Compensation brought forward for KSF IOM depositors

The Isle of Man’s parliament, Tynwald, has now approved a £193m Government funding package which will bring forward full repayment for the majority of claimants. Its move comes nine months after the collapse of the Icelandic subsidiary on 8 October last year, which left depositors' savings frozen in the bank ever since. KSF IOM went into liquidation in May after creditors rejected an alternative scheme put forward by the government. Money from Isle of Man Government reserves will now expedite payments of up to £50,000 per individual depositor under the Depositors’ Compensation Schem...