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Page last updated at 10:36 GMT, Friday, 10 October 2008 11:36 UK

Bank savers facing anxious wait

Kaupthing Bank sign
The troubled Icelandic parent bank has been naitonalised

People with savings in the collapsed Isle of Man bank Kaupthing Singer and Friedlander are still unsure how much of their money they will get back.

Hundreds of customers packed a public meeting in Douglas on Thursday to hear what led to the bank's liquidation.

Problems stemmed from the inability of its Icelandic parent bank, Kaupthing, to provide support, the Financial Supervision Commission (FSC) said.

Three institutions have expressed an interest in taking over the Manx bank.

Savers to claim

Liquidator Mike Simpson, of PriceWaterhouseCoopers, said of the three parties: "They have expressed an interest initially to the FSC and also I have had discussions with them.

"They were very brief discussions because I have not been able to give them very much information.

"But I will be pursuing that and then, I expect, over the course of the next couple of days it will become clear just how serious that interest is."

Tynwald met on Thursday to approve new legislation to boost the level of guaranteed protection for bank customers from 15,000 to 50,000.

The FSC said Kaupthing Singer and Friedlander's customers would be contacted and invited to make a claim once the depositors' protection scheme (DPS) was activated.

However it has not yet been made clear which amount they will be able to claim.




SEE ALSO
Savings protection boost approved
09 Oct 08 |  Isle of Man
Iceland nationalises biggest bank
09 Oct 08 |  Business
Savings protection limit increase
07 Oct 08 |  Isle of Man
MHKs want more savings protection
06 Oct 08 |  Isle of Man

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