Proposal to shake-up creditor payout queue
The government’s proposing some changes to the Depositors’ Compensation Scheme – and it’s asking for your views.
The Department of Economic Development says it wants to put depositors higher on the list of payouts when banks become insolvent.
It would mean those covered by the scheme would become ‘preferred creditors’ – putting them ahead of others in the queue for money back during a liquidation process.
The government says had such measures been in place when Kaupthing Singer & Friedlander failed, depositors could have had their money back more quickly without the government having to fund the compensation scheme.
The consultation runs until October 23 and you can find more details on the government’s website gov.im.
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