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Faster action needed to protect bank deposits

Claims seven year wait could have been avoided

A spokesman for depositors in Kaupthing Singer Freidlander Isle of Man says the Manx Government could have - and should have - acted faster to protect local deposits.

The parent bank in Iceland went into receivership in 2008, causing the local branch to collapse.

Answering a Key's question this week, Treasury Minister Eddie Teare said the FSC had done a superb job.

Mr Teare said 100 percent of depositor's capital had now been returned.

But Richard Carter claims the seven year wait for the cash could have been avoided:

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