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Icelandic Banks - The thread for OFFSHORE savers
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Emailing Darling's office can't do us any harm eiter.
[EMAIL="public.enquiries@hm-treasury.gsi.gov.uk"]public.enquiries@hm-treasury.gsi.gov.uk[/EMAIL]0 -
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We need to manage the sympathy angle for the BBC 5 live to ensure that people realise that most of us are British expats who were forced to go to the IoM because the UK branches require a UK address. The last thing we need is for the Sun to turn this into a popular campaign against the UK government helping a bunch of "rich, tax evading, criminals".
I've seen comments on other web sites linking the UK compensation scheme to the fact that they withhold the basic rate tax. This myth also needs to be busted. This witheld tax has absolutely nothing to do with the UK scheme, in fact many grannies and kids have filled in an R85 to get it paid gross. I have filled in an R105 to get the interest on my savings with Lloyds TSB UK paid gross. An account I've had since I was 5 and so it was open before I moved to Holland.
My only crime was a desire to spread my investments between Euro (the currency I get paid in) and GBP (the currency of the country that I will eventually return to). My savings in Lloyds reached the "safety limit" and I did the prudent (ironic now) thing and opened a new account in order to follow good practice and spread my investements. The Dutch tax authorities are fully aware of my foreign investments which much simplifies my situation as I don't have to deal with any complicated tax treaties.0 -
The incompetance and lack of simple maths of the IOM regulators astounds me.
They are proposing to up the limit of compensation by more that 3 times from 15000 to 50000 but are only prepared to up the levy that banks would have to pay by 2 times from 250000 to 500000.
They really have to be put to task.0 -
Good debate in IoM House of Keys on Manx Radio AM now, -- especially possible diversion of funds to Iceland -- but I've been waiting for one of the members to raise the question of the 'irrevocable guarantee' for depositors that Kaupthing HF had to accept as part of the buy out from Derbyshire Offshore. I would expect Douglas to pay compensation to depositors and recover the cost from Kaupthing HF/Government of Iceland. Reports indicate that HMG used the 2001 Terrorism and Security Act to close down KSF in the UK, so there are clearly some aspects of all this that are yet to come to light.0
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All MPs in favour up to now of including KSF in the scheme, apart from one who admitted a conflict of interest as she had an account.
Discussion of IOM government taking out loans to pay back the compensation quicker and repay the loans from the levies on the other banks.
Lots of discussion that is irrelevent to us about certain parties that were protected under the old scheme being left out of the new scheme.
An appreciation that they could destroy confidence in the IoM banking system if the don't "do the rigt thing".
Everyone assumes that the bill will pass it is just a case of the "small print" needs to be ironed out. The questions asked up to know will be answered at the end of the debate by the finance minister. Will keep you all informed.0 -
As far as I can see the IOM compensation scheme was never intended to support individual depositors, it was just a cynical marketing ploy for the banks to attract more funds to make the IOM more attractive than other offshore sites.0
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expatfrance wrote: »As far as I can see the IOM compensation scheme was never intended to support individual depositors, it was just a cynical marketing ploy for the banks to attract more funds to make the IOM more attractive than other offshore sites.
You may be right... I guess now is the time we will finally find out...0 -
Lets hope they do "do the right thing" for all depositors wether they are companies or individuals and pay back the full amount not 50k. 50K protection is no good to us! My 87 year old Mother in law has her entire savings in a one year fixed account that was just opened 2 weeks ago. I am sitting here not able to tell her about the current situation as I think the worry would see her off!0
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stanley317 wrote: »We need to manage the sympathy angle for the BBC 5 live to ensure that people realise that most of us are British expats who were forced to go to the IoM because the UK branches require a UK address. The last thing we need is for the Sun to turn this into a popular campaign against the UK government helping a bunch of "rich, tax evading, criminals".
You are absolutely right.
As well as contacting the BBC, I suggest people write to expat-friendly papers like the Telegraph and Guardian, though I can't find a good email address to use.
I've just written to Darling's office.0
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