The Isle of Man parliament has approved a £193m government funding package which will accelerate full repayment for more than three-quarters of depositors with Kaupthing Singer & Friedlander IoM.

The new funding package will enable full DCS entitlement to be paid out to claimants by early September, bringing a 100 per cent return of deposits to more than three-quarters of KSF IOM depositors.

The money from Manx government reserves will expedite payments of up to £50,000 per individual depositor under the island’s depositors’ compensation scheme.

The funding comprises £73m in direct support from government under the DCS regulations and an interest-free loan of £120m. This comprises £21m in advance of levies due from banks, and £99m against future dividends payable by the liquidator.  16-Jul-09.

http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=190230&d=340&h=341&f=342

See also:

Full repayment by September for majority of Kaupthing IoM depositors  International Adviser website - 16-Jul-09.

Kaupthing Singer & Friedlander savers to get compensation within weeks  Telegraph website - 16-Jul-09.

Icelandic savers to get money back  Reuters website - 16-Jul-09.

Isle of Man to pay savers £193m Financial Times website - 17-Jul-09.

Isle of Man to pay out £193m  City A.M. website - 17-Jul-09.