Ernst and Young letter to customers of Kaupthing Singer and Friedlander and Heritable Bank
19th May 2009
Customers of Kaupthing Singer and Friedlander (KSF) and Heritable Bank will shortly receive a letter from the Administrators of both banks, Ernst & Young LLP, asking them to submit a claim in order to qualify for the first dividend distribution which is expected to be paid in or around July 2009. Customers must submit their claims to the Administrators by the date specified in the letter.
Customers who submit a claim in either administration will still be able to make a claim for compensation to the FSCS (assuming they have not already done so). However, the FSCS will need to take into account any dividend paid by the Administrators to customers of the relevant bank from the date received when calculating the amount of compensation (including any element representing interest) payable to customers that are eligible under FSCS’s rules.
Customers who have already been paid compensation by the FSCS will not be entitled to any dividend payments from the relevant administration as they will have had their claims paid in full and their rights will have been assigned in their entirety to the FSCS.