Derbyshire Offshore: Kaupthing Singer and Friedlander

Treasury written question – answered on 13th January 2009.

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Photo of John Butterfill John Butterfill Conservative, Bournemouth West

To ask the Chancellor of the Exchequer

(1) whether the Financial Services Authority insisted that the Derbyshire Building Society consult its depositors in respect of the sale of its Isle of Man subsidiary to Landsbanki;

(2) whether the Financial Services Authority insisted that existing depositors should have the right to withdraw their deposits as a condition of the sale of the Derbyshire Building Society's Isle of Man subsidiary to Kaupthing Singer and Friedlander.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

I refer the hon. Gentleman to the answer I gave Mr. Mitchell on 26 November 2008, Hansard, column 1902W.

Does this answer the above question?

Yes2 people think so

No22 people think not

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Very Worried
Posted on 26 Jan 2009 1:17 am (Report this annotation)

I think the simple answer to this question is no!

I was neither consulted nor given the right to withdraw my money.

Instead, I was assured that my deposit was totally safe, and protected by a "Parental Guarantee" from Kaupthing hf, which turns out not to have been worth the paper it was written on, and by the Isle of Man Depositors Compensation Scheme, which turns out to have no funds to distribute as I write: compensation will take many years.

And the regulators allowed this sale to happen!

Derek James
Posted on 31 Mar 2009 8:30 am (Report this annotation)

I refer Mr Pearson to where he will be able to see how his actions, and the actions of his masters, have affected real people.

It is due to 2007 Government legislation identity legislation that many British Citizens have found themselves in this nightmare situation, caused directly by the UK Treasury.