LETTER TO VINCE CABLE MP 04/04/09

LETTER TO VINCE CABLE MP 04/04/09

Dear Dr Cable

The House of Commons Treasury Select Committee has just published its report into the impact of the failure of Icelandic banks. In relation to the collapse of Kaupthing Singer & Friedlander (Isle of Man) Limited, the Committee has supported depositors’ calls for the UK and Isle of Man governments to work together to find a solution. The Treasury Committee has also supported our arguments concluding that:

the collapse of KSFIoM “was caused, in part, by steps taken by the UK Government to transfer deposits from the KSF UK branch to ING.”
“the majority of those affected are not sophisticated, investors of high net worth who are somehow insulated from the losses they have incurred; and
many people were “forced to deposit their money offshore, outside the protection of the Financial Services Authority, and the Financial Services Compensation Scheme, as a direct result of the way in which Financial Services Authority regulations were interpreted in the UK”
It concludes by “strongly urging the UK authorities to work with those of the Isle of Man and Guernsey to resolve these issues.”

In light of this independent and cross-party report, we would ask you to use your influence to put pressure on both the UK and Isle of Man Governments to work together to deliver 100% return of money for those affected. We have written to both Jack Straw and Ian Pearson urging them to act on the Committee’s findings.

Yours sincerely

Kaupthing Singer & Friedlander Depositors Action Group (KSFIOM DAG)

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