The head of the Isle of Man's Financial Supervision Commission says he can understand the outrage of depositors with the collapsed Kaupthing bank, after a ruling that a guarantee offered by its Icelandic parent is 'invalid'.
It was never part of the process under which the bank proved its soundness to the regulatory authority, but was meant to offer customers reassurance their money was safe with the Manx subsidiary.
However, it was never authorised by the Kaupthing board.
FSC chief executive John Aspden says he shares the dismay of depositors (play audio file):
At the weekend, Mr Aspden said the liquidator had not assumed it would recover money under the invalid guarantee.
As a result, it may not affect the final sum gathered in, currently estimated at up to 97p in the pound.
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