07 DECEMBER 2011

Cash Position

Attached is the summary of cash balances held at 30 November 2011.

PDF Cash Position

Cash balances decreased by approximately £83.4 million during the month. Loan repayments, interest and other income totalled £1.8 million. The sixth dividend and catch-up distributions were £85.1 million and expenses were £0.1 million.

Loan Book

Attached is the summary of the loan book position at 30 November 2011.

PDF  Loan Book

During November 2011, four facilities were redeemed in part realising £1.5 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 31 October 2011.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 November 2011, and we have calculated that they would add a further £1.1 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 30 November 2011, and we have calculated that they would add a further £6,000 to the value of the receipts due on these loans. 

Comments by Icelandic Minister of Economic Affairs

On 27 October 2011, Árni Páll Árnason, the Icelandic Minister of Economic Affairs, made a statement where he implied that no depositors in Icelandic owned banks would ultimately lose any money as a result of the collapse of the banks in 2008. I am aware that this comment has caused consternation among creditors and can confirm that I have written to the Minister to draw his attention to the plight of creditors of KSFIOM.

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The website will be re-formatted shortly in order to make it easier to navigate as it has become unwieldy over time. The website may be off-line for a short period while these changes are being made.

Contacts

The best way to make contact is to write to the bank or 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