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KSF depositors to receive £1k within weeks
DEPOSITORS hit by the collapse of Kaupthing Singer and Friedlander (IoM) could receive a government payout within weeks.
Thousands of depositors face losing their life savings, with many facing extreme hardship, after the bank collapsed in October when the UK Government put its sister bank in London into administration.
Some 557 million of the Island bank's assets are frozen in the UK bank in administration.
On December 17, Tynwald approved in principle an Early Payment Scheme which would release up to 11 million from the Manx Government's reserve fund to make payments of up to 1,000 to eligible account holders.
Details of how to apply have now been released. The information was circulated to all KSF (IoM) account holders with forms which must be returned to Treasury.
In a letter to account holders, Treasury Minister Allan Bell said: 'While the sum of 1,000 may seem modest, it is recognised that it could make a difference to depositors who may be experiencing hardship.
'The Isle of Man Government remains committed to finding a resolution to KSF IOM insolvency that will maximise payouts for account holders.
'The Early Payment Scheme reflects the Isle of Man Government's concern that account holders are treated fairly. However, we recognise that the payments under the scheme are an interim measure pending the finalisation of a more comprehensive solution.'
Eligibility rules for the Early Payment Scheme will be put to Tynwald at its January sitting, Subject to approval it is hoped payments will begin during the week commencing January 19.
While KSF (IoM) depositors have been sent guidance notes about the proposed scheme, those requiring further information should contact the Treasury helpline on 685858 or email ksfdepositors@gov.im
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Weather for Isle of Man
Wednesday 08 February 2012
Today
Sunny spells
Temperature: 3 C to 4 C
Wind Speed: 23 mph
Wind direction: South
Tomorrow
Light rain
Temperature: 7 C to 8 C
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