, in all regards.

 

And the issues may yet do. It only needs a Panorama type programme to come over here and do a bit of digging, and the whole house of cards could come tumbling down, to the detriment of all of us.

 

 

Do I get today's Mixed Metaphor Prize?

 

Whos to say that they have not already started digging ;);)

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