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17 February 2012

The Isle of Man government has published a report on the territory's banking sector and its performance during 2011.

The report shows that total deposits decreased by some GBP2.27bn (4.6%) to GBP47bn in the final quarter of 2011. For the full year, deposits decreased at a lesser pace, by 6.4%, or GBP3.22bn. This represents a fall of GBP9.32bn in deposit value from the peak of December 2008 when deposits stood at GBP58.1bn.

There was a marked fall of GBP1bn in the value of corporate/trust/fiduciary deposits during the year, from GBP20.1bn to GBP19bn; retail deposits declined at a faster rate from GBP19.85bn to GBP18.1bn. Moderate declines were witnessed in group deposits.

The report shows that of a total of 33 banks present on the island, the majority of foreign institutions are UK-based banks, 16. There are a total of 4 Irish banking institutions, 2 Spanish, 2 South African, 2 Swiss, and one bank from France, Belgium, the Cayman Islands and the US operating in the Isle of Man. 2 banks present on the Isle of Man are domestic banks.

Banking sector assets, at GBP51.8bn, were predominantly denominated in the Pound Sterling, with GBP35.1bn, and GBP16.7bn in foreign currency.

37% of funds held by island banks were from Isle of Man-resident individuals and companies, 9% and 28%, respectively. 25% of funds deposited are from entities based in the United Kingdom; 3% from the Republic of Ireland; 5% from other EU countries; 9% from EEA countries; 2% from the Middle East; 3% from the Far East; and 4% from North America.

The banking sector is well capitalised according to the data, with all banks meeting or surpassing Minimum Risk Asset Ratios set by the regulator.

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Original post:
Isle Of Man Banking Deposits Fall 6.4% In 2011

by Department of Economic Development

ISLE of Man Tourism has just published its latest handbook for group travel organisers, which provides a comprehensive guide to the diverse attractions of the Island for group visits. The Isle of Man Group Travel Guide Issue 2 is designed to demonstrate the tremendous value for money available to groups visiting the Isle of Man and covers travel to and transport around the Island, accommodation options, tours, attractions and eating out. 
 
Produced in a handy perfect-bound A5 format, the 92-page guide includes useful maps that pinpoint all the key points of interest within the Isle of Man’s main towns as well as showing approach roads and group drop-off points for the main visitor attractions.     
 
For ease of reference, the guide is divided into four sections, North, South, East and West,  in each case spotlighting that region’s main towns, attractions and tours. 
 
To cater for the growing interest in themed breaks, the 2012 Group Travel Guide also includes a section on the wide choice of specialist activities, tours and attractions available to group visitors.  These range from wildlife tours and specialist boat trips to see basking sharks and bottlenose dolphins to ghost tours and activities that include quad biking, sea kayaking and golfing.
 
As a shortcut to planning group trips, the guide features three full day and five half day  itineraries.  Each has been designed to focus on what makes a visit to the Isle of Man quite distinct from touring in the UK and to help group travel organisers make the most of the Island’s unique heritage and cultural attractions. 
 
For example, on one such itinerary, groups take a trip on the Manx Electric Railway from Douglas to Ramsey before rejoining their coach to go back in time at the Grove Rural Museum and Milntown.  The trip continues along part of the world famous TT course to Peel and its 11th century castle before returning to Douglas.
 
Details of 12 hotels suitable for larger group bookings are included in the Group Travel Guide and a full list of accommodation is available at http://www.visitisleofman.com.
With excellent local produce that includes award-winning Manx Queenies, smoked kippers and rare breed Loaghtan lamb, the guide also explains the Taste Isle of Man quality assurance scheme that signposts where groups will find the best home grown food on restaurant menus and supermarket shelves.  Group travel organisers are encouraged to get a copy of the free Taste Isle of Man Directory, available online at http://www.visitisleofman.com/taste or to pick up from the Welcome Centre at the Sea Terminal in Douglas. 
  
Mr Geoff Corkish, MBE, MHK, Member of the Department of Economic Development responsible for Tourism said:
 
‘Year round visits by groups are incredibly important to tourism on the Isle of Man, which means that the new Group Travel Guide will be a valuable tool in encouraging group travel organisers to consider arranging trips to the Island in the coming year. 
 
‘In these challenging times, we are keen to send out a message to the groups’ market that the Isle of Man is a great value destination on the doorstep of the UK and Ireland.’
 
As part of the drive to attract more groups to the Island, Isle of Man Tourism will be exhibiting on Stand E80 at Best of Britain & Ireland (BoBI), which takes place at the NEC, Birmingham on 14-15 March.  Copies of the Group Travel Guide will be available to stand visitors, where members of the Isle of Man Tourism team will be joined by six industry partners: Flybe, Isle of Man Steam Packet Company, Manx Heritage Railways, Manx National Heritage, Manx2.com and Premier Holidays. 
 
Copies of the Guide are available on request by calling Julie Colquitt on 01624 686888 or emailing traveltrade@gov.im.  It can also be downloaded from the official Isle of Man Tourism website at http://www.visitisleofman.com/groups.

-ENDS-

In Other Isle of Man News

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© Manx Telecom Ltd 2012

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2012 Group Travel Guide Launched by Isle of Man Tourism

ASUNCION, Paraguay - A stray dog is getting credit for thwarting a prison break in Paraguay.

Officials say three dangerous inmates dug a tunnel about 26 feet (eight meters) from their cell to the street, and were about to break free just before dawn when the dog began to bark and alerted a guard.

Authorities at the Tacumbu prison on the southern edge of the capital dragged the unlucky prisoners before the media on Friday to tell the tale.

"Because of a stray dog we couldn't escape," complained Hilario Villalba. "When I reached the street, sticking my head out, the stupid dog barked and alerted a guard."

Villalba, who is serving a 30-year double-murder sentence, vowed in his native Guarani language that he'll keep keep trying to escape because he said his sentence isn't fair.

Meanwhile in neighbouring Argentina, a yellow labrador named Tiza alerted border guards to a motorist trying to smuggle $110,000 in $100 bills into Uruguay. The driver denied carrying any money, but the dog sniffed out the bills hidden in the glove compartment, another compartment and inside the rear seats, Argentina's tax collection agency announced Friday.

Go here to see the original:
Stray dog foils prison break by inmates who tried tunneling to freedom in Paraguay

WASHINGTON ? Rick Santorum preaches Made in America, but, according to his tax returns, he was driving a German-made luxury car just a few years back.

Santorum, now vying with Mitt Romney for frontrunner status nationwide and leading in the race to win the Feb. 28 Republican presidential primary in Michigan, has made American manufacturing a major theme of his campaign. He has called for tax breaks for U.S. manufacturers and one section of his campaign website is called ?Made in America: Empowering American Families, Building Economic Freedom.?

But his 2008 tax return, released along with three other years Wednesday night, showed he was started driving an Audi A6 that year as part of his consulting business, putting nearly 12,000 miles on the car. He claimed $241 in depreciation on his assets that year. The website Politico posted the tax returns Wednesday evening.

The Audi A6, manufactured in Germany, listed for $42,950 in 2008.

During the Iowa caucuses, Santorum, a former U.S. senator from Pennsylvania, drew attention as he crossed the state in a 2006 Dodge Ram pickup belonging to a campaign aide and dubbed the ?Chuck Truck: for aide Chuck Laudner. As was reported by the website autoguide.com earlier this year, ?Whether or not it was intentional, the Dodge Ram has become a symbol for Santorum to prove that he?s hardworking and has spent the time to travel across the state.?

The Santorum campaign did not immediately return a request for comment.

The auto industry has been a sore point for Romney as well, as Democrats have hit him for opposing President Barack Obama?s 2009 rescue of General Motors and Chrysler. Romney has argued that a privately financed managed bankruptcy would have been preferable ? even though experts including the head of Obama?s auto task force, Steven Rattner, say there was no private financing available at the time. Without government help, they say, the companies could have slid into bankruptcy.

The Free Press had earlier asked the Romney campaign for information on the former Massachusetts governor?s cars and was told he drives a red 2005 Ford Mustang and his wife Ann a gray 2010 Cadillac SRX. They also have a 2007 Cadillac SRX and a 2001 Chevrolet pickup truck.

Romney acknowledged owning a vehicle other than one built by the Detroit Three ? Chrysler, Ford and GM ? in the last 10 years following a meeting with the Free Press editorial board, but he did not provide additional details.

Former House Speaker Newt Gingrich, another Republican candidate for president, has also released his tax return for 2010 but it did not include any vehicles. U.S. Rep. Ron Paul, also in the race, has not released his tax returns.

Read more:
Santorum drove Audi A6 in 2008, tax returns show

Posted: Thursday, February 16, 2012 7:19 pm | Updated: 10:35 pm, Thu Feb 16, 2012.

ECONOMY — Can a municipality secede from a school district?

People in Economy, upset with property taxes and school debt, have begun talking about the possibility of leaving Ambridge Area and merging with neighboring Freedom Area.

The topic has been raised by residents at consecutive Economy Council meetings, and in telephone and Facebook conversations.

“I’ve had a lot of discussions with people who think we need to explore our options,” Mayor David Poling said.

However, Ambridge school board members did not even mention the proposed secession at their Thursday night meeting.

The school tax rate in Ambridge is 69.83 mills, highest in Beaver County, and the school board has a proposed preliminary budget that requires an 18-mill hike. Freedom’s current rate is 44 mills and its preliminary budget requires no tax hike.

Poling said “there was complete outrage in Economy” when Ambridge Area revealed the possibility of an 18-mill hike after a 6.5-mill hike a year ago.

In January, Poling called Freedom Superintendent Ron Sofo to inquire about the possibility of merging, and the Freedom school board authorized solicitor Matthew Hoffman to prepare a report on the “law and procedures” that apply to a secession and merger. Sofo said the solicitor’s report, which has been shared with Poling, should not be viewed as the district’s commitment to the proposal.

“Our board has made no formal decision,” Sofo said. “We need to explore how this works. We need to learn more about the process.”

Sofo, after reviewing Hoffman’s 17-page report, said “it is not an easy, simple thing to do” and would probably be a 12- to 16-month process.

The process involves petitions signed by a majority of Economy’s taxable residents, a review of the petitions by Beaver County Court and a review of the impact on both school districts by the state Department of Education, according to Hoffman’s report.

“We need to do this. We can do this,” resident Jo Ann Borato said during the public comment portion of the borough council meeting this week. “I think you’ll start to see petitions start to be circulated soon by residents like myself ... Either (school board members) serve the people, or people leave your jurisdiction.”

Poling wants Economy Council to create an exploratory committee, but council President Larry Googins said he thinks the possibility should remain “a resident initiative.”

Some residents suggested launching a new school district.

“That’s almost an impossibility,” Poling said. “It’s more realistic to merge with Freedom.”

Poling said he has heard from people who think he should not get involved with school-related issues.

“I’m the mayor of Economy and I’m looking to see what’s best for Economy Borough,” he said.

“I think we should get behind the mayor,” Borato said. “This impacts all of our properties.”

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Economy may seek Freedom from Ambridge