nipper Posted June 18, 2009 Share Posted June 18, 2009 Perhaps jealous that this forum gets all the high level movers and shakers of the Isle of Man discussing how we is run, there was another forum thingy set up to discuss money and that From IoMToday I think it all looks rather good actually. Link to comment Share on other sites More sharing options...
bluemonday Posted June 18, 2009 Share Posted June 18, 2009 Eggs Basket Link to comment Share on other sites More sharing options...
bellyup Posted June 19, 2009 Share Posted June 19, 2009 Perhaps jealous that this forum gets all the high level movers and shakers of the Isle of Man discussing how we is run, there was another forum thingy set up to discuss money and that From IoMToday I think it all looks rather good actually. Well ( to paraphrase a certain young lady) it would wouldnt it? John Spellman is paid for his ability to talk and to convince people that everything in the garden is rosy. KSF - just a blip nothing to do with the IOM at all just ( to paraphrase Mr Aspen)a non core bank that went down due to uneducated '' investors'- silly billies putting their money in a bank in the IOM. Link to comment Share on other sites More sharing options...
007Pimpernel Posted June 19, 2009 Share Posted June 19, 2009 ..... KSF - just a blip nothing to do with the IOM at all just ( to paraphrase Mr Aspen)a non core bank that went down due to uneducated '' investors'- silly billies putting their money in a bank in the IOM. The Manx Herald said yesterday (I got this off a blog so hope it's a correct quote): Once again Members (of the Tynwald )used the opportunity to demonstrate (with the odd exception) their aptitude to dodge the issue whenever the whiff of corruption and maladministration wafts their way. Tuesday afternoon’s sitting of Tynwald (16th June) produced further evidence that, although the Isle of Man may have the longest running parliament in the world, there is still a colossal way to go before the IOM can consider its parliament has the integrity to match its longevity. The IOM might not quite match Jersey for some of its out dated feudal practices, or North Korea’s penchant for detonating nuclear bombs and imprisoning journalists, but it does exhibit other traits characteristic of a ‘Rogue State’. Namely, when the authorities are called upon to scrutinize certain failed administrative procedures, account for any deficiencies within them, and name the parties responsible for the failure - it almost always manages to demonstrate a world-leading expertise in finding nothing much wrong; and that no one is required to be held accountable. Even Zimbabwe would be proud of the record the IOM has for such travesties. I don't think the IoM has any future as an off-shore financial centre. There's plenty of competition and the government's handling of the Kaupthing fiasco shows the small town politics of this bit of rock stuck in the Irish Sea is not capable of dealing with really big issues. Nepotism is as rife here as it is in Zimbabwe. The AAA credit rating is a huge con and a bank mole tells me money is flowing out faster than it is flowing in. There's lots of blogs & websites now popping up all over the web that are firing broadsides at the IoM whilst the lovely Manx people sleep in ignorance of what's happening. Doesn't bode well for the future financial security of the IoM.. I am just off to have a sniff around the Cayman Islands -- it's another dodgy place that does dodgy business with the IOM under the nose of the FSC Link to comment Share on other sites More sharing options...
Sebrof Posted June 19, 2009 Share Posted June 19, 2009 KSF - just a blip nothing to do with the IOM at all just ( to paraphrase Mr Aspen)a non core bank that went down due to uneducated '' investors'- silly billies putting their money in a bank in the IOM. Don't lie. He didn't say that. And his name is Aspden (as in the home of snakes!). It's only six letters to remember. But you are a silly-billy. S Link to comment Share on other sites More sharing options...
Slim Posted June 19, 2009 Share Posted June 19, 2009 a bank mole tells me money is flowing out faster than it is flowing in. You don't need a bank mole to tell you public information: http://www.gov.im/fsc/stats.aspx Link to comment Share on other sites More sharing options...
pongo Posted June 19, 2009 Share Posted June 19, 2009 You don't need a bank mole to tell you public information: Hi Slim. I'm not an expert but: If you are looking at the figures there for 'bank deposits' then I would say that there is not enough statistical information from which to draw a conclusion about the trends. So far it seems to show a relatively small recent dip after years of significant growth. 1. The big increase summer to autumn 2008 seems far more interesting and significant than the recent slight fall. What would possibly account for that? ETA: is it possible that a whole bunch of similarly rated accounts / products matured simultaneously. Then the dip might be explained by some of that being withdrawn?? The banks do often introduce similar fixed term savings products almost in concert with each other - which would then mature more or less simultaneously. 2. I suppose that some of the steady increases over recent years would probably relate to the high interest rates which were available. Savings compounding .... etc. 3. Although even now many people will still be earning 5 or 6 % on accounts which were fixed as late as summer 2008. Though until those fixed terms mature the money will presumably not show as deposits. Link to comment Share on other sites More sharing options...
bellyup Posted June 19, 2009 Share Posted June 19, 2009 KSF - just a blip nothing to do with the IOM at all just ( to paraphrase Mr Aspen)a non core bank that went down due to uneducated '' investors'- silly billies putting their money in a bank in the IOM. Don't lie. He didn't say that. And his name is Aspden (as in the home of snakes!). It's only six letters to remember. But you are a silly-billy. S Mr Aspden ( how very apt) speaking at a financial conference on the IOM February 2009 'He said that one of the biggest failings of the regulators, which had caught the UK “on the hop”, was they had failed to appreciate that depositors had not moved away from the idea of 100% security of their deposits. They had thought people had been ‘educated’ to accept more ‘risk’ but that the Northern Rock ‘affair’ demonstrably showed this was not so; resulting in Alistair Darling having to underwrite the whole of the UK banking system. Mr Aspden expressed concern at this development as he said banks, although not “core banks”, should be allowed to fail; and linked this to the ‘risk-reward’ curve. Translation Basically if you are daft enough to put your money into a triple A rated bank on an Island with me as regulator you want your head seeing to. Note to Mr ASpden if you are reading most people put their money in to bank and expect it to be safe especially under the auspices of the IOM which prides and promotes itself as a secure banking and financial centre. Link to comment Share on other sites More sharing options...
Slim Posted June 19, 2009 Share Posted June 19, 2009 If you are looking at the figures there for 'bank deposits' then I would say that there is not enough statistical information from which to draw a conclusion about the trends. So far it seems to show a relatively small recent dip after years of significant growth. Up to march sterling deposits have gone up, it's only foreign that has gone down. I'm also not an expert, but I guess that could be attributed to exchange rates? As to your other points, no idea, was just pointing out that overall bank deposit figures aren't secret Link to comment Share on other sites More sharing options...
triskelion Posted June 19, 2009 Share Posted June 19, 2009 'He said that one of the biggest failings of the regulators, which had caught the UK “on the hop”, was they had failed to appreciate that depositors had not moved away from the idea of 100% security of their deposits. They had thought people had been ‘educated’ to accept more ‘risk’ but that the Northern Rock ‘affair’ demonstrably showed this was not so; resulting in Alistair Darling having to underwrite the whole of the UK banking system. Mr Aspden expressed concern at this development as he said banks, although not “core banks”, should be allowed to fail; and linked this to the ‘risk-reward’ curve. Translation Basically if you are daft enough to put your money into a triple A rated bank on an Island with me as regulator you want your head seeing to. Note to Mr ASpden if you are reading most people put their money in to bank and expect it to be safe especially under the auspices of the IOM which prides and promotes itself as a secure banking and financial centre. Yes again you demonstrate a complete lack of understanding of finance and the financial services sector, but dismiss the counter-arguments of people who actually work in it. John Aspden did not say anything like what you claim. Indeed, from what you quote him as saying, he seems to be quite in-tune with a substantial body of opinion (including not least the Governor of the Bank of England) that if banks are too big to fail; they are too big. Link to comment Share on other sites More sharing options...
pongo Posted June 19, 2009 Share Posted June 19, 2009 Up to march sterling deposits have gone up, it's only foreign that has gone down. I'm also not an expert, but I guess that could be attributed to exchange rates? Yes could well be the exchanges. Plus many (most?) of the local banks will not give you a foreign currency account which earns interest. Not for any amount. And it is even difficult to get them to arrange a money market rate on foreign currency. Even for reasonably significant sums. The Irish Banks are a definite exception. Now if I had had a bunch of money sitting in € in an IOM Irish Bank at the back end of last year or early this year then I can think of lots of good reasons why I might have felt the urge to shift it somewhere else. Total Friday PM speculation btw. PS - anyone know any non Irish banks here which pay interest on € btw? Link to comment Share on other sites More sharing options...
Frances Posted June 19, 2009 Share Posted June 19, 2009 can someone please explain why those stuck in the sterling area should not be able to operate a euro account - eg to avoid exhorbitant bank charges re transaction in Europe (maybe I've answered my own question) Link to comment Share on other sites More sharing options...
pongo Posted June 19, 2009 Share Posted June 19, 2009 can someone please explain why those stuck in the sterling area should not be able to operate a euro account - eg to avoid exhorbitant bank charges re transaction in Europe (maybe I've answered my own question) Actually you can. Just not with a UK or IOM bank, apparently. Daft I know. Eg. Crédit Agricole operate Britline. The criteria being: resident in either the UK*, Ireland or France an existing or future French property owner, or regular visitor** to France * or IOM **lol = anyone! Link to comment Share on other sites More sharing options...
Sebrof Posted June 19, 2009 Share Posted June 19, 2009 can someone please explain why those stuck in the sterling area should not be able to operate a euro account - eg to avoid exhorbitant bank charges re transaction in Europe (maybe I've answered my own question) Well, I think you can. I know companies that operate Euro accounts. But across, I don't know about here. S Link to comment Share on other sites More sharing options...
triskelion Posted June 19, 2009 Share Posted June 19, 2009 You can get Euro accounts, but I'm not sure about ones you'd want to run like a current account. One option: http://www.rbsinternational.com/offshore/c...x#tabs=section2 Link to comment Share on other sites More sharing options...
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