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DAG not impressed by recommendations

by isleofman.com 18th January 2011

This week's sitting of Tynwald is being asked to receive a second interim report from the Select Committee on Kaupthing Singer and Friedlander (Isle of Man) Limited, and approve a number of suggestions.

The three man committee, chaired by Rushen MHK Juan Watterson, lists eight conclusions and makes nine recommendations.

Among other things, it says it should no longer be possible for directors of banks to be members of the Financial Supervision Commission, although Mr Watterson says there's no implication that was a specific issue in the KSF case (first part of audio file):

The committee's recommendations have not impressed the Depositors' Action Group, which describes them as 'weak and cosmetic'.

The group says the report's findings may improve scrutiny of banks in the future, but will disappoint thousands of members who lost their savings in the collapse.

The depositors say the findings being put to Tynwald fail to place sufficient blame on the FSC. 

Laurence Godfrey speaks for DAG's strategy group (second part of audio file):

Clip 1
Posted by isleofman.com
Tuesday 18th, January 2011 09:07pm.

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