Question
To ask the Chancellor of the Exchequer pursuant to oral Statement of 8 October 2008, Official Report, column 278, on the banking system, what steps he is taking to ensure that investors who have placed funds with Kaupthing Singer and Friedlander (Isle of Man) Limited are able to reclaim those investments without loss; and what steps his Department has taken in respect of such funds following the seizure of the assets of this company.
Answer
[holding answer 11 November 2008]: Arrangements for depositors in banks in the Isle of Man are a matter for the Government of the Isle of Man.Deposits with Kaupthing Singer and Friedlander, Isle of Man, will be subject to the Isle of Man Deposit Compensation Scheme.In line with usual constitutional arrangements, the Government will represent the Crown Dependencies in their negotiations with the Icelandic authorities.