Page last updated at 14:25 GMT, Wednesday, 4 November 2009

Former chief gives bank evidence

KSFIOM depositors
Some depositors had opposed the government scheme

A former Isle of Man chief minister will give evidence to a Tynwald committee examining the collapse of a Manx bank.

Donald Gelling was a directors of Kaupthing, Singer and Friedlander Isle of Man (KSFIOM) at the time of its failure in October 2008.

He will appear alongside three other directors on 13 November.

The bank was put into liquidation in May after creditors rejected a compensation scheme.

KSFIOM, a subsidiary of Icelandic bank Kaupthing, collapsed in October 2008 during the crisis that engulfed Iceland's banking system.

The committee will also looking at the role of the Financial Supervision Commission (FSC) in protecting depositors' funds.

Tynwald, the Isle of Man's parliament, appointed MHKs Juan Watterson and John Houghton, plus Eddie Lowey MLC, to report back by March 2010.

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