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Depositors affected by collapse of bank repaid

Treasury Minister confirmed position in House of Keys this morning

The majority of depositors affected by the collapse of an Island based bank, have now been repaid in full.

The position was confirmed in the House of Keys this morning (Tuesday) by Treasury Minister Eddie Teare.

Kaupthing Singer and Friedlander (IoM) collapsed in 2008 after the UK authorities places it's sister bank in London into administration.

Mr Teare today revealed while the liquidation process is not yet complete, dividends had now been paid in full from the Manx government Depositors Compensation Scheme or the liquidators.

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