Comparison of the UK (FSCS) and IOM (DCS) Compensation Schemes for bank deposits by the Kaupthing IOM Depositors Action Group (KSFIOM DAG).

KSFIOM DAG do not believe that the IOM DCS is at all equivalent to the UK scheme and should in fact only be called a Depositor Early Payment Loan Scheme (or similar)...

Speech on the Public Accounts Committee Report on IRIS 1991 to 2007, as given in Tynwald on 16 November 2010.

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Thank you Mr President - A PAC report of this nature covering the first 16 years of such a significant and costly capital project presented an extremely important opportunity to produce a fearless, comprehensive and honest document which could inform, advise and guide those who come after us for the good of the Isle of Man, the taxpayer, the whole capital contract commissioning process, our Government and Parliament and indeed the standing of the Public Accounts Committee itself.

This has been an opportunity completely missed.

Interesting to hear the Steam Packet wailing about 'unfair competition'. I'd have thought the User Agreement made them the unfair competition.

Bill Malarkey, Phil Gawne and Chris Robertshaw have got it right. The principal problem with the Steam Packet is that they effectively financed their owners purchase of them through debt ( see Tynwald Hansard and previous article). Bit like the recent ignomously departed owners of Liverpool FC.  

Their management have a lot to answer for. Buying one clapped out vessel could be deemed a mistake, but buying two vessels with engine issues that have elongated journey times is surely pretty careless. I understand that the Mezeron freight operation in Douglas operates on some land that was recently sold by the Steam Packet. I wonder if they blame our government or the User Agreement for that!

We may have to put up with some discomfort as the Packet try to swing public opinion by pruning the timetable to the minimum required under the User Agreement, but this is worth going through if it will result in us gaining an operator free of the debt burden and overbearing management structure that characterises the present company.

Statement from the Kaupthing IOM Depositors Action Group (KSFIOM DAG) on the position two years on from the banks collapse in October 2008.