People hit by the Kaupthing Singer and Friedlander Isle of Man affair should be able to get their ?1000 payments in the week starting January 19th.

The date is included in a Manx government information pack which is being mailed out to the failed Icelandic bank's depositors.

The main purpose of the correspondence is to let those eligible for the payment know how they can apply for it, under an ?11 million scheme approved by Tynwald earlier this month.

Included is an explanatory letter from Treasury Minister Allan Bell, guidance notes and application forms.

Forms must be filled in to receive the money but Mr Bell is stressing that additional guidance notes will be made available once Tynwald has approved the eligibility rules for the scheme, at next month's sitting.

In his covering letter, Mr Bell acknowledges that a thousand pounds may seem a modest sum, but he says it is recognised that it could make a difference to depositors who may be experiencing hardship.

He adds that the Manx Government remains committed to finding a solution to the KSF Isle of Man insolvency which will maximise payouts for account holders.

The Early Payment Scheme, he says, reflects the government's concern that account holders are treated fairly.

However, the government also recognises payments under the scheme are an interim measure, pending the finalisation of a more comprehensive solution.