%age Posted October 19, 2008 Share Posted October 19, 2008 Alan Bell says the £2.7million is not a great sum of money, what planet is he on. To you, me, and most other people it is a lot of money. When dealing with government finances though, it's not a great deal. It roughly equals 4 days of the DHSS annual budget. I see where you (and Allan prhaps) are coming from. When we talk about £millions (that is £1,000,000s) lets distill it down into an easily recognisable figure of 'cost per day per of the DHSS budget eh? So all those £millions that were lost/mis-managed/spirited away on the New Hospital (for example) can be reconciled into mere days of a huge annual budget. Quite a good ploy actually. How many of these Manx Government Monetary Units (ie Days-of-an-annual-DHSS-budget) were involved in the large surprise figures of the MEA contracts . . . IRIS . . . Government Buildings . . . etc.) Actually not an awful lot. When we are talking figures of magic-£millions the Isle of Man Government know they have lost the comprehension of the Manx Public and of course the Government themselves. Someone must understand the figures though. And you can bet your bottom dollar it ain't a jumper seller from Ramsey. Link to comment Share on other sites More sharing options...
%age Posted October 19, 2008 Share Posted October 19, 2008 The United Kingdom Government represents the interests of the Isle of Man internationally and has confirmed it will represent the Isle of Man in its talks with Iceland. Source iomgov website Is this a good thing or a bad thing . . . . . . . . . . . discuss Link to comment Share on other sites More sharing options...
Celt Posted October 19, 2008 Share Posted October 19, 2008 It was the UK that froze the banks assets? This should be fun. Get a Goverment to argue your case when it was the said Government that fucked it up in the first place I won't waste my breath on the wasters really. Maybe one day the UK Government might understand, there is NO British Empire anymore Link to comment Share on other sites More sharing options...
Mr Woo Posted October 19, 2008 Share Posted October 19, 2008 http://www.ksfiomdepositors.netgenius.co.uk/?q=node/318 Alans remark on Manx Radio that the £2.7m the Government itself had invested in the bank was not a huge amount in relation to its budget had been said in response to a caller asking if the loss would mean increased taxes on the island. It was not intended to mean that the Government had resigned itself to the loss, but only to reassure residents that taxes would not need to be increased. I forgot to mention that the above is a quote from the article in the link, so seems rather relevant to the header of this topic. Actually though, I don't know why I bother. Link to comment Share on other sites More sharing options...
Amadeus Posted October 19, 2008 Share Posted October 19, 2008 The United Kingdom Government represents the interests of the Isle of Man internationally and has confirmed it will represent the Isle of Man in its talks with Iceland. Source iomgov website Is this a good thing or a bad thing . . . . . . . . . . . discuss Merged with this thread - enough iceland threads by now, please try and squeeze new points into one of them. Thanks! Link to comment Share on other sites More sharing options...
Jimcalagon Posted October 19, 2008 Share Posted October 19, 2008 I see Donald Gelling, ex-chief minister and "chairman of Kaupthing Holdings, and non-executive director of both KSF (IoM) Ltd and Singer and Friedlander Investment Management (IoM) Ltd" is blaming the UK Government for the bank's problems. IOM Today - Link Nothing to do with the bank's actions at all then... Also is it not a massive 'coincidence' that with Gelling being an ex-Chief Minister and a bigwig at KSF that it just so happens that the IOM Government was not only investing millions in this bank but it is now so willing to just write the amount off? In addition, it is interesting to note that Wirral Council decided last December to withdraw all money from Icelandic accounts because treasury management consultants they hired were concerned over the country's financial state -Liverpool Echo - link. Maybe the IOM Government should hire these same consultants in future and not rely on some kind of old-boy network and mutual back scratching when decicing where to invest its funds? Link to comment Share on other sites More sharing options...
magneto Posted October 19, 2008 Share Posted October 19, 2008 All this talk about Donald Gelling... But not a word about John Cashin the guy has his signature on every Manx banknote! £2.7 million yeah right Link to comment Share on other sites More sharing options...
Sebrof Posted October 19, 2008 Share Posted October 19, 2008 I see Donald Gelling, ex-chief minister and "chairman of Kaupthing Holdings, and non-executive director of both KSF (IoM) Ltd and Singer and Friedlander Investment Management (IoM) Ltd" is blaming the UK Government for the bank's problems. IOM Today - Link Nothing to do with the bank's actions at all then... Well, to be fair, is there any evidence that KSF (IoM) had behaved unwisely? Also is it not a massive 'coincidence' that with Gelling being an ex-Chief Minister and a bigwig at KSF that it just so happens that the IOM Government was not only investing millions in this bank but it is now so willing to just write the amount off? I suspect you'd find many banks on the island have an ex-minister or two on their boards. And they have absolutely no choice in whether to write the money off or not. If it's gone, it's gone. In addition, it is interesting to note that Wirral Council decided last December to withdraw all money from Icelandic accounts because treasury management consultants they hired were concerned over the country's financial state -Liverpool Echo - link. Quite so. I got family money out of B&B early last year. It was clear they were going to have problems. Fortunately for their depositors, they did not go belly up, as they deserved to do. Maybe the IOM Government should hire these same consultants in future and not rely on some kind of old-boy network and mutual back scratching when decicing where to invest its funds? Quite so. People never seem to ask themselves WHY one bank is offering higher interest than another. There is a reason, and now people know why. Somebody once said: "Only a fool learns from experience. Wise men learn from the experiences of others." S Link to comment Share on other sites More sharing options...
Sebrof Posted October 19, 2008 Share Posted October 19, 2008 The trouble with the Anti-Terror laws is that usage is not restricted. There were cases last year where a council was using anti-terror laws to spy on parents to make sure they really lived in a school catchment area. http://www.independent.co.uk/news/uk/home-...ily-807873.html Quite so. And don't forget the old fellow slung out of the labour conference. G Link to comment Share on other sites More sharing options...
Moghrey Mie Posted October 19, 2008 Share Posted October 19, 2008 Money the Isle of Man government has in an Icelandic bank may have to be written off, it is feared. Source : http://news.bbc.co.uk/go/rss/-/1/hi/world/...man/7677615.stm This is strange because Allan Bell has just been on Sunday Opinion saying that the assets have been frozen by that nasty Gordon Brown. But in the future Kaupthing Singer And Friedlander on the IOM could be carrying on as usual. Link to comment Share on other sites More sharing options...
The Old Git Posted October 19, 2008 Share Posted October 19, 2008 Seems like Iceland are going to sue the UK now. Link to comment Share on other sites More sharing options...
manshimajin Posted October 19, 2008 Share Posted October 19, 2008 £2.7 million yeah right Well that is only about £100 per family on the Island...unlike the MEA debt which is about £13,500 per family...gulp! Perhaps we can save money by not having a new control tower at the airport? A few years of 'make do'? Given that they accepted money (I assume) to take on the role, do Dirctors of failed companies, such as Mr Gelling now is, have any accountability and liability for the failure? Or can they say, Pontius Pilate like, "we had no idea that this was going to happen so we are washing our hands of any responsibility"? Link to comment Share on other sites More sharing options...
Irwezsh Posted October 19, 2008 Share Posted October 19, 2008 All this talk about Donald Gelling... But not a word about John Cashin the guy has his signature on every Manx banknote! £2.7 million yeah right I thought Mark Shimmin signed bank notes, as head of the treasury. Link to comment Share on other sites More sharing options...
pongo Posted October 19, 2008 Share Posted October 19, 2008 I see Donald Gelling, ex-chief minister and "chairman of Kaupthing Holdings, and non-executive director of both KSF (IoM) Ltd and Singer and Friedlander Investment Management (IoM) Ltd" is blaming the UK Government for the bank's problems. IOM Today - Link Nothing to do with the bank's actions at all then... Well, to be fair, is there any evidence that KSF (IoM) had behaved unwisely? No idea. However according the threads on other forums, it certainly seem unlikely the the staff and management - and therefore the directors and the FSC - did not know, at least as early as the Monday, that CHAPS payments were not arriving at their destinations. There are also many reports of people being unable to get through to the bank etc. This was long before the UK stepped in. Link to comment Share on other sites More sharing options...
Snaipyr Posted October 19, 2008 Share Posted October 19, 2008 Someone must understand the figures though. And you can bet your bottom dollar it ain't a jumper seller from Ramsey. I'm sure he announced on Manx Radio yesterday that his background was in banking and finance - no mention of gent's outfitters! Link to comment Share on other sites More sharing options...
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