Dear ASA Members, I’m writing this open letter to you to keep you informed on the Progress (or lack of progress) on implementing an ASA Payment Protection Scheme.
It was agreed at last years ASA meeting in Vietnam that we would implement a PPS deposit scheme whereby all memebrs would be asked to place on deposit Euros 300 for the next couple of years and new Members to be charged Euros 500 for the next 3 years until we have built up a reasonable deposit to be able to use this to settle any bad debts among ASA Members should this happen.
Try as hard as we have, we have not been able to get our Bank to allow us to open a special account to hold these deposits in a separte trust account from our general accounts, they wont agree to this. The reason being given although the money is coming from ASA members to be held in a Trut account only to be used in case of any bad debts. The bank cant then allow the ASA Management to withdraw money from this account as the money is not ASA’s but its members.
Secondly in Spain there will be a tax on the total amount of interest being held which would have to be paid in Spain I guess by ASA Network.
So more recently we have been looking at finding a bank that will allow this, we tried Hong Kong and Cyprus to no good effect the same issues come up because they are worried about money laundering.
So now we want to ask you our members do you know of any insurance compay that maybe interested to Cover the ASA members possible bad debts at a reasonable price instead of using a deposit scheme.
Please send your ideas or views to Roy loken
P.S. If you havent already booked your place at this years meeting in Dubai now please dont delay simply go to www.asanetwork.org and click on meetings.