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An update on Kaupthing.

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Chris Vallance | 13:34 UK time, Thursday, 27 November 2008

Prompted by listener emails, on PM yesterday we covered the plight of savers in the Kaupthing Singer and Friedlander (Isle of Man) bank. There was a court hearing today into the winding-up of the bank. We've just received a press release from the Isle of Man government it says,

"Following an application from the Treasury, the court agreed to adjourn consideration of a winding-up order until 29 January 2009 so that alternatives could be further explored."

So winding-up is put on hold, while attempts to salvage the bank continue. The press release also mentions that the Isle of Man government is aware of the suffering of depositors like Katy Watt, who we featured on the programme, and is considering a "payment on account"

You can read the full press release here. The website of the KSFIOM Depositors Action Group can be found here.

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