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To ask the Chancellor of the Exchequer what progress has been made in the Government's discussions with the Icelandic government on the status of British depositors with Kaupthing, Singer and Friedlander (Isle of Man).
Kaupthing Singer and Friedlander Isle of Man is a subsidiary of the Icelandic parent company, Kaupthing. Arrangements for depositors in banks in the Isle of Man are a matter for the Government of the Isle of Man. Deposits with Kaupthing, Singer and Friedlander Isle of Man, will be subject to the Isle of Man Deposit Compensation Scheme.
In line with usual constitutional arrangements, the Government will represent the Crown Dependencies in its negotiations with the Icelandic authorities. The focus of the negotiations is to ensure the fair and equitable treatment of creditors.
The IMF Stand-By Arrangement to Iceland, agreed on
"ensuring the fair and equitable treatment of depositors and creditors of the intervened banks".