Icelandic Banks - The thread for OFFSHORE savers
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Another article about the winding up (does not add anything to what's known already):
http://www.manxradio.com/readNEwsItem.aspx?id=266200 -
Where the Isle of Man Financial Supervision Commission are posting their press releases:
http://www.gov.im/fsc/allnews.gov0 -
I clicked on the link from the IOM FSC Compensation Scheme site to the list of licenced banks and I counted 41. One of these was KSF so that leaves 40 banks contributing 250,000 or a total of 10,000,000 GBP per year.
Does anybody have any idea how many customers in total KSF(IOM) had.
The press are quoting 160,000 for Edge in the UK, so assuming a conservative 10000 customers in the IoM that's GBP150,000,000 at GBP15,000 per customer. That's 15 years to pay all of the compensation, assuming all the banks just don't pack up and leave when all their customers find out about the pathetic protection scheme and it also assumes there are no more failures.
Unless the emergency meeting of the Tynwald will result in IoM Goverment Money to fund the 50,000 then it will be 50 years for the existing banks to cover it!!
Could someone also please explain the comment in the scheme desrciption where they state "you will be charged interest on the amount of your claim".
They owe me money and I have to pay interest? Something not quite right there.
For the record I have 30,000 in a fixed rate bond plus a small amount in an Edge account.0 -
Has anyone spoken to the KSF IOM office today is it even manned or have they all be kicked out as in London?
On my overnight statement a transfer requested from Monday is shown as having being debited from my account but whether it will arrive who knows. Other transfers from Tuesday and Wednesday are not showing but that at least would be consistent.
I hope but don't expect that yesterday and today KSF IOM didn't spend the day transferring the funds out of the IOM to Iceland.
A real pity that KSF IOM hasn't been sold but I guess the regulator in the IOM just won't have the clout of the UK equivilant or financial backing to facilite this.0 -
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For those who aren't or can't listen to the Manx radio broadcast, here is a brief summary up to now.
The question has been asked whether the expected approval will apply retrospectively to the failed KSF (IOM) bank.
The comment was made that KSF IOM could not retrieve money it had loaned to both the UK KSF and the parent company in Iceland and that is why they had no money to fund operations.
The question was asked how many depositors are affected.
They expect the law to be approved within a few hours so we should know later today if we are covered by the new scheme.
The last time people lost money in a failed bank in the IOM the UK government and UK press forced the IoM goverment to use tax payers money to compensate people.0 -
stanley317 wrote: »The last time people lost money in a failed bank in the IOM the UK government and UK press forced the IoM goverment to use tax payers money to compensate people.
IOM taxpayer or UK taxpayer? Which was the bank?
Appreciate your reports on the Manx news broadcast, please keep us updated with any other relevant details....0 -
A ray of hope perhaps...0
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Kaupthing Edge IOM online login is no longer working for me - "The server is not currently available"0
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Thanks, Stanley .. My Mac won't let me listen.
All still stunningly unclear as to whether Kaupthing are even vaguely talking to their offspring in IoM.0
This discussion has been closed.
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