KSF outcome 'better than expected' says Minister

Wednesday, 24 June 2015 00:00

The Treasury Minister has revealed the full extent of the operation to reimburse those who lost money following the collapse of KSF.

The high interest Icelandic bank went bust in 2008 impacting hundreds of local savers.

In the immediate aftermath it looked as though the amount reclaimable would be capped at £50,000 through the depositor's compensation scheme.

However Eddie Teare says the outcome has been much better than anticipated:

More from Isle of Man News

Two roads in Douglas closed on Sunday for tree work

Two roads in Douglas will shut for tree works on Sunday.
Election night brings surprises and records

It was a night of surprises and records as the results of the Island's general election were released last night.
Two new representatives for Garff as sitting MHKs voted out

Both of Garff's sitting MHKs have lost out in the election.
Alf Cannan re-elected in Ayre and Michael

Chief Minister Alf Cannan has successfully defended his seat.
Moorhouse wins another term in the House of Keys

Arbory, Castletown and Malew MHK Jason Moorhouse has won another five years in the House of Keys.
Two new MHKs in Glenfaba and Peel

Glenfaba and Peel has two new MHKs after today's general election.
DEFA minister ousted in Douglas East

A minister has lost their seat in the general election.
Middle keeps one MHK, gets one new representative

Deputy Chief Minister Jane Poole-Wilson has topped the polls in her constituency.