The exercise of democracy on the isle of Man is not one of its strongest virtues. Manx folk just want a quiet life to enjoy the prosperity that the world brings to its shores through deposits & investments. The dispossessed KSFIoM depositors are just an irritation to the government which claims that the effect of the loss of the bank has had no effect on the IoM economy and its AAA credit rating.
It is going to be in for a rude shock when it finds the world no longer considers this offshore centre a place on which they can bank with complete confidence.
The depositors have no quarrel with the people of the IoM; their gripe is directed at the directors & the FSC who failed to exercise due diligence in what they did that brought down the bank.
Manx folk need to wake up to the potential disaster that is going to affect the island's economy unless the government does the right & honourable thing to protect the well-being of the IoM, namely restore all deposits 100%
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I work in the financial sector on the island which is puts the butter on the bread for a lot of people. We are here to make money for the bank & for the IoM. If people have been let down as they have with Kaupthing its not surprising that they will tell others not to trust us. People are now dead suspicious of bankers & what is coming out of Iceland about Kaupthing there gives them every reason for not trusting them. The industry should do something now to get this Kaupthing mess sorted. Let the Kaupthing depositors have their money so we can restore confidence in the island as a place that can be trusted.
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Totally agree. If the IoM had backed the depositors Money 100% . Money would be rolling into the Island thus providing jobs etc instead money is leaving the Island by the boat load.
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