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

Isle of Man Today

This page contains brief summaries of and links to media reports from the source Isle of Man Today.

KSF: 75 per cent to get all cash by September

THREE quarters of all Kaupthing Singer and Friedlander Isle of Man depositors will be paid back in full by the end of September. . .

Treasury Minister Allan Bell MHK said the DCS payments would be paid to about 5,000 to 6,000 eligible account holders 'as soon as possible'.
'We will have paid over 75 per cent of depositors by the end of September,' he said. . .

'If the Isle of Man stood by and did nothing, that would be irresponsible. It's a short-term loan and ultimately we will get the bulk of this money returned to reserves. How fortunate we are in building up reserves over the past few years. Who would have predicted the set of circumstances that brought about this collapse?'

He insisted the government had a 'sincere desire' to help the depositors. 'We do understand the personal tragedies the collapse has caused. We have done our utmost,' he told Tynwald.

Mr Bell said that with the bank now in liquidation, the government could now move on to the next stage and support an inquiry into bank's collapse. 21-Jul-09.

New hope for Kaupthing Singer Friedlander (IoM) depositors

THERE's some welcome news at last for Kaupthing Singer and Friedlander (IoM)depositors after administrators confirmed that creditors could get back at least 50p in the £1 from the sister bank in London.

And now on the back of the better than expected estimated returns, the Manx Treasury has lodged with the high court proposals for an improved scheme of arrangement. . .

. . . The better than expected figures moves the estimated minimum recovery rate for the local bank from 65 per cent to about 75 per cent.

The improved prospect of returns from the UK could accelerate repayments under the proposed scheme of arrangement for Isle of Man depositors, so that individual entitlements of up to £50,000 could be paid in full in 12 months instead of 24 months.

Some £557 million - £402 million net - was trapped when the Kaupthing Singer & Friedlander bank in London was placed into administration, a move that prompted the collapse of KSF (IoM) in October last year, leaving 10,000 customers owed at least £840 million.  24-Apr-09.

Iceland protest in London at 'terrorist' tag

ICELANDIC campaigners presented an 83,000-name petition at the House of Commons to protest at their citizens being branded 'terrorists' by the UK Government. . .

. . . Austin Mitchell MP, chairman of the British-Icelandic All- Party Parliamentary Group, said: 'I welcome this petition. Government was too quick to act against Iceland when we should have helped them.'  Isle of Man Today website - 24-Mar-09.

KSF early payments will require £94m of taxpayers' cash

TAXPAYERS' cash totalling £94 million would be required to fund larger early payments to Kaupthing Singer & Friedlander depositors.

Tynwald will be asked to approve an extension to the early payments scheme for depositors that will provide up to £10,000 for each account holder – a measure that will be funded from £94 million taken out of government reserves. 12-Feb-09.

Gordon Brown targets Isle of Man in BBC interview

More from the Isle of Man re: the collapse of Kaupthing Singer & Friedlander there, where the Government is strongly supporting depositors' claims. Includes some very pertinent comments from readers.
THE UK Government is orchestrating a campaign to make the Isle of Man the scapegoat for the Kaupthing banking crisis.

That was the claim by Treasury Minister Allan Bell as UK prime minister Gordon Brown repeated his chancellor's warning over the need to look again at the relationship between Britain and the Isle of Man. 24-Nov-08.

Bell pledges action on missing KSF funds

Report from the Isle of Man which says the 'GOVERNMENT will take whatever action necessary to clarify what has happened to Kaupthing Singer & Friedlander (IoM) Bank depositors' cash.

And Treasury Minister Allan Bell hasn't ruled out a legal challenge.'  12-Nov-08.

KSF 'transfers' will not be allowed to stand

DEPOSITORS who tried transferring their money out of the Isle of Man's Kaupthing Singer & Friedlander bank in the days and hours before the collapse have been told their transfers will not be allowed to go ahead.  IOM Today website - 11-Nov-08.

Tony Brown to meet Jack Straw

Report on Isle of Man Chief Minister Tony Brown's proposed visit to Lord Chancellor, Jack Straw, next week to discuss Chancellor Alistair Darling's remarks to the Commons Treasury Select Committe earlier this week and to represent the interests of savers in Kaupthing Singer & Friedlander IOM.

'I must reiterate that the collapse of KSF (IOM) was not caused by any actions taken by the Isle of Man Government which has requested clarification as to the status of over £500 million belonging to KSF (IOM), representing creditors' deposits from the bank which were in London when the United Kingdom Government put Kaupthing Singer and Friedlander (UK) Limited into administration and froze Icelandic assets.'   07-Nov-08.

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