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Bell seeks KSF payouts approval

KSF (Isle of Man) building
About 550m in deposits was frozen when the bank collapsed

Savers with collapsed bank Kaupthing, Singer and Friedlander Isle of Man (KSFIOM) could be given a Christmas cash lifeline by the government.

Treasury Minister Allan Bell is to ask Tynwald to approve payments of 1,000 to individuals with money trapped.

About 550m was trapped in London when the UK government froze the assets of KSFIOM's parent bank, Kaupthing hf, government officials say.

The early payment scheme will cost the government 11m, Tynwald papers show.

Mr Bell is to seek approval for the scheme during Tynwald's sitting on Tuesday.

A winding-up petition for the bank, which collapsed in October, has been adjourned twice while government officials seek an alternative to liquidation.

If the bank is wound up, savers, many of whom have hundreds of thousands of pounds trapped in the bank, would only be able to claim up to 50,000 compensation.



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