The Isle of Man Water Authority has issued a statement to reassure its customers about its investments following the collapse of Manx-based bank Kaupthing Singer and Friedlander.
At an emergency sitting of Tynwald earlier this month, authority chairman David Cannan MHK told members the authority’s money was held in nominee accounts and banks in the United Kingdom.
After seeking legal advice and assurances from Singer and Friedlander Investment Management, Mr Cannan (pictured) says the security of the water authority’s investments remains unchanged.
He is assuring the public all of the organisation’s assets are clearly identifiable and ring-fenced.
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