£10k early payment proposed for KSF IoM savers

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An increased early payment of up to £10,000 for each Kaupthing Singer & Friedlander Isle of Man (KSF IoM) account holder has been proposed by the Treasury.

KSF IoM collapsed on 9 October last year after its parent bank was nationalised. The Icelandic government failed to guarantee offshore depositor's savings. The move would enable 40% of eligible depositors to be refunded in full and follows the introduction of an Early Payment Scheme, providing up to £1,000 an account holder, approved by the Isle of Man Parliament (Tynwald) last month. The payment would be financed from Isle of Man Government reserves pending recovery of bank assets. Meanwhile, the High Court in Douglas has further adjourned consideration of a winding-up order for KSF ...

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