Kaupthing Singer and Friedlander

Justice written question – answered on 26th February 2009.

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Photo of Vincent Cable Vincent Cable Shadow Chancellor of the Exchequer, Liberal Democrat Spokesperson (Treasury)

To ask the Secretary of State for Justice what estimate he has made of the monthly costs incurred by his Department in (a) legal and (b) accountancy fees relating to its handling on behalf of the Isle of Man Government of the issue of Kaupthing, Singer and Friedlander (Isle of Man).

Photo of Michael Wills Michael Wills Minister of State, Ministry of Justice, The Minister of State, Ministry of Justice

No assessment has been made of the monthly costs incurred by the Ministry of Justice in legal and accountancy fees relating to its handling of the issue of Kaupthing Singer Friedlander (Isle of Man). The Ministry of Justice is the UK Department with responsibility for managing the UK's relationship with the Isle of Man (and the other Crown Dependencies of Jersey and Guernsey), and the issue of Kaupthing Singer Friedlander (Isle of Man) is one of many in which the Department is involved. In this instance it is the Treasury that is operationally responsible for representing the Isle of Man in negotiations with the Icelandic Government.

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James Blake
Posted on 5 Mar 2009 4:24 am (Report this annotation)

Britsh Citizens were forced to use offshore banking facilities as it is impossible to get a UK bank account without a UK address. 2007 Anti-money laundering legislation means that it is no longer profitable for UK banks to have accounts from Britsh Citizens who do not have UK addresses.

The thousands of Britsh Citizens who were thrown into poverty (this really is NOT an exaggeration!) were entirely innocent victims of bad Government. Firstly they were forced to use offshore banks. Then the UK FSC advised Kaupthing IoM (via IoM FSA) to put huge deposits with KSF (UK). Then the Treasury uses legislation that had been rollercoasted through four hours earlier to take the British Citizens life savings away. An appalling way to run a Government.