News from DCS on Parental Guarantee claims: 24 Dec 09

Category: DAG Public News

Posted on the DCS website on 24 Dec 09:

" PARENTAL GUARANTEE - 24 December 2009 :


Claimants may be aware of the possibility that underlying depositors’ of Kaupthing Singer and Friedlander (Isle of Man) Limited (in liquidation) may be able to claim against the parental guarantee given by Kaupthing hf.

The Scheme Manager is not is a position to take Icelandic legal advice to assess the likelihood of such a claim being successful before the filing date. However, it will lodge a claim with the winding-up committee of Kaupthing hf as a protective measure.

DCS claimants will be aware that they have assigned all their rights to the Scheme Manager and should not seek to register a separate claim in their own name.

At this time the Scheme Manager will not be in a position to answer any individual queries relating to the parental guarantee."

see here

Anrigaut's comments:

It appears that DCS have reacted similarly to DST to the latest announcements of PWC by deciding -as a precaution - to submit a claim on behalf of all DCS claimants (in whose shoes they stand). There is thus no need for further action on the part of those claiming through DCS. For other depositors however, the action of DCS would seem to reinforce the informal advice of DST to submit individual claims.

The above is my personal appraisal of the situation.

Hits: 2151