Kaupthing Edge, Should I Avoid?

papolo

Icelandic government and two Icelandic banks operating in the UK announce today that UK savers should not worry about their deposits in the ICESAVE and KAUPTHING EDGE banks........

Continue the reading on this page

http://www.mortgagebrokers4london.co.uk/article.php?article_id=1067

Vectra

Its just that Kaupthing are to cut their lending in the UK,
NO worries about savings safe enough and of course the guarantee,£35k soon to be £50k and depending could be 100%.
The only concern I have about my savings is the damage that could be caused by the alarmists flapping around like one legged seagulls most of whom I bet haven't even got money in Kaupthing Bank

ray123

If a bank does go bust, do we get interest on the money we had in it?
Say for example, I have £40000 in K Edge, what will happen if it takes 3 months to receive the compensation? The interest for this 3 month period is approximately £600, quite a large sum (in my opinion)!

papolo

ray123 wrote: »

If a bank does go bust, do we get interest on the money we had in it?
Say for example, I have £40000 in K Edge, what will happen if it takes 3 months to receive the compensation? The interest for this 3 month period is approximately £600, quite a large sum (in my opinion)!

why are you worried about the interest, you should be happy that you can get your money back when the bank goes bust.

poppy10_2

Kaupthing, Landisbanki and Glitnir shares have all been suspended this morning. :eek::eek::eek:

Andrew64

poppy10 wrote: »

Kaupthing, Landisbanki and Glitnir shares have all been suspended this morning. :eek::eek::eek:

Source please!!

One possibility is they will be merged into one mega-bank?

isofa

http://www.ft.com/cms/s/0/07113e40-938d-11dd-9a63-0000779fd18c.html

Andrew64

A more detailed article on the share suspension here:

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3144756/Trading-in-Icelandic-banks-halted-pending-announcement.html

Stompa

Andrew64 wrote: »

One possibility is they will be merged into one mega-bank?

http://www.icenews.is/index.php/2008/10/05/kaupthing-to-buy-landsbanki/

roxorx

I've got 23k with Kaupthing and not intending on moving it anywhere. Can't understand all the panic moving going on, it's moves like that that cause the issues for the banks at this point, thousands withdrawing in job lots 'just in case'. Northern Rock wouldn't have been in such bad shape if people hadn't done a run with their savings over 3 days.