Manx Herald 17 June 09: Letter to editor - In defence of Mr Cannan MHK

Link: Depositors-2368

In the Tynwald on 16 June Mr. Allen Bell set out to put down the courageous Mr. Cannan.

Mr. Cannan should not be made some sort of scapegoat & discredited in this matter. At the outset he & fellow MHK's were given 'best advice' from professionals and that advice favoured the proposed SoA (Scheme of Arrangement). At that point it was understandable that he should support the SoA in the light of the way it was sold to the Tynwald.

If Mr. Cannan had known at the time what the outcome was to be, and had he known the enormous cost of engineering the SoA, I am sure he would not have supported what the professionals were so strongly advocating as being in the depositors' best interests and those of the IoM.

With hindsight Mr. Cannan can see that the SoA was in fact a scheme that put depositors' interests second to those of the IoM, & he has the guts to stand up for what he feels is an injustice being done to depositors.

The IoM needs more politicians like him -- politicians who have integrity & recognise injustice when they see it. I believe that he knows the FSC (Financial Supervision Commission) & directors failed in their duty to protect the trust depositors put in them, and I admire his willingness to speak up to see that a terrible wrong is put right.

A credible solution would be for the Treasury to borrow the money 'in house' from the banks and pay it back as the assets of KSFIOM are recovered. If the Tynwald had the moral courage & integrity to sort the Kaupthing debacle by restoring all deposits 100% through such an arrangement, then it would be giving a clear signal to the world that the IoM is assuredly the safest & securest place to deposit one's life savings.


Eric-h on 18 June, 2009 08:49:53

I too applaud Mr Cannan for having the courage too U turn when he realised the SoA wasn't in the best interests of the depositors. This point was highlighted during the vote against it. Honesty,decency, and a sence of fair play are valuable attributes in this day and age. its a pity more of his fellow MHK's don't have these qualities or if the ones that do only had the backbone to say no to their illustrious leaders before we end up with our own Tehran and London democratic protests against corruption and incompetence

wilf on 19 June, 2009 07:10:28

When you don't have a case to argue attack your questioner. That's just what the Treasury Minister did last Tuesday. It was embarrassing that Mr Bell hadn't even got an approximate cost of the failed S O A He will let Members know the details soon, but will that be in a public forum like Keys (which is broadcast) and can be discussed by Members, or will it be via a memorandum and the usual Treasury spin?

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