Kaupthing Edge, Should I Avoid?

occamsrazor

I believe this only covers local (Icelandic) savers....

http://forums.moneysavingexpert.com/showpost.html?p=14748213&postcount=19

TCA

Can anyone enlighten me as to whether this 100% guarantee is likely to apply to Kaupthing's Isle of Man subsidiary and their offshore saver account?

papolo

Vectra wrote: »

The Icelandic government have just announced that depositors savings are guaranteed 100%

Can every Kaupthing Edge haters shut up now!

occamsrazor

TCA wrote: »

Can anyone enlighten me as to whether this 100% guarantee is likely to apply to Kaupthing's Isle of Man subsidiary and their offshore saver account?

So far from what I can tell it seems not, it's for Icelandic customers only. I guess they figure the UK customers are well-looked after by the FSCS £50k protection. Unfortunately for the IOM customers (like me) it's only 75% of £20k maximum.

All that said the details of the new Icelandic guarantee are in no way clear yet.

JohnAnt

I suggest emailing the Financial Services Compensation Scheme at enquiries@fscs.org.uk and asking them about their precise terms and timescale of compensation. I phoned the FSCS today and they told me that they didn't know how long it would take 'because, like, it's never happened, right?' and that any compensation 'could take weeks or months'. Alarmed at this rather insouciant style of information management, I phoned the FSA, who told me - even more alarmingly - that there were cases of non-banking financial compensation which dragged on for years. Surprisingly, the FSA are not supervising the FSCS, which is directly answerable to the Treasury.

Vectra

papolo wrote: »

Can every Kaupthing Edge haters shut up now!

WELL SAID papolo:T :T

papolo

[FONT=arial,helvetica,sans-serif]The latest rankings from The Banker show that [/FONT][FONT=arial,helvetica,sans-serif]Kaupthing Edge [/FONT][FONT=arial,helvetica,sans-serif] is 124th in the list of the most powerful banks in the world, [/FONT]


Continue the reading on

http://www.which4u.co.uk/component/news/article/50-bank-account-news/1451-kaupthing-edge-goes-from-strength-to-strength-

JohnAnt

The FSCS say their compensation funds are provided by the Treasury. The speed of payment would depend on the complexity of a bank's dealings.
As to the question of the payment of interest, FSCS are extremely vague about this, saying that 'potentially' interest accrued up to the point of liquidation would be paid, but that this was 'not guaranteed' and 'it depends on a number of factors' which the spokesperson was not able to describe. I've asked for written clarification, and will post it when it arrives if it really does clarify.

Oblivion

papolo wrote: »

Can every Kaupthing Edge haters shut up now!

Oh deary me. Desperation has really set in hasn't it. :rotfl:

Dave.

elbe

papolo wrote: »

Can every Kaupthing Edge haters shut up now!

well said. If we all start moving our money here, there and everywhere things will only get worse in the financial sector.