KSFIOM DAG Response to Tynwald Select Committee Interim Report, 10 September 2010

Category: DAG Public News

The Response of KSFIOMDAG to the First (Interim) Report of the Tynwald Select Committee on KSFIOM was submitted to the Committee on 10 September 2010 and may be consulted and downloaded HERE .

In order to represent the interests of the vast majority of the retail creditors of KSFIOM, the KSFIOMDAG team has prepared this response in collaboration with members of the Partially Protected Depositors Group (PPDG). It should accordingly be considered a joint response from KSFIOMDAG and PPDG.

Our response is intended to highlight areas of concern to us relating to the circumstances surrounding events prior to KSFIOM’s collapse, and the collapse itself, from the perspective of retail depositors and bondholders in KSFIOM. Taking this perspective into account should enable the IOM authorities both to enhance the protection afforded to the IOM’s customers and, at the same time, to improve the island’s reputation as a financial centre by adequately protecting its customers. We continue to call on the IOM authorities to seek and implement an arrangement which restitutes KSFIOM’s retail creditors’ funds to them.



Hits: 2514