DCS

Statutory Interest in respect of EPS and/or DCS claimants

Posted 15/08/2018 - 19:34 by anrigaut

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On 3 July 2018, an Application was made by the Liquidator to the IOM Court concerning the payment of interest in respect of depositors who claimed early payments under the EPS schemes and/or compensat

Plans to ring-fence funds for the DCS shelved by Tynwald

Posted 25/02/2012 - 21:02 by anrigaut

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Consideration of a proposal to establish a Depositors' Compensation Scheme (DCS) Fund, which would have provided an earmarked reserve of £100 million to enable prompt payment to depositors in the case

Only 3/4 of DCS claims paid - as 23/10/09

Posted 23/10/2009 - 12:19 by Alastair

2009-10-22 23

UP to a quarter of victims claiming compensation following the Island's Kaupthing bank collapse have still not get their money – some six weeks after the first pay-outs were made.
The number of claims paid under the Depositors' Compensation Scheme now totals more than 4,400, representing three quarters of all registered claims.

But pay-outs for the remaining claims have been delayed due to outstanding queries that have yet
ADVERTISEMENTto be resolved.

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John Aspden's view on governmental compensation in 2003.

2003-05-05 14

A look back at John Aspden's views about compensation for depositors in 2003.

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Has anyone out there received their DCS payment yet?

Posted 10/09/2009 - 13:18 by Anonymous

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Yet another day passes and no dosh arrives. Please reply if you've received your claimed DCS payment, by cheque or BACS or whatever.

The stink is getting stronger.

EDGE A/c holders

Posted 05/09/2009 - 10:34 by Ormus

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I am one of those with an EDGE a/c who apparently have to provide details of linked a/cs before getting a cheque from the DCS.

DCS - Payee details?

Posted 25/08/2009 - 00:52 by dizzy

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Hi

Payment of DCS

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Is it clear how the DCS will be paid out. I did read in some earlier posts that it would be by cheque but considering the EPS was paid out by electronic transfer assumed the DCS would be as well.

Three out of four Kaupthing savers will get money back

2009-06-29 16

Three out of four Kaupthing savers will get money back

Manx Treasury officials estimate that three out of four savers with collapsed bank Kaupthing Singer & Friedlander (Isle of Man) will be repaid in full but customers who held deposits through life assurance bonds will not be so fortunate.

According to the pressure group Kaupthing Singer & Friedlander (Isle of Man) Depositors Action Group there are nearly 2,000 KSFIOM customers who held £300 million with the bank through life assurance bonds

Manx Treasury officials estimate that three out of four savers with collapsed bank Kaupthing Singer & Friedlander (Isle of Man) will be repaid in full under the Manx Depositor Compensation Scheme (DCS).

[Continues]

Contains these paragraphs:

Royal London 360º, formed from the merger of Scottish Life International and Scottish Provident International last year, said it removed all Icelandic banks from its panel in early 2008, months before the KSFIOM collapse.

David Kneeshaw, chief executive of Royal London 360º, said: "We recognised the country risk of Iceland and any customer who specifically wanted to go with an Icelandic bank had to sign a disclaimer."

The life office continues to monitor bank safety and its panel excludes all but the major global banks and those backed by the UK government.

Concludes:

The KSFIOM Depositors Action Group criticises the life offices for taking charges out of the £10,000 early payments and out of future recoveries.

It says the KSFIOM affair shows that "offshore bonds offer none of their much-vaunted safety and security – even life companies finally need to admit this vehicle is not fit and proper for the task".

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DAG REPRESENTATION ON THE CREDITORS' COMMITTEE (with links)

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Since October 2008 DAG have been an inimitable force: demonstrating solidarity and determination in a time we are individually suffering immense stress and hardship; forging a strong media and politic

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