Isle of Man’s parliament will be asked to approve the establishment of an Early Payment Scheme worth GBP11m to provide relief for Kaupthing Singer & Friedlander Limited (Isle of Man) depositors, this week.
The scheme, funded from Isle of Man Government reserves, would make GBP1,000 per account holder available as an initial measure pending the finalisation of a more comprehensive solution.
Treasury Minister Allan Bell explained:
“If [parliament] supports the scheme in principle this week we hope it can start fairly soon in the New Year. This initial payment may be modest, but for the smaller depositors and those experiencing hardship it could make a difference.”
“I would like to reassure all depositors that the Isle of Man Government is still working very hard to reach an overall solution that will maximise and expedite payouts. A progress report on that work is due in the High Court by January 15 in advance of the next hearing scheduled for January 29.”
Details of the Early Payment Scheme will be finalised and published by the Isle of Man government in due course, subject to approval in principle by Isle of Man’s Parliament next week.
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