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Chief Minister and Lord Chancellor to discuss UK – Isle of Man relationship 7 November 2008

CHIEF Minister Tony Brown MHK is to meet next week with Lord Chancellor Rt Hon Jack Straw MP to ensure that relations between the Isle of Man and the United Kingdom Government remain mutually positive and productive. Chief Secretary Mary Williams, Director of External Relations Della Fletcher and John Aspden, Chief Executive of the Financial Supervision Commission, will accompany the Chief Minister.

In seeking the meeting, the Chief Minister expressed his concerns over comments by Chancellor Alistair Darling MP to the Commons Treasury Select Committee on Monday that the long-term relationship between the UK Government and the Isle of Man should be reviewed.

Meanwhile, the Chief Minister is awaiting a response from Mr Darling to a letter asking for clarification of his remarks.

The Chief Minister has also written to the Chairman of the Treasury Committee John McFall MP to reiterate the Isle of Man Government’s submission to the Committee made earlier in the year confirming the Island’s high regulatory standards and commitment to international cooperation and transparency, and to assure Mr McFall that the Isle of Man is doing everything possible to resolve the current banking situation in the best interests of the Kaupthing Singer Friedlander (IOM) depositors.

The Chief Minister said:

“It is important for depositors, and the people of the Isle of Man, that Government moves forward on many levels to resolve the current difficulties. Work continues with the provisional liquidator to find the best solution. To this end, a wide variety of possible options are being examined and considered. At this point, no options have been ruled out.
“I must reiterate that the collapse of KSF (IOM) was not caused by any actions taken by the Isle of Man Government which has requested clarification as to the status of over £500 million belonging to KSF (IOM), representing creditors’ deposits from the bank which were in London when the United Kingdom Government put Kaupthing Singer and Friedlander (UK) Limited into administration and froze Icelandic assets.”

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