IOM Today 26 June 15: Kaupthing investors have their money, Keys learns

Category: Newsflash

Treasury Minister Eddie Teare has hailed the depositors’ compensation scheme as a success after reporting to Keys that investors had now received full refunds.

 

He said the payments were subject to unresolved disputes and cases where contact had been lost with depositors but, those issues aside, people had been paid out in full from the depositors’ compensation scheme of liquidators.

He told Keys members at this week’s sitting: ‘I do appreciate they may have lost the time (investment) value of the money and some of the interest whichthey were originally contracted to receive.

‘The liquidation process is not yet complete and there may be further funds due to some depositors.’

He praised the handling of the matter by the Financial Supervision Commission and said specific actions they had taken before the Kaupthing, Singer and Friedlander (Isle of Man) bank collapsed had been beneficial.

‘These steps, including removing the bank’s direct exposure to its Icelandic parent, undoubtedly helped in the very high levels of recovery achieved by the liquidators for a bank failure. I believe that the outcome so far is a credit to the arrangements which we have on the island,’ he said.

....

read article and comments here

Hits: 1093