KSF Megathread 2

[triskelion]

It never ceases to amaze me that people think of DEPOSITING money in a bank as an INVESTMENT.

That's not surprising, but certainly in your case, and that of many others, it is clear an investment decision has been made. Namely, that rather than converting your money into the currency of the country you now live in (most likely Euros) and using a local bank, you have decided to keep it all in sterling and deposit it offshore in bank that operated from a second floor office with no retail presence.

 

Just think, if you'd put all your money into Santander you would be fine.

[bellyup]

Just seen this .

 

20 years on creditors from IOM bank settled this does not make comforting reading.

 

http://www.iomtoday.co.im/news/Two-decades...k39s.6061089.jp

I take it you noted the final line bellyache

"Again there has been no evidence of Again there has been no evidence of wrong-doing by the management of the Island subsidiary."

you gambled, you lost, reported "no evidence of wrong-doing by the management of the Island subsidiary", now stop moaning and get over it, it's not our problem, official.

 

 

Yes naturally I noticed it.

Its called passing the buck -wasn't me mate !

Obviously you are a poor chappie with no money or maybe you spent it all on beer and wild wild women and your delight in the fact that people have lost their life savings warms the cockles of your little heart.

But generally when people put their money into a bank - in mine and many peoples the Derbyshire Building Society it is not usually considered a 'gamble'.

 

I am sure you would not like this as a slogan for the IOM financial centre

 

GAMBLE your money in an IOM bank!

[bellyup]

It never ceases to amaze me that people think of DEPOSITING money in a bank as an INVESTMENT.

That's not surprising, but certainly in your case, and that of many others, it is clear an investment decision has been made. Namely, that rather than converting your money into the currency of the country you now live in (most likely Euros) and using a local bank, you have decided to keep it all in sterling and deposit it offshore in bank that operated from a second floor office with no retail presence.

 

Just think, if you'd put all your money into Santander you would be fine.

 

.

Its that how you consider putting money into a bank ?

 

I dont live in a country where euros is the currency so that is another wrong perception.

 

I like many expatriates cannot open on onshore bank in the UK although it is not illegal to do so most banks will not allow it and thus the IOM offers a alternative.

 

Dont knock it the IOM makes money on offshore depositors .

 

I put my money into the Derbyshire Building Society that was a reputable bank that was taken over and we were assured that nothing bar the name had changed and in fact it was better because it offered a 100% guarantee.

 

This fact was known to the regulator and was widely advised and used as a method of inducing people to keep their money with them.

 

If as he now says he had no faith in the PG why did he grant a banking licence to KSF knowing full well that the Derbyshire Building Society was used by people who trusted its conservative reputation?

 

Santander also has an offshore presence on the IOM .

Which no doubt it runs from an office first or second floor i dont know but its the integrity of the banking system and the not what lift level the offices are on that is important.

 

Moveover a chain of highstreet branches on the first floor didnt stop Northern Rock from going bust.

[jimbms]

Just seen this .

 

20 years on creditors from IOM bank settled this does not make comforting reading.

 

http://www.iomtoday.co.im/news/Two-decades...k39s.6061089.jp

I take it you noted the final line bellyache

"Again there has been no evidence of Again there has been no evidence of wrong-doing by the management of the Island subsidiary."

you gambled, you lost, reported "no evidence of wrong-doing by the management of the Island subsidiary", now stop moaning and get over it, it's not our problem, official.

 

 

Yes naturally I noticed it.

Its called passing the buck -wasn't me mate !

Obviously you are a poor chappie with no money or maybe you spent it all on beer and wild wild women and your delight in the fact that people have lost their life savings warms the cockles of your little heart.

But generally when people put their money into a bank - in mine and many peoples the Derbyshire Building Society it is not usually considered a 'gamble'.

 

I am sure you would not like this as a slogan for the IOM financial centre

 

GAMBLE your money in an IOM bank!

Firstly you may notice the quote is not from anyone in the Isle of Man so passing the buck is a wrong phrase, secondly as for how I spend my money, well lets just say any savings I have are done in such a way that if one goes bust then each one is under the maximum amount to ensure I get 100% of it back even though I lose a minute bit of interest, mind you some idiots do tend to put all their cash in one place just to gain a minute amount and then bleat on they ave lost out because of their own stupidity of not spreading their savings around. Oh and it is all in the IoM and not a gamble to me, mind you I don't see how a name like Derbyshire can be regarded as a Manx concern, maybe a minor branch and nothing anyone here could have done would have prevented KSF going tits up and the UK stealing your cash. Face it, you gambled for greed, you lost tough shit, get over it. Majority of us can sleep soundly at night it's that insignificant.

[bellyup]

Just seen this .

 

20 years on creditors from IOM bank settled this does not make comforting reading.

 

http://www.iomtoday.co.im/news/Two-decades...k39s.6061089.jp

I take it you noted the final line bellyache

"Again there has been no evidence of Again there has been no evidence of wrong-doing by the management of the Island subsidiary."

you gambled, you lost, reported "no evidence of wrong-doing by the management of the Island subsidiary", now stop moaning and get over it, it's not our problem, official.

 

 

Yes naturally I noticed it.

Its called passing the buck -wasn't me mate !

Obviously you are a poor chappie with no money or maybe you spent it all on beer and wild wild women and your delight in the fact that people have lost their life savings warms the cockles of your little heart.

But generally when people put their money into a bank - in mine and many peoples the Derbyshire Building Society it is not usually considered a 'gamble'.

 

I am sure you would not like this as a slogan for the IOM financial centre

 

GAMBLE your money in an IOM bank!

Firstly you may notice the quote is not from anyone in the Isle of Man so passing the buck is a wrong phrase, secondly as for how I spend my money, well lets just say any savings I have are done in such a way that if one goes bust then each one is under the maximum amount to ensure I get 100% of it back even though I lose a minute bit of interest, mind you some idiots do tend to put all their cash in one place just to gain a minute amount and then bleat on they ave lost out because of their own stupidity of not spreading their savings around. Oh and it is all in the IoM and not a gamble to me, mind you I don't see how a name like Derbyshire can be regarded as a Manx concern, maybe a minor branch and nothing anyone here could have done would have prevented KSF going tits up and the UK stealing your cash. Face it, you gambled for greed, you lost tough shit, get over it. Majority of us can sleep soundly at night it's that insignificant.

 

 

 

How can Santander/Lloyds/ Barclays /Allience and Leicester/ Halifax etc etc in the IOM be a Manx concern?

 

You are wrong it is the duty of the regulator to regulate otherwise why have one?

[jimbms]

How thick are you? well besides gambling in a dodgy bank, but how the fuck could the IoM regulator predict that the UK would seize the banks assets, had they not done so then all here would have been paid, in any event as someone else said you got what was promised and a bit more within the regulation, had you spread your money and your assets in that bank been below the threshold you would have got it all as many have, if you blame anyone then blame the UK, they took your money before the IoM could ensure it's safety, you gambled you lost, either put up with it and shut up or run along and die please.

[bellyup]

How thick are you? well besides gambling in a dodgy bank, but how the fuck could the IoM regulator predict that the UK would seize the banks assets, had they not done so then all here would have been paid, in any event as someone else said you got what was promised and a bit more within the regulation, had you spread your money and your assets in that bank been below the threshold you would have got it all as many have, if you blame anyone then blame the UK, they took your money before the IoM could ensure it's safety, you gambled you lost, either put up with it and shut up or run along and die please.

 

 

Tsk No one sent you a Valentines Card then ?

[bellyup]

Not a thing in the Budget about the KSF fiasco .

[ThankU]

Not a thing in the Budget about the KSF fiasco .

 

yes there is, your not getting any more.

[bellyup]

There is still time for the IOM government to redeem itself over this fiasco and restore its somewhat tarnished reputation in the banking world.

 

The Loan book of KSFIOM is a blue chip one and worth about 400 million.

The IOM could have and still could negotiate a loan with HMG to borrow the money and pay out the depositors .

 

The IOM is well fixed to do this as it is full of people who are qualified to do this. In fact it could well make a profit on the deal.

 

The advantages are two fold.

 

1) To the IOM it restores faith in the fact that they will have treated their offshore depositors fairly .

This is a relatively small group of people who have been dealt with abominably by three governments and and the IOM government is well aware of the fact.

Hence Tony Browns distress at the TSC meeting he knew it was wrong and the innocent depositors were being shafted.

It will be no skin off the IOM government back or to the taxpayer as the loan book will pay for itself and it also appeared at the TSC meeting that HMG was willing to help out.

 

The Isle of Man Bank is owned by the RBS which is owned by HMG therefore it would not difficult to make an advantageous interbank loan

 

2) To the depositors - it would enable a lump sum to be paid out to them thereby relieving the people who really need it. ie People who had put the balance of a house sale in the bank would thereby get if not all their money back a substantial amount that would enable them to put down enough to get a mortgage or small property.

 

The loan book pays back over the next five years with its main payback years in 2011 and 2012 Easily enough for a government to handle but a disastrous length of time for those who do not have a house to live in or are elderly and are reliant on their savings.

[gazza]

So you want the IOM to borrow more cash to pay out a load of ppl that took a risk and lost the lot.

 

yep ok then.

[bellyup]

So you want the IOM to borrow more cash to pay out a load of ppl that took a risk and lost the lot.

 

yep ok then.

 

No I want the IOM to help out its loyal depositors whose savings that were held in a bank not risky investments but a bank were sent to the UK under the eye of the IOM regulator

[gazza]

So you want the IOM to borrow more cash to pay out a load of ppl that took a risk and lost the lot.

 

yep ok then.

 

No I want the IOM to help out its loyal depositors whose savings that were held in a bank not risky investments but a bank were sent to the UK under the eye of the IOM regulator

 

in a word no

[bellyup]

There is still time for the IOM government to redeem itself over this fiasco and restore its somewhat tarnished reputation in the banking world.

 

The Loan book of KSFIOM is a blue chip one and worth about 400 million.

The IOM could have and still could negotiate a loan with HMG to borrow the money and pay out the depositors .

 

The IOM is well fixed to do this as it is full of people who are qualified to do this. In fact it could well make a profit on the deal.

 

The advantages are two fold.

 

1) To the IOM it restores faith in the fact that they will have treated their offshore depositors fairly .

This is a relatively small group of people who have been dealt with abominably by three governments and and the IOM government is well aware of the fact.

Hence Tony Browns distress at the TSC meeting he knew it was wrong and the innocent depositors were being shafted.

It will be no skin off the IOM government back or to the taxpayer as the loan book will pay for itself and it also appeared at the TSC meeting that HMG was willing to help out.

 

The Isle of Man Bank is owned by the RBS which is owned by HMG therefore it would not difficult to make an advantageous interbank loan

 

2) To the depositors - it would enable a lump sum to be paid out to them thereby relieving the people who really need it. ie People who had put the balance of a house sale in the bank would thereby get if not all their money back a substantial amount that would enable them to put down enough to get a mortgage or small property.

 

The loan book pays back over the next five years with its main payback years in 2011 and 2012 Easily enough for a government to handle but a disastrous length of time for those who do not have a house to live in or are elderly and are reliant on their savings.

 

 

I am sure someone in the financial sector of the IOM can see the obvious advantages of this idea.

[gazza]

would that be the same obvious advantagers that you thought you have by putting all your eggs in one basket .

and you know how that turned out, greed is the downfall of all