Page last updated at 20:51 GMT, Monday, 15 December 2008

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.

Print Sponsor

Treasury gets KSF petition delay
27 Nov 08 |  Isle of Man
Anger at Darling island criticism
06 Nov 08 |  Isle of Man
'Mountain to climb' on KSF funds
31 Oct 08 |  Isle of Man
More time for KSF deposit talks
24 Oct 08 |  Isle of Man
Treasury talks over KSF deposits
23 Oct 08 |  Isle of Man

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific