ABP

- Rapport -

KSF AND 'A WELL REGULATED FINANCIAL SYSTEM' THAT FAILED

If any jurisdiction should have been well placed to predict a banking collapse one would expect it to be the Isle of Man. Within recent memory the Isle of Man has experienced the debacle surrounding the failure of the Savings and Investment Bank

Par Cathal Ó Luain pour Celtic League le 20/10/08 7:55

If any jurisdiction should have been well placed to predict a banking collapse one would expect it to be the Isle of Man.

Within recent memory the Isle of Man has experienced the debacle surrounding the failure of the Savings and Investment Bank (SIB) which caused untold misery not just to external depositors but also to local people of comparatively modest means, whose savings were wiped out.

The Island responded by putting regulation in place and establishing a banking supervisory body (The FSC). Periodically over the years as organisations such as the Celtic League and Mec Vannin have criticised the financial services sector the government has trumpeted its faith in the systems that were in place. We have, they said, a well regulated mfinancial system.

With the failure of Kaupthing Singer and Friedlander (IOM) we now know that those systems failed. Let us be clear on this. Whilst some local authorities in the United Kingdom had started to worry about the stability of KSF (and other Icelandic banks) and transfer their funds regulators both in Mann and the United Kingdom were apparently happy to let those banks continue to operate. This hardly smacks of a smoothly functioning regulatory regime.

Bizarrely, a back-bench member of the House of Keys has had to gather signatures from colleagues to demand 'more information' about the failed bank. One would have hoped that the Manx government itself would have taken the initiative within hours of the crash and pledged that all information would be placed in the public domain as soon as was practical.

The make-up and effectiveness of Financial regulatory bodies both in Mann and the UK should be the subject of serious scrutiny in the wake of this most recent banking crash. The public need to know what systems were in place to avoid such a crash, why they failed and who was responsible. Any whiff of prevarication or cover-up should not be countenanced.

Following the SIB crash for years distressed depositors periodically berated the Isle of Man and its government alleging that there had been conspiracy and cover-up. This time there should be no grounds for such allegations.

J B Moffatt Director of Information Celtic League 15/10/08

Voir aussi :

Michael D Higgins, président de la République d'Irlande, reçoit le Collier de l'Hermine à Dublin par Philippe Argouarch le 13/11/2024
Prix du livre insulaire 2025 par Culture, arts et lettres des îles le 12/11/2024
Forum de l’Arbre, de la Forêt et du Bois par ROND VERT le 13/11/2024
Ar Redadeg : remise des chèques pour le soutien de la langue bretonne par ChatGPT le 12/11/2024
Christian Troadec : J'étais un élément turbulent car je demandais un vrai plan de sauvegarde de la langue bretonne par Philippe Argouarch le 12/11/2024
Exposition des artistes plasticiens OSTRE'ART 2024 par I.R. le 11/11/2024
Inauguration à Carhaix : hommage émouvant à la poétesse Anjela Duval et à Sébastian ar Balp, figure des Bonnets Rouges par Philippe Argouarch le 09/11/2024
L’Union Démocratique Bretonne appelle les communes bretonnes à agir contre la crise du logement avec la nouvelle loi sur les meublés de tourisme par ChatGPT le 09/11/2024

The Celtic League has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on socio-economic issues. TEL (UK) 01624 877918 MOBILE (UK)07624 491609 (voir le site)

[ See all articles from Celtic League]

Vos 0 commentaires

Commenter :

Put your name here

ABP

Agir

Nous suivre