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Depositors demand public inquiry

by isleofman.com 11th February 2009
The chorus of KSF depositors demanding a public inquiry into the banks' collapse appears to be reaching a crescendo.

And there's been a continuous outpouring of anger over the chief minister's performance before a United Kingdom Treasury Select Committee last week.

Manx Radio has been inundated with comments from depositors losing patience with the government's response to the affair.

On Mandate at One today, Marian Kenny looked at some of them (text, below, from attached audio file):

The Kaupthing depositors are a determinted and highly motivated group, as you would expect, and have closely followed events since their money disappeared last Autumn.

Many have contacted us to say they feel the chief minister threw away an invaluable opportunity to defend the Island's financial system, and instead focus the Treasury committee's attention on the crucial role of the British government and UK regulators.

One, who signs himself a "devastated depositor", says the Isle of Man government had the chance to put some blame on the UK government but failed the depositors miserably. "The WI could have done better", he concludes. "Why did you let us down, and why did you bother going?" another asks.

The emails, many of them sent directly to Mr Brown, make disturbing reading for him.

"He chose to protect his political career rather than the KSF depositors" reads one, "you seem to be a lackey of the British government" says another. "Isle of Man government leaders are behaving like deer caught in the headlights", is another comment on those lines.

There is also widespread support for the call by Manx advocate Jonathan Smalley that the time has come for a public inquiry.

Many correspondents describe the distressing circumstances they now endure, including a retired woman who has returned from Spain to work in a care home.

Perhaps most worryingly the depositors are as one in asking: "If an apparently solvent bank which guaranteed the security of savings collapsed as it did, can the Island's reputation as a banking centre ever recover?"

It's a question for which, as yet, the answer is far from clear.




Posted by isleofman.com
Wednesday 11th, February 2009 11:20pm.

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