20 MARCH 2009

General Information

The Joint Liquidators Provisionally continue to work with the Isle of Man Treasury in helping develop its proposed Scheme of Arrangement.

As outlined previously, the Joint Liquidators Provisionally understand creditors seeking more information regarding the detail of the Scheme of Arrangement. However, as the Scheme of Arrangement is still being drafted it cannot be shared with creditors at this time. When this information becomes available, this information will be placed on the website. The Joint Liquidators Provisionally appreciate your continued patience in this regard.

The Joint Liquidators Provisionally would like to outline that they continue to protect the assets of the Bank and are engaged in the realisation of those assets for the benefit of creditors. There is no further news regarding the realisation of assets at this time.

Kaupthing hf

I attach a link to the Kaupthing Bank hf Creditors' Report which has been updated (March 2009) by the Resolution Committee. The Resolution Committee do not provide any further clarification on the amount or likely timing of any payout.

Creditors' Report

Telephone conference dial in details

Following a conference call with the Depositors Action Group which took place on Monday 9 March 2009 (and can be accessed on this website) I have set up a seventh conference call which will take place on Monday 6 April 2009 4pm BST.

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=PJ646DXC3

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 number of lines is 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. The audio recording from the previous call on 9 March 2009 has now been made available on the KSFIOM website.

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