Hi - very unfortunately, I find myself in the same boat as the rest of you. Please can you direct me to the comments by EXPAT - I'm desperate for some hope. Thank you.

joooojoooo - They are on this page http://www.ksfiomdepositors.com/cms/?q=node/24

Have tried to sleep but can't. Thought I'd have another look but most must now be asleep. Will try again. Good night.

I have come back to the desk too! As I am not a resident of IoM I do not understand these references to IoM reporter - can anyone enlighten?

occamsrazor and kiwi 38 what are our thoughts on meeting asap?

HI have tried to register twice on the website but i just never get a password .

How does it work?

have you checked your juk/spam box for the email?

Thank you found it.

mikepapa2:

Ok Kiwi,

I have seem your comments posted on the depositors site, thanks.

I will post your analogy for all to see.

Trust you will get logged on as soon as Mat sorts the page out.

Cheers

October 10, 2008
HP-1195

G-7 Finance Ministers and Central Bank Governors Plan of Action

Washington-- The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. We agree to:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on other countries. We will use macroeconomic policy tools as necessary and appropriate. We strongly support the IMF's critical role in assisting countries affected by this turmoil. We will accelerate full implementation of the Financial Stability Forum recommendations and we are committed to the pressing need for reform of the financial system. We will strengthen further our cooperation and work with others to accomplish this plan.

-30-

kiwi38:

joooojoooo - They are on this page http://www.ksfiomdepositors.com/cms/?q=node/24

Have tried to sleep but can't. Thought I'd have another look but most must now be asleep. Will try again. Good night.

Again I am up at 2.30 am ( here I am an expat) I cant sleep either will i ever sleep again?

my mind cannot accept I am ruined.

Dont know if this has been posted before

http://www.iomtoday.co.im/news/Isle-of-Man-pledges-action.4580891.jp

Looks as to how much you had invested with KSF, & how much time you have to get the compensation.

IOM FSC has raised the compensation to £50K and I was told by telephone (ie. verbally) that it is retrospective for KSF. I cannot find that statement on their web site althouth the increase to £50K on the 9th. of October is there. It also states that if the account is in joint names then the individuals will be paid the amount of £50K each - e.g. £50K for husband and £50K for wife. A maximum of £100K.

When is it likely that the compensation will be paid - how long is a piece of string????

Where is the money coming from is another question as each bank registered with the IOM FSC has to cough up £500K each, with only 37 banks registered that amounts to £18.5 million. Will this be enough? I very much doubt it.

Currentyly there is a group from the British Government discussing these issue in Iceland but will it include off-shore interests as well as British residence we can only guess.

Hope this has helped in some way. It should do if you have a joint deposit and less than £100K invested. How long is another question.

This is from the Manx Radio web site:

"Assurances sought from Treasury
11/10/2008

A former Treasury Minister is demanding clarification of issues relating to the new Depositors' Compensation Scheme, approved by Tynwald at an emergency sitting on Thursday.

Michael MHK David Cannan (pictured) wants Allan Bell, the man who currently holds the position, to confirm that three separate matters will be brought to the Court for approval, at the sitting on October 21.

He says if Mr Bell can't provide the required assurances by the Friday before the sitting, a member of Tynwald will have to move a motion of urgent public importance.

Mr Cannan wants a firm commitment that the new protection scheme - with its maximum payout of £50,000 - will apply to depositors with Kaupthing Singer and Friedlander (Isle of Man) Limited.

He says the chief executive of the Financial Supervision Commission said this would be the case, at the creditors' meeting at the Gaiety Theatre on Thursday.

He is also concerned that the amended list of 'Eligible Protected Deposits' for the new scheme includes charities, family trusts and incorporated family trusts, funds placed in 'clients accounts', and small businesses with a limited turnover and number of employees.

Finally, he is seeking confirmation compensation payments would be made within six months.

Yesterday the Financial Supervision Commission confirmed the new scheme would apply for any compensation payments made to Kaupthing customers in the Isle of Man."

http://www.manxradio.com/readNEwsItem.aspx?id=26682

I think the this 500k is a maximum per bank. The actual money taken from the bank is in fact a percentage of profits I think, up to a maximum of 500k, or somthing like that. Given the current climate, it could take a very long time to raise that money. Given there is zero in the fund now as it is only activated when a bank goes bust.... I guess a better solution would have been for them to take a smaller amount over the years and hold it in a fund ready.

And more from the Manx Radio web site:

"New compensation scheme to apply
10/10/2008

It looks as if depositors with the failed Isle of Man branch of Kaupthing Singer and Friedlander would benefit from the improved Depositors' Compensation Scheme.

The latest information on the website of the Financial Supervision Commission makes it clear the scheme cannot be 'triggered' by the Fund Manager until after the company has been 'wound up' in the High Court.

A hearing is scheduled for October 24, after which - the FSC says - any payments would be under the current scheme, namely the one approved by Tynwald yesterday, with maximum compensation for each depositor of £50,000.

The scheme would only be triggered after the Fund Manager had established something called 'an event of default' had occurred.

The FSC is pointing out that during yesterday's sitting of Tynwald the Treasury Minister indicated the new regulations might be subject to amendment, which could happen at the scheduled October sitting, the week after next.

Three expressions of interest have been declared to the liquidator by parties interested in taking over the bank, which could also have a bearing on whether the compensation scheme was triggered."

http://www.manxradio.com/readNEwsItem.aspx?id=26666

Just saw an interesting post on the ksfiomdepositors website (I still can't join as I have now registered twice but never get an e-mail).

At 12.47 under the "only solution is political" there is mention of the Bradford and Bingley deal whereby the UK Govt saved the UK operation inclusive of the IOM. I just checked the website and it appears that the IOM operation was a separate registered company in the IOM governed by the IOM authorities - exactly the same as KSF IOM.

In the case of Bradford the UK Govt stepped up and saved them. In our case the UK Govt intervened to freeze the assets of Kauthing UK effectively forcing KSF IOM into bankrupty as I am informed 60% of the KSF IOM deposit book is loaned to its UK sister company. No bank could survive if 60% of its assets were to a sister company whose assets were frozen by the Government!

Is it only me, or do others not see that the UK Govt was directly responsible for our predicament and must be forced to face massive political pressure to sort this out. They pulled the trigger on us! How can they choose to save one group of IOM investors and ignore us? They can only if we let them.

I've already offered my solution for the UK Govt to step in and underwrite our deposits on the basis that we all have to leave the money intact for 12-24 months (so the Govt faces no immediate cash call). This will give the UK Govt time to sort out the mess, recover all of the assets they can and then deal with Iceland via political channels to recvoer any shortfall under the parental g'tee (which we all relied upon and were conned by). This idea got some support last night but then seemed to just fade away like most other points that are made on these forums. How do we unite to focus our action.

Can someone post this for me on the ksfiomdepositors site for me please.