Kaupthing Singer and Friedlander: Isle of Man

Treasury written question – answered on 22nd January 2009.

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Photo of Barry Sheerman Barry Sheerman Chair, Children, Schools and Families Committee

To ask the Chancellor of the Exchequer if he will estimate the potential liability to the public purse of guaranteeing the deposits of UK citizens in the Kaupthing Singer and Friedlander Isle of Man bank for (a) all deposits, (b) deposits up to £50,000 and (c) deposits up to £100,000.

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

Deposits with Kaupthing Singer and Friedlander, Isle of Man, will be subject to the Isle of Man Deposit Compensation Scheme. This scheme is administered by the Isle of Man authorities.

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Wilfrid Drum
Posted on 25 Jan 2009 7:38 pm (Report this annotation)

The British Treasury is responsible for pushing KSFIOM into insolvency by freezing KSFIOM's assets in Kaupthing UK. There are 8,000 plus depositors in KSFIOM, most of which are UK citizens and the vast majority of total deposits would not be adequately covered by the IOM Depositor's Compensation Scheme. The question we want answered, Mr. Pearson, is when will the UK Treasury admit its responsibility for this situation and return the frozen assets to KSFIOM so that the Bank can get on with its business and honor its obligations to depositors. if this is not the Treasury's intention then please tell us what will the Treasury do to compensate the depositors in KSFIOM for the damage it has caused them.

Susan Griffiths
Posted on 26 Jan 2009 10:24 am (Report this annotation)

The frozen assets of KSFIOM, which were taken for safe keeping, MUST be returned or else this changes to robbery !

Susan Griffiths
Posted on 26 Jan 2009 10:33 am (Report this annotation)

Why do you mark a request for information successful, when the reply does not answer a question but only acknowledges your request? E.g. Martin Smith's question to HM Treasury