Approximately £94m from Isle of Man government reserves will fund larger early payments to Kaupthing Singer & Friedlander Isle of Man (KSFIOM) depositors, according to a local Isle of Man newspaper.
The Isle of Man's government, Tynwald is expected to approve an extension to the early payment scheme so depositors will receive £10,000 for each account holder. KSFIOM depositors have currently only received £1,000 for the first tranche of early payments, accounting for £11m from reserves. The rest of their savings are still outstanding since the bank collapsed in October last year. The money comes out of £150m the treasury says would be needed to part fund a proposed scheme of arrangement. The aim is to be repaid from assets recovered from the collapsed bank. If the early payment sc...
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