Newsbot Posted October 7, 2008 Share Posted October 7, 2008 The Manx Treasury announces a new level of protection for people with deposits in banks on the island. Source : http://news.bbc.co.uk/go/rss/-/1/hi/world/...man/7658071.stm Link to comment Share on other sites More sharing options...
thebees Posted October 7, 2008 Share Posted October 7, 2008 Erm...can they afford that? Link to comment Share on other sites More sharing options...
Gladys Posted October 7, 2008 Share Posted October 7, 2008 Oh, do keep up Ms Bees! Link to comment Share on other sites More sharing options...
mojomonkey Posted October 7, 2008 Share Posted October 7, 2008 This is good news for me, I was worried about the safety of that £1.81 I have in my savings account. Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 8, 2008 Share Posted October 8, 2008 This is good news for me, I was worried about the safety of that £1.81 I have in my savings account. Well I'm really worried now having seen Paul Moultons assessment of the credit crunch's potential effects on the Isle of Man on Border TV last night. I wasn't scared at all until I saw his razor sharp insight into how terrible its going to get for the Isle of Man and how awful he thinks its going to be for all of us. Robert Peston he ain't. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 8, 2008 Share Posted October 8, 2008 Well I'm really worried now having seen Paul Moultons assessment of the credit crunch's potential effects on the Isle of Man on Border TV last night. That was nothing a certain Manx Radio bod (who I assume is actually paid by the government) appeared a little too gleeful about how bad it was going to get for the Islands finance sector. It was a terrible advert for the IOM. There was even someone who wrote in to Border News tonight saying they had no sympathy for the IOM because it was a tax haven and so was to blame for what is going on. An own goal I think. Link to comment Share on other sites More sharing options...
pongo Posted October 8, 2008 Share Posted October 8, 2008 There was even someone who wrote in to Border News tonight saying they had no sympathy for the IOM because it was a tax haven and so was to blame for what is going on. For better or worse (I'm not expressing an opinion - other than), this is how most people outside of the IOM will think, if things were to ever get really bad. Link to comment Share on other sites More sharing options...
veuve Posted October 8, 2008 Share Posted October 8, 2008 There was even someone who wrote in to Border News tonight saying they had no sympathy for the IOM because it was a tax haven and so was to blame for what is going on. For better or worse (I'm not expressing an opinion - other than), this is how most people outside of the IOM will think, if things were to ever get really bad. Link to comment Share on other sites More sharing options...
veuve Posted October 8, 2008 Share Posted October 8, 2008 Raising the Deposit protection limit to £50,000 means absolutely nothing unless there are compensation funds immediately available to meet any claims. I suspect that even Bradford & Bingley International would have resulted in claims of about £1 Billion had it not been rescued. How long would that take to pay off being funded only by an annual levy of I think a maximum of £250,000 per licence holder of which I think there are only about 70. I hate to say it but everyone would be safer placing there money in a US Bank where the accounts are now guaranteed to $250,000 and in the event of a bank failure accounts/funds are normally assumed on the instructions and with the backing of the Federal Deposit Insurance Corp with another Bank and are available within a couple of days. Link to comment Share on other sites More sharing options...
%age Posted October 9, 2008 Share Posted October 9, 2008 There was even someone who wrote in to Border News tonight saying they had no sympathy for the IOM because it was a tax haven and so was to blame for what is going on. For better or worse (I'm not expressing an opinion - other than), this is how most people outside of the IOM will think, if things were to ever get really bad. But surely the Isle of Man is . . . . . a tax haven? The whole collapse in the finance system has been blamed on £money grabbers. The Isle of Man Government officially fully backs, condones and indeed encourages Athol Street rates of over £300 per hour. The Isle of Man to blame for what is going on? Partly, yes. Link to comment Share on other sites More sharing options...
Owen Posted October 9, 2008 Share Posted October 9, 2008 The Isle of Man Government officially fully backs, condones and indeed encourages Athol Street rates of over £300 per hour. So .. you reckon if someone on Ahtol street decided to be a bit more competitive by lowering their rates, someone will send the boys round? -------------------- Tech Blog - WordPress Guru - Business Blog Link to comment Share on other sites More sharing options...
ai_Droid Posted October 9, 2008 Share Posted October 9, 2008 Looking at the scheme now that there's been a failure, before the change of rules. Maximum liability of the banks is 250,000 a year x 40 licensed banks. So the fund is £10,000000 a year. If the claims are capped at £15k, that means 666 people a year are going to get their 15 grand back. Anyone know how many customers S&F had? Link to comment Share on other sites More sharing options...
Lonan3 Posted October 9, 2008 Share Posted October 9, 2008 Oh, be fair! Isn't it wonderful that they're giving up a whole day of their holidays to deal with the crisis? Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 10, 2008 Share Posted October 10, 2008 This debate is now available on MR. Debate1 Debate2 Debate3 Link to comment Share on other sites More sharing options...
Lee54 Posted October 10, 2008 Share Posted October 10, 2008 It may be OK giving protection to the private saver if a Bank fails, what about the small businesses, they have or are about to be excluded from any protection. Link to comment Share on other sites More sharing options...
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