Thursday, June 18, 2009

The depositors' 'Memorial' website

There are two sides to every coin. One side of the Kaupthing IoM coin puts the ultimate blame for the Kaupthing bank debacle four square on the shoulders of the IoM Financial Supervision Commission and the bank's directors. The other side of the coin shows up the involvement of the UK government & the Financial Services Authority in the whole disaster. See the depositors' 'memorial' site here

There is now international acceptance (eg: by the g20) that whilst there were many weak links in the chain, regulatory failure was one of them. But why should depositors - who put their trust in what they were told was high quality bank regulation in the IoM - lose out? Why does the IoM government not accept that its FSC was one amongst many that failed depositors across the globe? Other governments have undertaken to vouchsafe savings deposited in banks under their jurisdiction so why doesn't the Isle of Man government do the same?

The IoM is a major player in the off-shore financial services market. If its government choses to ignore the facts, accept responsibility & seek to put things right by the depositors then it will invite other prospective depositors to look elswhere to put their money..

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