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Early payment scheme proposed for KSFIOM depositors

The Isle of Man parliament will meet today to discuss proposals for an early payment scheme to provide relief for depositors with Kaupthing Singer & Friedlander Isle of Man.

The scheme, coupled with the release of £11m from IoM government reserves would offer £1,000 per account holder as an initial measure pending the finalisation of a more comprehensive solution.

Details of the scheme including how it will operate and how to make a claim will be finalised and published in due course subject to approval in principle by Tynwald this week.

Treasury minister Allan Bell MHK says: “If Tynwald supports the scheme in principle this week we hope it can start fairly soon in the New Year. This initial payment may be modest, but for the smaller depositors and those experiencing hardship it could make a difference.”

A progress report is due in the High Court by January 15 in advance of the next official hearing scheduled on January 29.

The Court adjourned the case to allow more time for the development of an alternative solution that would be better for KSFIoM depositors than traditional liquidation and activation of the island’s depositors compensation scheme.

If the DCS is ultimately triggered, it would provide for payments of up to £50,000 for individual depositors and up to £20,000 for non-individual depositors. In the case of KSF, it is estimated that it would provide for 76 per cent of depositors with a 100 per cent return of their deposit.


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