Banks: Isle of Man

Treasury written question – answered on 22nd January 2009.

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Photo of John Butterfill John Butterfill Conservative, Bournemouth West

To ask the Chancellor of the Exchequer

(1) what discussions the Financial Services Authority (FSA) had with the Derbyshire Building Society on its application to establish a wholly-owned banking subsidiary in the Isle of Man; and what assurances the FSA received in respect of (a) the terms of business of the subsidiary and (b) the protection and indemnification of depositors;

(2) what conditions the Financial Services Authority attached to its approval of the sale by the Derbyshire Building Society of its Isle of Man subsidiary to Kaupthing Singer and Friedlander.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

holding answer 19 January 2009

I refer the hon. Gentleman to the answer I gave Mr. Mitchell on 26 November 2008, Hansard, column 1902W.

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John Winter
Posted on 6 Jul 2009 1:12 pm (Report this annotation)

Having spent ten years working in the middle east away from family and fiends, and saving money with the DerbyshireOffshore for the last 9, 'because it had to be offshore', they didn't offer me any choice about what to do with the money in my 'base rate tracker account', when taken over by Kaupthing, I had no account number with Kaupthing for 3 months, and when i finally got access to my money through internet banking in June 2009, when I most needed to withdraw my hard earned savings in September, I was then conveniently blocked from accessing it, presumably to prevent a run on the bank's money. Despite numerous unanswered e-mails and phone calls my internet banking remained mysteriously suspended until the bank finally collapsed, leaving my family in Bangladesh without a proper roof over their heads, and my Bangladeshi wife not quite undestanding that thieving, and I mean thieving, appears to more prevalent in Europe than in her own country, which had previously been voted 'most corrupt country'. In future I would rather trust any savings to the Bangladeshi banks than the corrupt brigade of bankers, governments, regulatory bodies in the Isle of Man, UK and Iceland, busy covering each others backs in their pathetic and amoral campaign of disinformation against honest hardworking savers on relatively small incomes. When are the politicians going to act on the Treasury Select Committee's findings, and help 10,000 of us get us our money back !

Disgusted and dismayed,

John Winter