Kaupthing Isle of Man savers will get (some of) their money back

kaupc3being1Kaupthing Isle of Man customers will get up to the first GBP 50,000 of their savings returned in a previously untested IoM scheme that could potentially take decades to pay out, Channel 4 News reported recently.

As consensus increases that British actions to freeze the assets of Kaupthing Singer & Friedlander in the UK directly caused the collapse of Kaupthing in Iceland; Kaupthing Isle of Man looks increasingly like an unfortunate, and largely unconnected, victim of the global banking crisis.

Kaupthing Isle of Man savers have been campaigning to London for British help in reimbursing their savings, and the Isle of Man government is increasingly backing up their claims in public.

The British government maintains that responsibility for Icelandic banks remains solely with Icelandic authorities; but many Isle of Man savers believe their bank would still be operating without London’s freezing the assets of Icelandic banks.

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