Well, as can been seen on the other pages of this website, far from being an Isle of Man issue this is an issue of the British Government's making (Particularly messers, Brown, Darling, Pearson and their apologist Hector Sants) and one that only the British Government can resolve.
Prior to a UK Treasury Select Committee hearing on 3rd of Feburary both Allan Bell, Tony Brown and John Aspen (Treasury Minister, Chief Minister and Financial Regulator in the Isle of Man Government) were upbeat and positively 'punchy' in correctly blaming the UK Government for the predicament of the Kaupthing Singer and Friedlander depositors. Mysteriously, this stance evaporated when Tony Brown travelled to London for the UK Treasury Select Committe hearing.
Perhaps not so mysterious; it is quite obvious that the UK Government put pressure on the IoM Government - thru Tony Brown - to 'tone it down' and stop blaming the UK. As the Isle of Man relies on the co-operation of its big brother it would have been quite easy to hold the Isle of Man to ransom.
Quite simply, the Isle of Man was bullied to stop blaming the UK and to say that it itself was responsible for the failure of the bank and for compensating the depositors. However, while Brown and Bell continue to try and stand between the depositors and the UK it is obvious that they cannot cope and that without the £552Million, confiscated by the UK Government's Alistair Darling, the depositors do not have a
hope of getting any decent compensation. Shame on Allan Bell. Shame on Tony Brown. The UK Government forced British citizens to use banks on the Isle of Man. The UK Government conned the IoM bank to put half a billion in a known dodgy UK bank. The UK Government put the UK bank into liquidation knowing that thousands of British citizens would be forced into poverty and that Isle of Man would not be able to cope. The UK Government refuses to give the £552Million back while at the same time paying UK cat charities, millionaire friends of Labour (Dave Whelan) and select public companies. See Q565 - Q568 of the Treasury Committee hearing.
Further proof of the pressure that the UK Government obvously applied to Tony Brown & John Aspen was John Aspen's reply to Q569 from Nick Ainger MP. Nick asked why £550Million was transfered to London. Despite the Isle of man previously saying, publicly, that the UK Financial Authority had advised the transfer, John Aspen did not mention the UK Financial Services whatsoever. Shame on John Aspen for allowing himself to be bullied by the UK Government. The UK Government forced British citizens to use banks on the Isle of Man. The UK Government conned the IoM bank to put half a billion in a known dodgy UK bank. The UK Government put the UK bank into liquidation knowing that thousands of British citizens would be forced into poverty and that Isle of Man would not be able to cope. The UK Government refuses to give the £552Million back while at the same time paying UK cat charities, millionaire friends of Labour (Dave Whelan) and select public companies.
The IoM should never have become a 'financial' centre. With a population of only 80,000 it was never equiped to handle a bank collapse. The BCCI scandle, whereby customers are still receiving the odd cheque for £20 many years after its collapse, should have warned both retail customers and corporate finance companies that small insular centers of finance are very dangerous and silly places to put any money - let alone a families life savings! As has been pointed out, many many people were forced to use the banking services on the Isle of Man as it was impossible to open or maintain a UK bank account. Those people living abroad who do maintain UK bank accounts do so by simply lying about their address and using a relative or close friend's UK address (as i discovered after much digging). The IoM Government, while being weak and spineless, is largely not to blame; as time goes on there may be the odd discovery of the undoubted corruption and dodgy dealing (only need to look at the faces on the various regulatory committees to see that!) but above all the IoM simply cannot afford to pay bank customers of its
Why anyone (who was not forced) would place any money in an Isle of Man bank beggars belief. Why anyone trusts a word that the UK Government says also beggars beleif. Why anyone in the UK would vote for any of the three main political parties is a question that can only be answered by the UK public.
The UK Chancellor has the power to instruct the Kaupthing HF liquidator to return the £552Million to the Isle of Man bank in its entirely. It is detailed in the Banking Bill (2008) and it is a power that he has used to pay back cat charities, Labour friendly Millionaries (EG. Dave Whelan) and select public companies (where MP's have shares?). The UK Chancellor chooses not to for entirely political reasons. He does not give a damn about the fact the British Lives have been and continue to be destroyed. He does not give a damn that his Government forced these people to use offshore banks. And he doesnt give a damn that it was his action that caused the disaster NOT A GLOBAL 'DOWNTURN' BUT THE ACTION OF THE UK CHANCELLOR.