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The Isle of Man's most senior financial regulator, John Aspden, has become the first person to give evidence to the Tynwald Select Committee which is looking into the collapse of Kaupthing, Singer and Friedlander.
Mr Aspden, who is chief executive of the Financial Supervision Commission, spoke of his concerns over KSF Isle of Man's exposure to the Icelandic 'parent' bank.
He said it was a fact of life that banks in the Isle of Man were subsidiaries of larger insitutions elsewhere, and deposits were sent 'upstream'.
Mr Aspden also said a letter from his counterparts in London in May 2008, five months before the collapse of Kaupthing in the Isle of Man, had put his mind at rest.
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