Kaupthing Isle of Man IOM Bank Deposit Protection

Kaupthing Isle of Man IOM Bank Deposit Protection

Kaupthing IOM [Kaupthing Singer and Friedlander (IOM) Ltd] has provisionally had a liquidator appointed today.

Given the nationalisatition of Icelandic Bank Kaupthing and the UK operations Kaupthing Edge being sold to ING, we have checked on Kaupthing Isle of Man as this appears to have been overlooked by many commentators yet many Brits were invested there.

As far as the Isle of Man operations are concerned, these are not party to the ING deal and it is unclear if the Icelandic Government, now the parent owner of the Kauthing IOM, will guarantee deposits outside Iceland.  We suggest they may not.

We therefore suggest that investors in Kaupthing IOM should wait and see as we know that an emergency meeting has taken place today between the IOM Government and the IOM regulator the Financial Supervision Commission (FSC) and the Kaupthing liquidator.

Deposit Compensation Scheme

We also know that with effect today, the investor compensation limit was raised in the Isle of Man to £50,000 per investor per licenced institution today.  So provided, you have not more than £50,000 or in the case of couples, £100,000 in Kaupthing, your capital is protected.  We will keep you updated.

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