19 DECEMBER 2008

General Matters

This update covers the Isle of Man Treasury's proposals for an interim payment, internet access for accounts and confirmation regarding the issuing of statements.

Due to the Christmas period, in the absence of significant new information, the next planned update will be in the first week of January.

I would draw your attention to the conference call details posted at the end of this update.

Interim Payment from the Isle of Man Treasury

The Isle of Man Treasury has sought approval from Tynwald for making a payment to depositors of £1000. The Treasury have requested that we send a claim form to all customers on their behalf so that depositors can arrange for them to be completed and returned.

All queries relating to the Early Payment Scheme should be directed to the hotline that the Treasury is setting up for this purpose, details of which will be on the Treasury website.

Edge and online Accounts

As stated last week the Edge and online accounts in a "READ ONLY" format will go live as soon as the IT specialists have completed the necessary updates to the system. Online access will remain open until the end of February 2009.

Statements

We have begun to issue Statements. Accompanying the statements will be a letter explaining the treatment on certain accounts such as fixed term deposits, which was explained in my last update.

Together with the statements we will be sending an information sheet to customers requesting confirmation of their details, this is in addition to the form referred to above as it is to ensure that the Bank's information is accurate. The form will also enable customers to confirm alternative bank account details for any future payments which could be made electronically.

Telephone conference dial in details

Following discussions with the Depositors Action Group I have set up a conference call which will take place on Monday 22 December 2008 at 4.00 pm GMT.

I am making the access details generally available to depositors. If you wish to listen to the call, you will need to register in advance. Please click the link to register.

https://cossprereg.btci.com/prereg/key.process?key=PM84Q9HYV

Participation will be on a listen only basis. The facility is provided by a third party and accordingly there is a cost per head for usage. Should any party register and then not attend the liquidation will be charged.

The lines are also limited and I would request that only those depositors who are able to make the call register as we will make the audio recording of the call available on the website for those of you who are unable to attend. Should depositors choose this route to listen it will significantly reduce the costs

Contacts

As previously, the best way to make contact is to write to the bank or to email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.

 

Mike Simpson

Joint Liquidator Provisionally