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Early Payment Scheme Proposed for KSF IOM Depositors 16 December 2008

THE December sitting of Tynwald this week will be asked to approve the development of an Early Payment Scheme to provide relief for depositors with Kaupthing Singer & Friedlander (Isle of Man) Limited (KSF IOM) together with the release of £11 million from the Reserve Fund to meet depositor claims.

The scheme, funded from Isle of Man Government reserves, would make £1,000 per account holder available as an initial measure pending the finalisation of a more comprehensive solution.

Treasury Minister Allan Bell MHK explained:

‘If Tynwald supports the scheme in principle this week we hope it can start fairly soon in the New Year. This initial payment may be modest, but for the smaller depositors and those experiencing hardship it could make a difference.’

Mr Bell added:

‘I would like to reassure all depositors that the Isle of Man Government is still working very hard to reach an overall solution that will maximise and expedite payouts. A progress report on that work is due in the High Court by January 15 in advance of the next hearing scheduled for 29 January.’

Details of the Early Payment Scheme – including how it will operate and how to make a claim – will be finalised and published in due course, subject to approval in principle by Tynwald this week.

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