Isle of Man News - POSTED Wed 06-05-2009

UK little or no help over Kaupthing - Bell

by Manx Radio

UK little or no help over Kaupthing - Bell

The Isle of Man is largely fighting its own battles when it comes to helping KSF depositors, according to Treasury Minister Allan Bell, despite a report calling for authorities in the Island and the United Kingdom to work together.

Depositors have seized on the findings in the UK Treasury Select Committee report, published last month, which examines the impact of the Icelandic banking crisis.

But, in calling for clearer lines of communication, Mr Bell admits help to secure savings has not been forthcoming from the UK government.

He told Manx Radio:

"The Isle of Man is on its own on this.

"The UK government has given nominal support in the sense that they have offered to discuss the position with the Icelandic government - because of our constitutional position we can't do it directly.

"That has been of very limited benefit. The chief minister and myself have been to Iceland, instead of that, to talk to the Resolution Committee - the committee which is manaaging Kaupthing there [and] that has been a more effective line of communications.

"We've had very little help from the UK government and the solution, whatever final shape it takes over the next few weeks, to this whole sorry affair, has been constructed and funded entirely from the Isle of Man."


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