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Kaupthing Singer and Friedlander: Isle of Man

Volume 486: debated on Thursday 22 January 2009

To ask the Chancellor of the Exchequer if he will estimate the potential liability to the public purse of guaranteeing the deposits of UK citizens in the Kaupthing Singer and Friedlander Isle of Man bank for (a) all deposits, (b) deposits up to £50,000 and (c) deposits up to £100,000. (247844)

Deposits with Kaupthing Singer and Friedlander, Isle of Man, will be subject to the Isle of Man Deposit Compensation Scheme. This scheme is administered by the Isle of Man authorities.

To ask the Chancellor of the Exchequer what steps he is taking to protect investors who originally banked with the Derbyshire Building Society but who subsequently found themselves customers of Kaupthing Singer and Friedlander Isle of Man bank. (247846)

I refer my hon. Friend to the answer I gave my hon. Friend the Member for Great Grimsby (Mr. Mitchell) on 26 November 2008, Official Report, column 1902W.

To ask the Chancellor of the Exchequer what discussions he has had with the Isle of Man authorities on UK citizens’ savings that were deposited with Kaupthing Singer and Friedlander Isle of Man bank. (247848)

Treasury Ministers and officials have meetings and discussions with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government’s practice to provide details of all such meetings and discussions.

To ask the Chancellor of the Exchequer what recent discussions he has had with the government of the Isle of Man regarding funding to enable the Isle of Man to compensate British depositors with Kaupthing Singer and Friedlander. (249670)

[holding answer 20 January 2009]: 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.