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No special treatment for charities - Bell

Isle of Man charities which had money in Kaupthing Singer and Friedlander won't be given special treatment so they can receive full compensation.

That's according to Treasury Minister Allan Bell, who was responding to a House of Keys written question from Michael MHK David Cannan.

Mr Cannan asked the minister if he was aware the House of Commons Treasury Committee had recommended charities be given all their money back, and whether he had ask Tynwald to follow suit.

In his response, the treasury minister says he believes Isle of Man charities which had money with KSF are covered by the existing Depositors Compensation Scheme and will recover a substantial return on their deposits in due course.

He says this will come through either the Scheme of Arrangement or liquidation.

Mr Bell concludes by saying because of this he won't recommend further amendments to the DCS.

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