Since our update of 4 November 2008 I have continued to have
discussions with various stakeholders regarding a sale of all or
part of the business. Those discussions are of a confidential
nature and I am not able to give more details. I appreciate that
depositors would like more information regarding the current
position but regrettably I am not able to provide details at this
I would remind depositors that any sale will need prior approval
by both the Isle of Man High Court and the Financial Supervision
Commission. I am aware that high level discussions are also ongoing
between other parties.
The Bank is in the process of sending statements as at 30
September 2008 to customers who would regularly receive statements.
The statements will also contain a general letter to customers to
update those who do not have access to the internet.
In line with the Bank's practices we will not be issuing
September statements to fixed term deposit holders but as stated in
previous updates we will send the statements as at 9 October 2008
to all customers once the accounts have been reconciled.
Funds in Transit
As stated in our update of 5 November 2008 letters have now been
sent to all customers who had issued instructions to transfer funds
prior to the appointment and where the Bank had started to take
steps to process the transactions.
Since my appointment we have sent over 5,000 individually
addressed letters to customers to answer queries regarding the
position of the Bank, specific transaction queries and in answer to
emails and telephone messages. This excludes the statements
mentioned above. We have sought to deal with customer queries
promptly and fully but given the volume of correspondence and the
limited information we can currently provide regarding the future
of the Bank we appreciate that this has been a frustrating process
As previously, the best way to make contact is to write to the
bank or to email email@example.com. If you need to
telephone the bank, please use the main switchboard number +44 1624
Liquidator Provisionally of Kaupthing Singer & Friedlander
(Isle of Man) Limited