Actions regarding Isle of Man and vouchsafe depositors

Dear Sir or Madam,

Thousands of mainly British savers in Kaupthing Singer &
Friedlander (KSF) Isle of Man have been deprived of access to their
savings since October 2008. The demise of the previously solvent
bank occurred as a result of the freezing of monies deposited with
KSF UK after the UK Government's actions against Icelandic Banks.
TSC findings indicated various ´weaknesses´ by both UK and IOM
regulatory authorities.

Considering that:

1) Gordon Brown has been quoted as saying that "as a matter of
policy all governments should vouchsafe the savings & deposits in
the banks in their jurisdiction."

2) Alistair Darling in a TSC meeting stated that ¨In relation to
savers, for perfectly obvious reasons in the current climate, I
think it is necessary to make it very clear to savers we will do
everything we can to look after their savings. If we didn’t do that
the situation would be really very, very difficult. I think most
developed countries are in that same position.”

3) The TSC report recommended that the UK Government should work
with the Isle of Man to resolve the
issue.

I would like to know precisely what steps the UK Government have
taken, or are planning to take to ensure that the Isle of Man
comply with the publicly stated recommended policies as above. It
is apparent that the Isle of Man, as a Crown Dependency, need to be
instructed to comply and may well require assistance in order to
reimburse 100% of depositors monies, therefore please also confirm
that assistance by way of release of funds frozen with KSF UK
(understood to be within UK Treasury powers) or a loan to the Isle
of Man, has, or will be offered.

Yours faithfully,

Ian Davison

Dear Sir or Madam,

Please pass this on to the person who conducts Freedom of
Information reviews.

I am writing to request an internal review of Her Majesty's
Treasury's handling of my FOI request 'Actions regarding Isle of
Man and vouchsafe depositors'.

The standard response that I received does not address the issues I
raised. In particular, the fact that the Isle of Man assured the UK
that they had the resources to meet the cost of their compensation
scheme is irrelevant - they have failed to address the fiasco as
per the policy publicly recommended by the British Prime Minister.
What steps have been taken to ensure that the Isle of Man adhere to
this recommendation and vouchsafe 100% of innocent depositors
monies? I am fully aware of the status of the Isle of Man, and the
fact that the UK have responsibility for their ultimate good
governance. One assumes that when the British Prime Minister makes
a statement he is being sincere, I would therefore expect his
publicly stated recommendations to be implemented in territories
within the control of the UK.

Thousands of mainly British savers have been devastated by this
fiasco, which was triggered by the UK Government & without
reference to their counter parties in the IOM (the UK FSA & the IOM
FSC had a MOA in place, and despite this communication over the
affair was sadly lacking - see TSC report), and the matter requires
dealing with in a serious matter.

A full history of my FOI request and all correspondence is
available on the Internet at this address:
http://www.whatdotheyknow.com/request/ac...

I would at least expect an informative response directly addressing
my questions. Grateful if this could be arrange.

Yours sincerely,

Ian Davison