Allan Bell's IOM budget speech 16 Feb 2010

Category: DAG Public News

Relevant extracts from IOM Treasury Minister Hon Allan Bell's budget speech to Tynwald:

"The liquidation of Kaupthing Singer and Friedlander (Isle of Man) Limited was formalised following the rejection of the scheme of arrangement last May, and Tynwald stepped in to ensure that all depositors received the sums due to them under the Depositors’ Compensation Scheme. We continue to receive more positive news from the liquidator in respect of eventual recovery, now estimated to be in excess of 90% of deposits, which is good news for the taxpayer and depositor alike. As a result I am able to revise down the projected loss to Government to around £5 million, and this sum will be provided from the reserve fund in line with accounting standards, as a cautious final estimate of the eventual cost. Of course we still have around £100 million tied up in the liquidation which has been advanced from our cash balances, and remains a debt to Government, to be repaid from future liquidation proceeds. It will take many years for all this money to come back to us, but I remain convinced that by meeting our obligations to depositors under the Depositors’ Compensation Scheme in full, and in a timely manner after the activation of the scheme, we have shown a caring and proactive response to the plight of the depositors, despite the minority who have yet to accept this outcome."


Maybe Mr Bell needs to understand that that goes also for the (substantial) minority he refers to?

The full budget speech can be found HERE

Hits: 2938