The Isle of Man’s Response to the global financial situation - as at Dec 5th 2008

Questions & Answers following Decision by Isle of Man High Court 27 November 2008

Update 05/12/08 - Posted by PWC 09/12/08

5 December 2008

General Matters
In this update I set out a report on the creditors meeting convened by the Administrators of Kaupthing Singer & Friedlander Limited (“Kaupthing UK”), issuing Statements as at 9 October 2008 and actions currently being taken re Edge accounts and other online information.

A PDF copy of the Administrators Proposals is available here.


PDF file of the Account application form (for individuals) which was required to be completed to open a KSF IoM account. Opening an account on-line was also possible and the information which was required to be given was similar if not identical. An on-line application had to be backed up with proof of id and address sent by physical post.

Treasury Minister Response to Hearing 27/11/08

As published on Isle of Man Government website

27th November 2008
Treasury Minister welcomes more time to progress KSF IOM solution

Letter on behalf of Mark Shimmin

Dear xxxxxxxxxxxx

Mark Shimmin has asked me to thank you for your e-mail concerning Kaupthing Singer and Friedlander (Isle of Man) Limited and to reply to you on his behalf.


Thank you for your enquiry. I hope that the information below will provide the comfort for the protection of funds held with ourselves.

Independent Ratings

Kaupthing Bank hf continues to enjoy strong independent credit ratings, which are currently classed as "Stable" by both Moody's and Fitch:

Moody's: Long Term: A1 Short Term: P-1

Tynwald 18 November 2008

An MHK wants a full statement from the chief minister on the Kaupthing Singer and Friedlander affair.


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