Tynewold suggests it is against winding up

Posted 22/10/2008 - 13:00 by Maud

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2008-10-22 (All day)

Press Release just picked up from IOM Web site. Read last sentence it appears they also favour not winding up KSFIOM
Negotiations with UK over bank
NEGOTIATIONS are ongoing between the Isle of Man and the United Kingdom in relation
to Kaupthing Singer and Friedlander (Isle of Man), Chief Minister Tony Brown MHK told
Tynwald yesterday, Tuesday October 21, 2008.
Answering a question from North Douglas MHK Bill Henderson, the Chief Minister said:
‘There has been constant contact at official level and at regulatory level between the Isle
of Man and the United Kingdom since it became clear that Kaupthing Singer and
Friedlander Isle of Man were in difficulty. There have been contacts with the Ministry of
Justice, the United Kingdom Treasury, the Financial Supervision Authority and the Bank of
‘In addition I have personally written to Jack Straw, Lord Chancellor and Secretary of State
for Justice. I have also written to Lord Bach who has recently been appointed as Minister
for the Crown Dependencies. The United Kingdom, as I have previously stated, has agreed
to represent the Isle of Man in this matter as it is clearly a matter of international
representation. I do not consider it would be appropriate whilst negotiations are ongoing
to reveal details of the negotiations. I am however willing to say that our efforts
internationally are directed at seeking to prevent Kaupthing Singer and Friedlander Isle of
Man going into liquidation.’