KSFIOM £557k Unsecured/Secured
It has been stated that the KSFIOM's funds held with KSFUK are unsecured. Do we know if KSFIOM, KSFUK and E & Y all agree with this statement? I believe the purpose of depositing funds with KSFUK was to protect them from Iceland, then surely KSFIOM would have obtained an undertaking from KSFUK that the £557k would not be re-invested in Iceland. If this was the case then the funds held by KSFUK on behalf of KSFIOM were presumably subject to certain conditions. Is there any way we can discover what the conditions were? I apologise if this matter has already been clarified on the site but I would welcome any further information in connection with this critical issue.
hopeful - unsecured / secured
hopeful - No need to apologise but this very important issue has not yet been clarified and has been the subject of much discussion and speculation on the forum. I believe this question was being raised again on the Mike Simpson Q & A call this afternoon? It is one of several key issues such as, why are there sealed papers and why do they remain sealed, these amongst other questions need full and unequivocal answers
Why are't we getting any answers?
I have just read allyourbases summary of the Q&A session with Mike Simpson
It doesnt seem to indicate that the deposits are secured as other banks owed 'set off' by KSF UKand or IOM may claim it from KSFIOM deposits ( which is how I see it and I hope that I have misunderstood) held by KSFUK.