Update due on compensation after banking collapse

Fri, 19 Jun 2015

David Quirk MHK

Nearly seven years on from the Kaupthing Singer and Friedlander collapse an update on the compensation process should be made next week.

The high interest savings bank was one of the first major casualties of the global credit crunch - with hundreds of local savers losing millions of pounds.

The depositor's compensation scheme ensured the recovery of up to £50,000 per person, although many had significantly more money than that lodged with the bank.

Onchan MHK David Quirk will be raising the matter in the House of Keys - he says the good work of government needs celebrating: