Royal Skandia's release re: £1000 payment

Posted 23/01/2009 - 11:09 by cypheath

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2009-01-21 22

For info:-

Isle of Man Government Early Payment Scheme for Kaupthing Singer & Friedlander (Isle of Man) Limited Depositors

Following the 20 January 2009 sitting of Tynwald, the Isle of Man's parliament, the £1,000 early payment previously proposed by the Isle of Man Treasury for Kaupthing Singer & Friedlander (Isle of Man) Limited Depositors has now been formally agreed.

As Royal Skandia understands it, we will receive one lump sum comprising of £1,000 per individual client account; following receipt, it is our intention that each £1,000 payment will then be allocated to the cash account of each affected bond. However, specific details are still to be finalised, and therefore Royal Skandia is due to meet with the Isle of Man Treasury during the week commencing 26 January 2009, at which time the precise arrangements regarding payments will be agreed. At that point we will post further details on our website.

In the interim, if you require any further details we suggest you refer to the Isle of Man Government website (www.gov.im/cso/faq_gfs.xml), where you will find their recent press releases on this matter.

Impact on charges

For all portfolio bonds that have a deposit with Kaupthing Singer and Friedlander we will exclude these assets in calculating any charges due that are based on fund value. Charges will continue to apply as normal on investments in other assets. The waiver on charges will continue until we have confirmation on the value of these deposits with the bank. When this clarification is received we will review the position.

This change took effect immediately following notification of the position at Kaupthing Singer and Friedlander and will be taken into account in the next set of charges that are due to be deducted at the end of November, and will be reflected on the next quarterly valuation statements due to be issued in January.

View a statement from Mike Simpson - Liquidator Provisionally of Kaupthing Singer & Friedlander (Isle of Man) Limited.

Details of the Isle of Man Government's response to the situation can be found at the following web address:
http://www.gov.im/cso/faq_gfs.xml

Last updated 22 January 2009