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Island's financial safeguards were robust says minister

Majority of KSF depositors now repaid in full

Financial safeguards did prove robust following the collapse of an Island bank.

 

So claims the Treasury Minister after he revealed the majority of depositors - affected when KSF Isle of Man went into liquidation - have now been repaid in full.

 

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

 

Eddie Teare says the majority have been protected with dividends paid in full via either the Manx government Depositors Compensation Scheme or the liquidators.

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