Manx Alchemy

The song reflects the individual experiences of a number of depositors with the failed bank.. I am happy to be able to correct your report and tell you that my own business is OK. We were fortunate enough to pay a large invoice to a supplier just before the bank went under and so reduce our deposit to a managable level... But it was a close run thing! It would have been ironic if we received a Queen's Award and went bust in the same year! Nick

Posted by: Nick Campling

KSFIoM depositor on the Trafalgar plinth

The IoM government is currently making misleading & exaggerated claims to the effect that the IMF has given the IoM a clean bill of health. It is not true. The IMF team visited the island before the collapse of Kaupthing bank and it is self evident that the report was delayed a year so that it could compare a revised FSC banking code & rule book with an updated Basel II protocol. Having a regulatory regime that is in line with the Basel protocol is not the same as having a clean bill of health as a recommended place to put one's life savings. There are unacceptable risks and the chief of the FSC has advised depositors to satisy themselves of the risks since he states that depositing like investing is not risk free, & the FSC will not be held responsible if another bank should fail. From the bitter experience of the KSFIoM debacle dispossessed depositors are saying loud & clear: "DON'T BANK ON THE ISLE OF MAN as it could seriously ruin your wealth." Jim for Justice http://ksfiom-blog.blogspot.com http://www.kaupthingiom-dag.co.uk

Posted by: Jim