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United Kingdom to act for Isle of Man on Icelandic bank guarantee 15 October 2008

CHIEF Minister Tony Brown MHK has welcomed confirmation that the United Kingdom Government will represent the Isle of Man in discussions with Iceland over the liabilities of the country’s banks.

The Isle of Man Government asked the UK to act on its behalf in pressing the Icelandic Government to honour a guarantee given by Kaupthing Bank covering deposits in its Island subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited.

Confirmation has now been received by the Isle of Man Government that the UK Government will represent the Island in negotiations with the Government of Iceland, which recently nationalised Kaupthing Bank.

The Chief Minister commented:

‘It is encouraging news that the United Kingdom will represent the Isle of Man in its talks with the Icelandic Government. We are looking to the Government of Iceland to honour the guarantee given to depositors.’

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