An early payment scheme that would make £1,000 immediately available to depositors with Kaupthing Singer & Friedlander (Isle of Man) is being proposed.
The Isle of Man (IoM) Parliament Tynwald is set to meet next week to debate the arrangement, which would see £11m from its reserve fund made available to meet depositor claims. If given the go-ahead, the IoM Government hopes to begin payments early in the New Year. "If Tynwald supports the scheme in principle this week we hope it can start fairly soon in 2009," Treasury minister Allan Bell MHK said. "This initial payment may be modest, but for the smaller depositors and those experiencing hardship it could make a difference. "I would like to reassure all depositors that the Isle of Ma...
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