The latest figures published by the IoM Financial Supervision Commission show a further decline of £390,000,000 in bank deposits over the previous Quarter. This is a total decline of £3.38billion since April 2009. In the context of the IoM's other troubles it is not surprising that the FSC Board delayed publishing these depressing figures.
No doubt the government will make light of the statistics, attributing them to anything other than the Kaupthing Depositors' Action Group campaign DON'T BANK ON THE ISLE OF MAN. Well they would wouldn't they?
Dispossessed depositors feel that they have a moral obligation to warn expats and others throughout the world of the risks involved in depositing on the Isle of Man. To this end a new website has been launched www.kaupthingiom-dag.co.uk which sets out out some of the reasons why putting your life savings in the trust of the Isle of Man could seriously damage your wealth.
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If I were living 'down under' & looking for somewhere offshore that offered a cut above the average available elsewhere I would be tempted to give the Isle of Man serious consideration to help me build up a nest egg for my retirement in 5 yrs time. I googled banking on the Isle of Man & was shocked to read so many pages warning people not to go there.
ReplyDeleteThe new website & this blog spells out the other side of the coin which the banks don't want me to see. A big thank you for all the warnings, and lots of good luck to those of you who have lost out by your banks bosses looking after themselves before looking after you.
Debz (Perth)