Thursday, October 09, 2008

Remember This Day Well...

Everybody on the Isle of Man should make a note of this day, it's the day that the islands financial services industry (the finance sector) started its swift route to doom.

The manx government have just approved a new depositors protection scheme that will protect PERSONAL savings up to £50k. This new scheme offers no security at all to corporate/trust accounts. How much of our ecomony is based on corporate/trust work, shifting numbers on spreadsheets between banks? Shit loads. Who in their right mind will risk their money in such a small economy in the current environment? The shockwaves are already travelling around the internet at lightning speed at the news of the "local" savers at Kaupthing Singer & Friedlander (IoM)Ltd who have just been screwed. Like most of our banks, they are seperate entities to their UK/intl counterparts. Great when you're looking at tax saving when things are good not so great when things go tits up! If you're doing business in the Isle of Man you'll need a local account and all the risks that go with it.

I'm of to buy a gun and a fishing rod. Not worth worrying about money, cos fairly soon none of us are going to have any.


Mikey said...

Yay! We'll soon all be equally poor. We can cultivate a communnist utopia and live off the land.

Intelligence and girth will be the new bow down to your new lord, you scummers!!!

p.s. I think I spellded communnist wrong.

PaulB said...

I forgot, we've still got our farming, fishing and tourism indutries to live off, we'll be fine :)