Tony Brown, Chief Minister of the IoM, told the UK Treasury Select Committee on 3 February that his government would be resolving the Kaupthing bank issue by implementing its well-proven DCS. Then why didn't he do just that ? Why all the hugely expensive SoA hanky-panky?
The simple answer is that the IoM government is on record of having considered that a SoA over the DCS was first & foremost in the best interests of the IoM. Any so-called benefit to depositors was an entirely secondary consideration.
The FSC & bank Directors made a serious error of judgement which they know fully well, but the incestuous system has been busy throwing money at a scheme of obfuscation to cover up for the gross regulatory failure that took place prior to 8 October 2008. Now the government want the depositors to pay for their costs in respect of the failed Scheme of Arrangement! No doubt the people of the IoM will be pleased to sacrifice any moral notion for justice to be done in favour of an unjust resolution that makes the depositors pay for yet another failure of their rotten government.
The need for a clean up in politics is not confined to Westminster; it reaches into the black heart of this rotten Crown Dependency.