You may have a route to get your money back in full:
http://www.moneysavingexpert.com/shopping/visa-mastercard-chargeback
Have a look at the "Chargeback successes" section.
If you think it's doable, there's a key 120 day window in which to act.
Visa debit card spending of £100 or more is covered by a voluntary scheme, which the banks do abide by.
All other debit cards, as you say, give no insurance or recourse to the provider.
Was this a perfect storm of many factors, some unlucky (terrorism and the dollar fuel cost) and some bad strategic decisions in the past?
BBC Business spoke to airline analysts who stated that Monarch had pulled out of the charter side some time back. Chartering gave them guaranteed income...