thesultanofsheight Posted October 9, 2008 Share Posted October 9, 2008 Sadly Northern Rock is trying to make itself as unattractive a place as possible to put your money.It chimes with the governments desire for an ordered run down of the bank. No new business. No. Its EU law that dictates how much of the UK savings market it is allowed to take. Plus it has become one of the most aggressive reposessers for people who are falling behind on their mortgages. As more people who can switch, move their loan.... http://news.bbc.co.uk/1/hi/business/7437100.stm ...N Rock is stuck with the rump of crap mortgages (125% Together mortgage deal) where people cant move the loan and cant keep up their repayments as the intro deal comes to an end and they are put onto the SVR. Yes. 125% mortgages were taken out by idiots and are soon to be forclosed by idiots. Plus I heard that people with Kaupthing bank accounts held here were flying into Douglas from Zimbabwe and Hong Kong yesterday to find out whether their money was safe. Correct. The IOM is a global banking centre. Why would they not have worried account holders in these countries? Link to comment Share on other sites More sharing options...
laxeygal Posted October 9, 2008 Share Posted October 9, 2008 Sadly Northern Rock is trying to make itself as unattractive a place as possible to put your money.It chimes with the governments desire for an ordered run down of the bank. No new business. No. Its EU law that dictates how much of the UK savings market it is allowed to take. Plus it has become one of the most aggressive reposessers for people who are falling behind on their mortgages. As more people who can switch, move their loan.... http://news.bbc.co.uk/1/hi/business/7437100.stm ...N Rock is stuck with the rump of crap mortgages (125% Together mortgage deal) where people cant move the loan and cant keep up their repayments as the intro deal comes to an end and they are put onto the SVR. Yes. 125% mortgages were taken out by idiots and are soon to be forclosed by idiots. Plus I heard that people with Kaupthing bank accounts held here were flying into Douglas from Zimbabwe and Hong Kong yesterday to find out whether their money was safe. Correct. The IOM is a global banking centre. Why would they not have account holders in these countries? Link to comment Share on other sites More sharing options...
laxeygal Posted October 9, 2008 Share Posted October 9, 2008 Hmmm - thats me told. But if we are going to build the economy of this island by servicing accounts held by people in Dubai and Harare - are we not all going to feel the heat when it goes south? Which clearly it is starting to do. We are perilously overexposed to financial services here, it's a microcosm of the "City effect" in Greater London. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 9, 2008 Share Posted October 9, 2008 Hmmm - thats me told. We are perilously overexposed to financial services here, it's a microcosm of the "City effect" in Greater London. And what's your idea to change things? A tourist economy built of cycling hoildays? Sex tourism? Extremist Muslim retreats? Which would bring £50bn in? And more importantly which would keep the tax you pay at an average of 20% or less for the last 15 years? Link to comment Share on other sites More sharing options...
Addie Posted October 19, 2008 Share Posted October 19, 2008 I spotted this post on another forum Having spent the last week of days and long nights, clinging to the support offered by the website for victims of the Isle of Man Kaupthing fiasco, I would strongly urge people to get their funds off the Isle of Man. When the compensation scheme kicks in, it involves a dribble of little cheques for as little as £15 a year for the next 60 years. The IoM compensation scheme has only just finished paying out victims of the BCCI collapse in 1991. As a world financial centre, it and the Channel Islands are dead. And they don't even have a cod fishing industry to fall back on. The people running it are insular, incompetent big fish in a very tiny pond. While things were chugging along nicely, they were drawing their fat salaries, but in the face of this crisis, they are, to quote one victim, like rabbits caught in the headlights. The silence from them is deafening and many, many people are lost everything. May the people who steered this disaster rot in hell. Is 'protected' money really going to take years to be paid to a depositor of a failed IOM bank? Where is the information on this? Link please. Thanks. Link to comment Share on other sites More sharing options...
Slim Posted October 19, 2008 Share Posted October 19, 2008 Is 'protected' money really going to take years to be paid to a depositor of a failed IOM bank? Where is the information on this? Link please. Impossible to say, it's far too early to say with any certainty. Depends how much of the funds are recoverable without the scheme. Depends how much the local banks can pay in, the levy is quite complex based on profits. Depends how many depsoitors there are that can claim right up to the £50k max. Depends if the manx government advance cash into the scheme as has been suggested. As a rough guide, there's 30 banks that pay in, capped at 500k per year, so theres a theoretical max of £15 million per year to be paid out, that means 300 depositors a year will get their £50k. Link to comment Share on other sites More sharing options...
The Old Git Posted October 19, 2008 Share Posted October 19, 2008 I spotted this post on another forum It's going to take time to find out if the Icelandic guarantee for the local branch is worth anything It's going to take time for the UK and Iceland to sort out their spat. Iceland are now suing the UK over the money the UK seized I can't see what more the IOM can say until some of these issues are sorted out Link to comment Share on other sites More sharing options...
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