Page last updated at 16:51 GMT, Friday, 7 November 2008

Meeting on UK and Manx relations

KSF (Isle of Man) building
KSF Isle of Man bank was closed on 8 October

The Isle of Man's chief minister is meeting with the Lord Chancellor Jack Straw to cement relations between the island and the UK.

The move follows Chancellor Alistair Darling's comments about the UK having a "long, hard look" at its relationship with the Isle of Man.

UK treasury officials are representing the island in talks with Iceland over the collapsed KSF Isle of Man bank.

Tony Brown MHK said he was waiting for Mr Darling to clarify his comments.

The chancellor also said that the island was a "tax haven".

Options considered

Mr Darling has ruled out underwriting British savings held in the collapsed Kaupthing, Singer and Friedlander (KSF) Isle of Man bank.

The UK is in ongoing talks on behalf of the Isle of Man with Iceland - which nationalised Kaupthing - to retrieve savers' money.

Mr Brown is due to meet with Mr Straw next week.

He said: "It is important for depositors, and the people of the Isle of Man, that government moves forward on many levels to resolve the current difficulties.

"Work continues with the provisional liquidator to find the best solution. At this point, no options have been ruled out."

He added that the collapse of KSF (IOM) "was not caused by any actions taken by the Isle of Man Government".

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