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.

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Savers who lost money through the collapse of the offshore arm of an Icelandic bank could get up to 80% of their money back, the administrator said.

Deloitte said savers in Landsbanki Guernsey, which was part of Iceland's second biggest bank Landsbanki, and other creditors of the group should get back between 70p and 80p for every £1 they had lost.

The group added that it was also planning to make a second payment of between 15p and 25p for every pound people were owed in August this year, although the money is dependent on a payment from Heritable Bank, which was also owned by Landsbanki, and the recovery of certain loans. 08-May-09.

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Three-quarters of savers who lost money through the collapse of the offshore arm of an Icelandic bank will get all of their cash back now a Scheme of Arrangement has been approved.

An Isle of Man court has approved a Scheme of Arrangement for Kaupthing Singer & Friedlander Isle of Man (KSFIOM), saving the bank from liquidation. . . .

. . . It is estimated that 54% of depositors will get back all their money within three months under the scheme, while 76% will have received 100% within two years.  09-Apr-09.

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The UK is owed £2.2 billion by Iceland after the Treasury stepped in to guarantee British deposits in collapsed bank Icesave, it was disclosed.

The figure was the amount paid to Icesave to cover Britons' savings when its parent company Landsbanki went into receivership last month, a Treasury official said.  20-Nov-08.

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The heads of the financial authorities are being grilled by MPs over their handling of the banking crisis. Chancellor Alistair Darling, Bank of England Governor Mervyn King and the Financial Services Authority chairman Lord Turner of Ecchinswell are giving evidence to the Commons treasury committee. 03-Nov-08.

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The Government is facing calls for an investigation following claims that the UK authorities knew as early as April that the Icelandic banking system was in trouble - six months before its catastrophic collapse. 31-10-08.

More than 12,000 people have collectively lost nearly £1 billion in the offshore arms of Icelandic banks. But while the Government was quick to step in to guarantee the savings of UK investors who held money in this country with Icelandic institutions, no one has offered any help to those with cash offshore. 23-Oct-08.

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Savers who have collectively lost millions of pounds in the offshore arms of Icelandic banks have formed action groups in a bid to try to get some of their money back.

The action groups, which include Landsbanki Guernsey Depositors Action Group and the Kaupthing Isle of Man Depositors Action Group, are petitioning governments in the UK, Iceland, Guernsey and Isle of Man to step in and guarantee their savings. 21-Oct-08.

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