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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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SEE ALSO
Bank committee cannot take action
10 Aug 09 |  Isle of Man
Bank payouts to come in September
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KSFIOM compensation to cost 193m
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07 Jul 09 |  Isle of Man
Manx bank to go into liquidation
23 May 09 |  Business
Savers reject failed bank scheme
22 May 09 |  Isle of Man

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