KSF Megathread 2

[piebaps]

The TSC meeting yesterday as reported by Manx Radio

 

 

This includes a very interesting interview with a depositor.

 

And brings up the matter of the FSC's MOU with Iceland

 

http://www.manxradio.com/audiovault/MandateTHURS.wma

 

Can you please tell me the meaning of MOU?

 

MOU = Memorandum of Understanding.

[wideload]

http://www.iomtoday.co.im/news/KSF-victim-hits-out-at.6112331.jp

 

"As signs emerged, he said: 'I smelled a problem. It was on the horizon and it was obvious so why on earth did the FSC not see it coming?"

 

if it was so obvious why the hell didn't he move his money? fuckwit

 

 

"I have had to sell off assets to put a roof over my family's head. People have suffered because of this. I have emails that would break your heart. I found it hard to face my seven-year-old daughter whom I promised a pony."

 

boo fucking hoo, Where's my pony?

[bellyup]

http://www.iomtoday.co.im/news/KSF-victim-hits-out-at.6112331.jp

 

"As signs emerged, he said: 'I smelled a problem. It was on the horizon and it was obvious so why on earth did the FSC not see it coming?"

 

if it was so obvious why the hell didn't he move his money? fuckwick?

 

He tried

we all tried

We were told it was done but our instructions were not carried out .

Some people did move their funds and it was returned 'in flight' to the IOM.

[bellyup]

From iomtoday article

 

Those owed £50,000 or under have been paid in full by the Manx Government's depositors' compensation scheme. The remaining depositors have had 40 per cent of their money back following two dividend payments from the liquidator.

 

 

I would like to comment on this.

In fact the IOMG is an unsecured creditor the same as the depositors.

So although it paid out the under 50k people by the DCS , at the same time it ,the DCS, was paid 40% of that money by the liquidators.

 

Plus the banks have to fund the DCS until the difference is paid up .

So in effect the IOMG will recover all that it has advanced towards this scheme.

[bellyup]

The TSC meeting yesterday as reported by Manx Radio

 

 

This includes a very interesting interview with a depositor.

 

And brings up the matter of the FSC's MOU with Iceland

 

http://www.manxradio.com/audiovault/MandateTHURS.wma

 

Can you please tell me the meaning of MOU?

 

MOU = Memorandum of Understanding.

 

 

This is correct.

The IOM has MOU with both Iceland and the UK.

This means that the regulators have an exchange of information

 

http://www.ksfiomdepositors.org/sites/www.ksfiomdepositors.org/files/mou_FSC-FSA.pdf

 

The FSC maintains that the FSA didnt tell them anything in the case of Kaupthing unlike with the Bradford and Bingley where there was an exchange of information.

However the reason for this is that the B&B is a UK organisation and Kaupthing was an Icelandic organisation .

 

But the IOM had already signed and IOM with the Icelandic government specifically for Kaupthing.

http://www.fme.is/?PageID=583&NewsID=92

 

So where were the processes of exchange of information between regulators?

[bellyup]

The recent decision of Iceland not to agree to the first deal proposed by the UK government brings to mind the question of what the UK government has done for the IOM in the question of the KSFIOM depositors.

 

As at the moment they appear to have done sweet FA I wonder why the IOM government is not pressing them to do so?

 

If the UK handles matters of this sort for the IOM why is Mr Brown not banging the table and asking why have you not mentioned our KSFIOM depositors?

 

Iceland has not only guaranteed the return of the German deposits but with interest.

 

Why are the KSFIOM depositors the only ones to lose out?

[bellyup]

KSFUK will pay out the princely sum of 5p in the pound to its creditors at some point this year.

 

This will of course benefit the IOM as it too is a non secured creditor through its deposit with KSFIOM

 

Again I ask why isnt the IOMG demanding the return of the monies frozen in KSFIUK ?

 

 

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/7404512/Austerity-budget-for-Isle-of-Man.html

[triskelion]

There aren't any monies frozen in KSFIoM.

[jimbms]

Why not as the UK government and stop bleating on here.

[bellyup]

There aren't any monies frozen in KSFIoM.

 

You are quite correct I have amended my previous post.

 

To date only 35p in the pound of the money in the UK has been returned to depositors from KSFUK.

 

I wonder why the IOMG is not asking forcefully for this money?

 

Why it has never asked for this money?

 

Why did the regulator allow the money to go unring fenced to the UK to another icelandic bank when it could have gone to Barclays or been distributed amonst other banks.

 

Bear in mind that the Isle of Man had 10 million at stake here too.

[triskelion]

This has all been answered before. The UK bank is in liquidation and any assets are in the hands of the liquidators. The movement of the money to the UK bank was a legitimate move as defined by the FSC's regulations. There was supposed to be an agreement in place between the FSC and the FSA, however the FSA did not think to inform the FSC that the UK bank was soon to shut down by the UK Government.

[pongo]

There was supposed to be an agreement in place between the FSC and the FSA, however the FSA did not think to inform the FSC that the UK bank was soon to shut down by the UK Government.

 

Oh behave !

 

Tipping off the FSC would have meant tipping of KSF here and as a whole because the FSC were represented on the board of the local affiliate here. And even if they were not - there would have been nothing they could have done anyhow which would not have tipped off KSF.

 

So is it really such a surprise that the information wasn't shared, if it wasn't, - given that it was about preventing funds ultimately being poured into the black hole which was the Icelandic economy ? They might as well have put a notice in The Times.

[bellyup]

There was supposed to be an agreement in place between the FSC and the FSA, however the FSA did not think to inform the FSC that the UK bank was soon to shut down by the UK Government.

 

Oh behave !

 

Tipping off the FSC would have meant tipping of KSF here and as a whole because the FSC were represented on the board of the local affiliate here. And even if they were not - there would have been nothing they could have done anyhow which would not have tipped off KSF.

 

So is it really such a surprise that the information wasn't shared, if it wasn't, - given that it was about preventing funds ultimately being poured into the black hole which was the Icelandic economy ? They might as well have put a notice in The Times.

 

So what were the regulators and the directors of the bank doing while all this was going on?

We know what the MD was doing telling all the depositors everything was rosy ditto the bank staff and at the same time NOT following the instructions of depositors to transfer money, in order one presumes to prevent a run on the bank.

 

So somehow they didnt have the tiniest inkling that this was going to happen?

KSFIOM was a solvent bank.

Only in the aftermath do we get guff from the regulator about uneducated investors and twittering about collateral damage from Mr Bell.

 

This has been a terrible blow to hundreds of ordinary savers who put their money in all good faith mostly in the Derbyshire Building Society.

 

At the end of the day the IOM it will cost the IOMG very little at all.

The bank will over years pay out its thought 90-95%

 

To preserve its good name and to help out the depositors whose lives have been devastated by this the IOMG could have done more to help.

 

The IOMG could have bought the loan book at a favorable price with a loan from the UK government.

 

The profits from the loan book would have paid off this loan.

 

But it seems they preferred to see people struggle and sink rather than make a generous gesture that would have preserved their reputation as one of the good guys in the financial crisis.

[jimbms]

On the other hand we can just say we don't care so fuck off and moan to the UK about it.

[Theodolite]

Aye, you'd better watch yourself bellyup.

 

Our lads have got HMG on the run these days. We're pretty untouchable too.