About Me

 

I was a depositor with the Derbyshire Building Society (IOM), taken over by Kaupthing Singer Friedlander Isle of Man (KSFIOM) in December 2007. This deposit consisted of my savings, the proceeds of a property sale and some money I had inherited. This deposit disappeared when the FSC withdrew the bank’s licence on the 9th of October 2008. I went from being moderately well off to having virtually nothing overnight. I have been subjected to a lengthy liquidation process and so far have only received 95.8% of my money back. The liquidation process is expected to drag on to 2017, nearly a decade after the bank’s collapse. In the unlikely event someone is jailed for their part in the collapse of Kaupthing the liquidation period will probably be longer than a prison sentence for white collar crime.

 Posted by at 6:40 pm

  2 Responses to “About Me”

  1. I also was a depositor with the Derbyshire Building Society ( Isle of Man ) building up savings over many years of employment in the Far East. I rolled over my savings into a 12 month term deposit commencing end October 2007 but within days thereafter and without any prior advice to depositors Derbyshire Building Society ( Isle of Man ) was sold to Kaupthing Bank hf of Iceland and combined into Kaupthing Singer & Friedlander ( Isle of Man ). Subsequently, the Derbyshire advised depositors that Kaupthing Bank hf had “a higher credit rating than the Derbyshire” and offered a “parental guarantee” to secure 100% of our deposits. I retired in April 2008 and being non-pensioned expected to draw down my savings to purchase a home in the UK and meet living costs. On 9th October 2008 ( a few weeks before my term deposit matured) KSF(IOM) ceased trading and protracted liquidation has continued thereafter. In order to meet daily living I have had to resume working ( now nearly 66 years of age ). I curse the day I started to build up my life savings in the Isle of Man.

  2. I too ”curse the day I started to build up my life savings in the Isle of Man”. RSK, also based in the IOM approached me ten years agon while I was working in the Arab Emirates and earning a good income. They took cuts off my salaray and the savings reached $100000. I can withdraw the money now, they tell me on the phone, but it would be tens of thousands less than what I put into it.
    I wonder what they have done with my life savings?

    Now I am back home, I need to make a downpayment for a flat to live in but don’t have the heart to take the money out with this horrific loss!

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