When was the account set up?
The account was set up on Monday, 6 October 2008 following a Supervisory Notice issued by the Financial Services Authority to Kaupthing Singer & Friedlander Limited on 3 Friday, October 2008.

How much money is in the account?
As at the date of administration on 8 October 2008, £147,436,226.05 was held in the account. No monies were paid into the account after 7 October 2008.

Is the account interest bearing?
Yes, the account is interest bearing at a floating rate calculated by reference to the base rate of interest published by the Bank of England.

Why was the existence of the account not announced until March 2009?
The Financial Services Authority (the FSA) issued a First Supervisory Notice on 3 October 2008 requiring Kaupthing Singer & Friedlander Limited to set up the account. The First Supervisory Notice contained a confidentiality provision. In February 2009, the FSA lifted the confidentiality restriction to allow issues concerning the Account to be decided by the Companies Court. The Joint Administrators informed the creditors’ committee of the matter as soon as the confidentiality restrictions were lifted and continue to keep the creditors’ committee informed of any developments. The Joint Administrators then applied to the Companies Court to determine how monies in the Account should be distributed and in March 2009 provided information about the Account and the steps being taken by the Joint Administrators on this website.

How do I know whether my monies were put in the account?
The account only contains certain monies paid into KSF in the period from 2 October 2008 until 7 October 2008. If you placed monies in your account between those dates it is possible that they were placed in the account; any funds placed in your account prior to that date will not be in the account. The question as to who is entitled to the monies in the account is complex and accordingly the Joint Administrators have applied to the court for directions as to who the monies in the trust account should be paid to

When will the monies in the account be paid out?
We are unable to answer that question at the moment. The issues relating to the account and who should be entitled to the monies in it raise difficult legal issues. Consequently, the Joint Administrators have applied to the court for directions as to whom the monies in the trust account should be paid. The Joint Administrators are working to achieve a resolution of the issues so as to be able to pay out the monies to the people who the court determines are entitled to it as promptly as possible. The matter was heard by the Companies Court from 19-21 May 2009 and judgment has been given. That judgment may now be subject to an appeal by the interested parties. If that is the case further court hearings will be required to determine this appeal and the Joint Administrators will proceed in accordance with directions of the Court of Appeal. The Joint Administrators are keeping the creditors’ committee informed of any developments and provide updates as and when it is appropriate to do so. Following final determination of who is to be paid the monies, the Joint Administrator will publish further information on the website which, if relevant, will deal with any mechanisms of claim.

I am a Kaupthing Edge customer. Can I get monies from the trust account?
The Joint Administrators have applied to the court for directions as to whom the monies in the trust account should be paid. The answer to this question will depend on the outcome of any appeal. In any case, all Kaupthing Edge customer accounts have now been transferred to ING Direct N.V.

I am a creditor of Kaupthing Singer & Friedlander Limited (in administration) and am eligible to claim compensation from the Financial Services Compensation Scheme. Will I get money from the trust account?
The Joint Administrators have applied to the court for directions as to whom the monies in the trust account should be paid. The answer to this question will depend on the outcome of any appeal court decision and we are unable to answer this question at present..

I am a creditor of Kaupthing Singer & Friedlander Limited (in administration) and am eligible to claim compensation from the Financial Services Compensation Scheme (the FSCS). Can I claim from the trust account instead of from the FSCS?
The Joint Administrators have applied to the court for directions as to whom the monies in the trust account should be paid. The answer to this question will depend on the outcome of any appeal court decision and we are unable to answer this question at present. Customers who are eligible to claim compensation from the FSCS should apply to the FSCS.

I am a creditor of Kaupthing Singer & Friedlander Limited (in administration) and am not eligible for compensation by the Financial Services Compensation Scheme. How can I claim the trust monies?
The Joint Administrators have applied to the court for directions as to whom the monies in the trust account should be paid. The answer to this question will depend on the outcome of any appeal court decision. When the court has determined who is to be paid the monies the Joint Administrator will publish further information on the website which, if relevant, will deal with any mechanisms of claim.