Depositors Compensation Scheme to Give up to £50,000 to Bankers by September

KSF Savers To Recieve Money by September

Savers who lost upto £50,000 in collapsed bank Kaupthing Singer and Friedlander Isle of Man have been told that they will receive their money by September.

A £193m injection of money has been approved by the Manx Government to speed up payments under the Depositor Compensation Scheme.

The Compensation Scheme vows to pay all depositors back up to £50,000 of the money they lost, as well as any funds recovered by liquidators.

The scheme was of course kicked into action in May after depositors voted against the scheme of arrangement.

The payments will ensure over three quarters of the depositors will receive their money in full.