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Thumper the rabbit, whose ‘parents’’ savings are trapped in collapsed Kaupthing Singer & Friedlander (KSFIOM) has hopped on the YouTube bandwagon, making a video warning would-be savers not to bank on the Isle of Man, with similar clips pulling in thousands of viewers.
The rabbit's video is one of nine which have collectively attracted over 6,600 viewers on the popular website in the past fortnight, as members of action group KSFIOMDAG decided to use the site as a platform to raise awareness of their plight.
Masked expat pensioner Evelyn, or "Fleeced 2008" started the trend with a musical attack on the jurisdiction (see it here).
Since International Investment's report, Evelyn's video has pulled in almost 4,000 viewers and sparked fierce debate about who is to blame for the bank's demise in October last year.
A battle has been raging online as depositors and others posted comments on the nine videos.
In his video, Thumper mulls who is to blame for the KSFIOM situation and worries his supply of carrots may run out as his ‘parents'' savings are trapped in the bank, (see it here).
Thumper's view that the UK and Isle of Man government should support the depositors and return all of their savings is supported by one individual who describes Thumper as: "a sensible bunny that seems to have a frighteningly astute financial brain and wonderful insight into a despicable situation".
However, another comment reads: "Listening to the rabbit, the first question would be just who placed their money in such a silly place."
Many depositors with trapped savings of less than £50,000 should receive their deposits back in full next month, following the approval of a £193m funding package by Tynwald.
John Spellman, director of Isle of Man Finance, says: "The Isle of Man Government sympathise with depositors in KSFIOM and we respect their views in relation to the collapse of the bank.
"We continue to work with all parties to return as much of the funds as possible."
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Depositors with up to £50.000 will receive their money back in full. Many depositors have much more at stake. It may take up to 2014 before they get (if they are lucky) 70% of their money returned by the failed bank Kaupthing Singer and Friedland on the Isle of Man. Every country other than the Isle of Man has paid back depositors in full. The depositors were given 100% guarantee both by the Derbyshire Building Society and by Kaupthing who later bought the Derbyshire. These guarantees have proved worthless. Many people have lost their life savings and some their lives because of this debacle. The blame falls fairly and squarely with the British Government and the government of Isle of Man. The UK government panicked when an Icelandic bank went to the wall last October. Using the act of terroism the FSA froze the assets of the well funded London Branch of Kaupthing putting a secret order on the bank. This had a knock on effect on its sister bank in the Isle of Man resulting in the bank going into administration. Since last October depositors have received only 3% of their money. My family had their life savings in the bank. Living abroad we were not allowed to open a UK account with a British bank. We did not have a UK address so were advised to put our money off shore. This we did with catastrothic results. It has taken the Isle of Man months to devise a poorly thought out plan for a Scheme of Arrangement which many of the depositors opposed and that battle was won. Finally in May the bank went into liquidation. Had this been done in October 2008 we would not have had to fund the lawyers for the aborted Scheme of Arrangement which has cost us a lot of money or pay a fortune to the liquidators. Even now perhaps the poor depositors may be made to pay for a recently discovered three million black hole pension fund found in the bank. So to all those thinking about banking in the Isle of Man - I say please think very carefully before doing so.
Posted by: Mk Tomblin