29 JUNE 2011

Loan Trust Proposal

The Committee of Inspection wish to make the following statement.

Kaupthing Singer & Friedlander (Isle of Man) Limited's (KSFIOM) Committee of Inspection (CoI) notes the recent proposal issued by the KSFIOM Depositor Action Group for the establishment of a loan trust sponsored by the Manx and UK governments. On the basis that the costs of its implementation are borne by the respective authorities (and not by other creditors of KSFIOM), the majority of CoI members commend the loan trust proposal to the relevant authorities as an expedient and low-cost method of swiftly ending the uncertainty and delay in returning retail creditors' funds in the bank to them.

PDF KSFIOM DAG Loan Trust Proposal

PDF KSFIOM LTP letter to IOM Treasury Minister

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