Attached is the summary of cash balances held at 31 July
The movement in cash since 30 June 2010 reflects the payment of
£95.6 million in respect of the third distribution, receipt of loan
repayments / interest of £13.2 million and the receipt of £20.5
million from KSFUK. The loan repayments and distribution from KSFUK
were received just before the month end and had not yet been spread
around the banks at which we hold accounts. This process was
completed in August. Of the balance held, approximately £20.1
million is reserved for distributions to creditors whose claims
have been held over or not yet received.
Attached is the summary of the loan book position at 31 July
During July 2010, six loans were repaid in full realising £7.1
million and three borrowers made part repayments totalling £5.2
The loan book figures have been converted into Sterling using
exchange rates as at 31 July 2010.
The Joint Liquidators have purchased currency options to hedge
certain of the future loan receipts. Options purchased to hedge
future Euro and USD receipts were matched against the relevant
loans included in the summary at 31 July 2010, and we have
calculated that they would add a further £2.3 million to the value
of receipts due on these loans based on the exchange rates as at 31
This is a reminder that the Scheme Manager has stated that no
new claims will be accepted by the DCS after 27 November 2010.
Further details can be found at www.dcs.im.
Any depositors of KSFIOM who have not yet submitted a claim to
the DCS and for whom it would be beneficial to do so are urged to
submit their claim as soon as possible so that they can receive the
payments to which they are entitled.
The best way to make contact is to write to the bank or
email firstname.lastname@example.org. If you need to
telephone the bank, please use the main switchboard number +44 1624