Kaupthing IOM

wtf_2-2 · 8 October 2008 at 1:59PM

Hi,

Anyone know whether the ING purchase includes the accounts in Kaupthing Edge in the Isle of Man?

occamsrazor · 8 October 2008 at 2:01PM

Haven't been able to find anything out about this yet, but please use this existing thread, thanks:

http://forums.moneysavingexpert.com/showthread.html?t=1203227

wtf_2-2 · 8 October 2008 at 2:10PM

That thread is more generic - I'm asking a more specific question.

Dave_Braddan · 8 October 2008 at 4:02PM

According to my information following my phone call to he IOM branch. No Edge IOM is not to be taken over by ING (yet ?)

poppy10_2 · 8 October 2008 at 4:06PM

Can confirm that Edge IOM is not covered by the ING deal -[STRIKE] you'll have to apply to the FSCS.[/STRIKE]

occamsrazor · 8 October 2008 at 4:16PM

poppy10 wrote: »

Can confirm that Edge IOM is not covered by the ING deal - you'll have to apply to the FSCS.

Kaupthing Edge IOM is not covered by the UK FSCS.
It is covered by the Isle of Man Depositors' Compensation Scheme "DCS"

http://www.gov.im/FSC/investor/dep_comp.xml

What's the source of your confirmation that KE IOM is not covered by the ING deal? You may be correct, but just wondering where you saw it...

Dave_Braddan · 8 October 2008 at 4:19PM

And it's not gone bust, according to them anyway

occamsrazor · 8 October 2008 at 4:50PM

Dave_Braddan wrote: »

And it's not gone bust, according to them anyway

Did you manage to get through to them on the phone? What did they say?
They may not have gone bust, their parent company has been seized by the Icelandic Govt according to Reuters:

http://uk.reuters.com/article/businessNews/idUKTRE4976DC20081008?sp=true

Which is a weird situation, to say the least....

wtf_2-2 · 8 October 2008 at 5:19PM

I think you have read it wrong - the Reuters article says taht the government has taken over 2 banks - not Kaupthing

"Now facing financial meltdown, Iceland has taken over two of its largest banks -- first Landsbanki on Tuesday and now Glitnir"

I think the article has been updated and the title is a bit misleading.

cheekykid · 8 October 2008 at 5:25PM

However you will still lose no money according to: http://www.hm-treasury.gov.uk/press_102_08.htm

occamsrazor · 8 October 2008 at 5:28PM

!!!!!! wrote: »

I think you have read it wrong - the Reuters article says taht the government has taken over 2 banks - not Kaupthing

"Now facing financial meltdown, Iceland has taken over two of its largest banks -- first Landsbanki on Tuesday and now Glitnir"

I think the article has been updated and the title is a bit misleading.

You are right, I seem to have misread it. Thanks for correcting....

Kaupthing IOM

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