Kaupthing Edge, Should I Avoid?

FraudBuster

Posted on another internet forum today:

Watch out! The Kaupthing PR people have arrived (see qwerty).
It happens with all these blogs. As soon as something critical about them crops up they post all their defences. I’ve been watching them for the last year.
You can actually predict their arrival these days and what they’ll say.
(Denial to follow soon!)

roddydogs

We all know the £35000/£50000 bit, but has this ever been tested? and the big question is just How long would it take people to get their money back?

formulaonefan

I saw BBC news this morning. There was something about Icelandic banks and UK has 150,000 internet savings account users. In short what they have been saying is Icelandic banks debt is nearly double the size of the country itself. So if the banks go under then Iceland government can't help. The government has been asking for help from other country. Very worrying. I withdrew my savings from KE.

tpl288

formulaonefan wrote: »

I saw BBC news this morning. There was something about Icelandic banks and UK has 150,000 internet savings account users. In short what they have been saying is Icelandic banks debt is nearly double the size of the country itself. So if the banks go under then Iceland government can't help. The government has been asking for help from other country. Very worrying. I withdrew my savings from KE.

thanks. Even the government cannot help Kaupthing, irrespective of the FCS, do you really want to go through the hassle of not having access to your money in the short term if Kaupthing goes bust? The FSA will be under mega problems if it triggers a major meltdown/run on other banks and will be stretched to deliver refunds to customers in the short term. I have withdrew my money because of this reason. Have people forgotten how the FSA performed when the Northern Rock fiasco happened 12 months ago, they were so incompetent and the inquiry found them to be. In these uncertain times, its best to be cautious rather than hang your hat on the FSA doing the right thing. My money has gone to Northern Rock and the Irish banks.

Its time for that st**p prime minister to stick his neck on the line and guaranteed savers instead of creating more uncertainty (throwing some bait & switch tactics re 50k is no use if its not passed in legislation).

xiox

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3131573/Financial-Crisis-hit-Iceland-draws-up-banking-rescue-plan.html

"The Icelandic government is finalising a rescue plan for its crisis-hit economy – but has denied that it is considering nationalising Kaupthing, the country's largest bank."

Oblivion

xiox wrote: »

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3131573/Financial-Crisis-hit-Iceland-draws-up-banking-rescue-plan.html

"The Icelandic government is finalising a rescue plan for its crisis-hit economy – but has denied that it is considering nationalising Kaupthing, the country's largest bank."

It's not hard to see why the Icelandic economy is in so much difficulty when they keep using two items when one would suffice :rotfl:

"Tryggvi Thor Herbertsson, an economic adviser to Geir Haarde, the Icelandic prime minister ....."

Dave.

Dave2012_2

Robert Peston's blog is doom-laden about Iceland too

I'm not moving my money though.

altocumulus

Dave2012 wrote: »

Robert Peston's blog is doom-laden about Iceland too

I'm not moving my money though.

And ...

From that blog ....

Much of the British high street, a load of property and the Hammers have been financed or are owned by Icelandic banks and financiers.

Oblivion

Dave2012 wrote: »

Robert Peston's blog is doom-laden about Iceland too

I'm not moving my money though.

I'm very pleased to hear that. I trust there's enough of your money to cover my transfer out.

Dave.

Dave2012_2

no, looking at your sig, but there is little enough that if things do go wrong I wouldn't be so desperate as to need it back immediately and could wait for the FSCS to deliver, therefore leaving it in and continuing to take advantage of the interest rates is not a problem.