Isle of Man Depositor Compensation Scheme update
October 9, 2008
Image by Tasa_M via Flick
Following on from my previous post it now seems that the Isle of Man Depositor’s Compensation Scheme has been revised.
It all seems a bit late in the day when you consider that Kaupthing Singer and Friedlander International has collapsed today and is now in the hands of the liquidators!!! I really feel it for everyone who had savings with the bank it must be absolutley gutting. A recent report by Isle of Man online has posts from concerned cusotmers and also those that have lost money it doesn’t make pleasant reading! A mist has desended on the island!
At this stage I feel that the Isle of Man government reacted to late and this has now left the Isle of Man as International Finance jurisdiction in a very vulnerable place at a time when the media are feeding on the global panic. As the story plays out I am sure to post again.
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