Huddersfield man loses £200,000 in Iceland bank collapse

Nov 7 2008 by Neil Atkinson, Huddersfield Daily Examiner

A HUDDERSFIELD man who had £200,000 invested in an Icelandic bank was last night named in the Commons as a victim of the financial crisis.

David Speed, of Farnley Tyas, is one of up to 2,000 Britons with savings in Icelandic banks on the Isle of Man and Guernsey.

Labour MP Mary Creagh told the Commons that Mr Speed and the others had held personal accounts in Kaupthing Singer Friedlander on the Isle of Man (KSF IOM).

The Wakefield MP, whose area covers parts of Kirklees, said the Manx government had now agreed to cover deposits of up to £50,000 after the Iceland bank’s collapse.

But, unlike the Financial Services Compensation Scheme in the UK, there was no money “in the pot”, Ms Creagh said.

Mr Speed recently sold his business and put £200,000 of the proceeds into a one-year bond with KSF IOM on the recommendation of his accountant.