30-Mar-2016: Liquidators' Update, see Deloitte site

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Manx govt funding to speed up compensation for KSF IoM depositors

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.

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.

Iceland can cope with payment in Icesave deal-cbank

* Iceland cbank says no risk of default on Icesave deal

* Assumes Landsbanki asset recovery at 75 pct of debt

REYKJAVIK, July 15 (Reuters) - Iceland is at no risk of defaulting on payments to Britain and the Netherlands for billions of pounds and euros lost in Icelandic accounts, the country's central bank governor said on Wednesday. Reuters India website - 15-Jul-09.

Dutch Icesave Depositors to Sue Iceland

Approximately 200 Dutch savers who had deposits in Icesave, the Icelandic Landsbanki bank’s online savings unit in the UK and the Netherlands, are preparing a lawsuit against the Icelandic state, based on discrimination.

The complainants argue that they were discriminated against since they were not given access to their savings accounts in the new state-run Landsbanki (NBI), whereas the bank’s Icelandic depositors were, Fréttabladid reports.  06-Jun-09.

Why do Shelter Offshore Readers Hate the Isle of Man?

Since publishing an article this week about saving offshore in the Isle of Man we have been inundated with complaints by our readers who point out the scandals and negative headlines that have dogged the jurisdiction over the past twelve months or so. . .

. . .It is alleged by the government that three quarters of all savers affected by the collapse will be fully compensated – this is far better than those affected when Landsbanki in Guernsey failed for example. . .  Shelter Offshore website - 03-Jul-09.


Icesave deal agreed – final confirmation next week

The Icelandic treasury should take responsibility for the ISK 640 billion lost because of Landsbanki’s failed Icesave accounts in the UK and the Netherlands, but will pay nothing at all for seven years. The country will then have eight years in which to pay off the debt. This is the tentative conclusion of negotiations which have been ongoing for several months.

The interest on the loan will be 5.5 percent per annum, according to RUV – and will start to be applied to the total debt immediately. The rate of interest will decrease in line with Landsbanki’s assets covering the debt. 06-Jun-09.

Possible Solution in Icesave Dispute Presented in Iceland

Delegations on behalf of British and Dutch authorities are currently in Iceland and discussed the dispute surrounding Landsbanki’s Icesave deposits with the Icelandic negotiation committee until late last night. A possible solution will be presented to the Icelandic government today. . . .

. . . In Britain, the Icesave dispute has involved what the actual value of Landsbanki’s UK assets is and what kind of an interest rate arrangement the agreement with Iceland should have. The arrangement of payments has also been debated. 05-Jun-09.

[KSF] Bank's offshore arm in liquidation

The offshore arm of an Icelandic bank has been put into liquidation, paving the way for compensation payouts for savers.

A winding up order was made on Kaupthing Singer & Friedlander Isle of Man (KSFIOM) by the island's Deputy Deemster.

The move opens the way for the bank's 10,000 savers to receive payments from the Isle of Man's Depositors' Compensation Scheme of up to the first £50,000 lost, plus any other money that is recovered during the liquidation process.  27-May-09.

EU: ECB chief should head new EU oversight agency

Associated Press: The European Central Bank president should head a new oversight agency to monitor risks to the European Union economy and help prevent a repeat of the financial crisis that has dragged the region into recession, the EU executive said Wednesday. . .

. . .  EU financial services commissioner Charlie McCreevy said these reforms would have helped curb the Icelandic banking crisis because supervisors who were worried that foreign banks didn't have enough capital to cover loans could have demanded action from Iceland's supervisor.

Britain last year froze assets belonging to Iceland's Landsbanki, which collapsed in October, to ensure British savers would get some of their money back. McCreevy said British supervisors had flagged worries about Icelandic banks long before the crisis "but nothing was done."  27-May-09.

Icesave deal tantalisingly close: Iceland Finance Minister

“There has been a great deal of work done on this issue and we are nearer than ever to working this out,” said Steingrimur J. Sigfusson, Iceland’s Minister of Finance in regard to negotiations with the Netherlands and UK authorities on funds from Landsbanki’s old Icesave savings accounts in those countries.  25-May-09.

Dutch gov’t pays 106 mlllion euros to Icelandic bank depositors

BRUSSELS, — The Dutch government paid 106 million euros (147 million U.S. dollars) to Dutch individuals and local governments who deposited money with the now bankrupt Icelandic Internet bank Icesave, Radio Netherlands reported on Thursday. . .

. . . The figure was given by the Netherlands Court of Audit, an independent body charged with monitoring the collection and spending of public funds. This was higher than the Dutch Finance Ministry’s estimate of 92 million euros (128 million dollars). darithdeng website -22-May-09.

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