Kaupthing Singer and Friedlander: Isle of Man

Treasury written question – answered on 13th May 2009.

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Photo of Alan Beith Alan Beith Chair, Justice Committee

To ask the Chancellor of the Exchequer whether he has discussed with the Isle of Man Government the provision of a Treasury loan secured against the assets of Kaupthing, Singer and Friedlander frozen by the Government in order to enable UK depositors in Kaupthing, Singer and Friedlander (Isle of Man) to access their deposited funds.

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

On 8 October, the Treasury made Landsbanki Freezing Order 2008 in order to freeze funds and financial assets relating to Landsbanki. Landsbanki is the only Icelandic bank which has been made the subject of a freezing order. Assets in Kaupthing, Singer and Friedlander have not been frozen by the UK Government.

Treasury Ministers and officials have meetings and discussions with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings and discussions.

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. This matter was discussed at the Treasury Select Committee on 3 February with representatives of the Isle of Man Government.

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k siddall
Posted on 14 May 2009 5:56 pm (Report this annotation)

I have written several times to Mr Pearson and not got a reply as yet.

It seem that depositors in Kaupthing Singer and Friedlander Isle of Man are to be totally swept under the carpet or even swept off the face of the earth.

Where is the money that was put into the UK for safe keeping and has been safely kept while its rightful owners have suffered 8 months of stress silence and contempt.

Hundreds of MPs have been contacted and not one has had a satisfactory answer form Mr Darling and only erroneous and evasive replies such as the one above from Mr Pearson

This is not the justice that I expected in my own democratic country

Stephen Thomas
Posted on 15 May 2009 6:01 am (Report this annotation)

Yet again depositors in KSF are treated with contempt,it is truly astonsihing the regularity with which MPs and various Ministries produce the same tiresome, evasive, non committal answer. One can only assume that they know full well actions have taken place here that are unacceptable and are doing all they can to keep it quiet.
Not once has any MP, although Mr Pearson is particularly adept at avoidance and misinformation, actually answered the question posed in numerous emails and letters. Not once.
So I'll repeat my offer Mr Pearson, meet me at a bank of your choice in the UK and lets try and open a bank account with no UK address shall we!
Your government has acted very poorly, so try to do something right and return our money.

k siddall
Posted on 16 May 2009 1:24 pm (Report this annotation)

This is a letter I wrote to Mr Pearson on the 11th April although I have written 3 more times I am still awaiting a reply

Dear Mr Pearson

I have banked with the Derbyshire building society in the IOM for many years as I worked abroad

I raised my children myself and therefore do not have the years of contributions for a pension.

However I saved money in my working life to provide for my old age.

Meanwhile paying my taxes and council taxes on my house in the uk even though I was not there.

I have never asked this government for anything coming from a mining family that is proud of its independence.

However now I am old and near to retirement and all my savings are gone in the KSFIOM debacle.

If you are really for the working man and woman don’t do what you are doing.

You are hurting people who have worked all their lives and now have nothing and are too old to start again.

Perhaps you will tell me how to claim benefits – something I have never done in my life – income support and all those sort of things.

Because I don’t know I had provided for myself and now I am penniless.

Please don’t say write to your MP I have done so hundreds of times but Alastair Darling doesn’t answer him as you well know.

The Labour government that I have supported all of my life .

Not only has taken my life savings but has insulted me by sneers of fat cats and tax evaders. I who have overpaid taxes that I could have reclaimed.

Think what you are doing to ordinary people old and retired who are in desperate need.

You are causing ordinary honest people terrible distress.

Its wrong.