Manx govt to 'run down' Kaupthing IoM to avoid compensation trigger

Posted 06/11/2008 - 16:17 by steveejeb

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2008-11-06 (All day)

The Manx government is working on a scheme to ‘run-down’ Kaupthing Singer & Friedlander rather than let the bank go into liquidation which would trigger compensation payouts to the savers who have £821 million on deposit with the failed Icelandic bank.
The Manx government’s chief minister Tony Brown has set up a committee that will develop a plan to either restructure KSF IoM for sale or run it down in an ‘orderly’ fashion to avoid liquidation.