Kaupthing Edge, Should I Avoid?

Baldur

genny wrote: »

Is this true and they won't be covered by the FSCS or passport scheme? I find this hard to believe, there has never been a mention of this possibility from Martin or anyone else up to know, can we have some comments from others please?

It has been posted many times in these forums, if you care to search.

<Edit> See HERE:

3.2 Novation
Kaupthing Singer & Friedlander Limited may, by notice to you, novate the contract between it and you
(comprising the Terms and Conditions) to Kaupthing Bank hf. This means that from the date of the notice to
you, all of Kaupthing Singer & Friedlander Limited’s rights and obligations to you will be transferred to Kaupthing
Bank hf, with whom you will have a contract comprising the Terms and Conditions. From that date, your rights
and obligations under the Terms and Conditions will be with Kaupthing Bank hf. Kaupthing Singer & Friedlander
Limited will notify you of that novation through one of the Communication Methods. You consent to that
novation.

.

genny

Baldur wrote: »

It has been posted many times in these forums, if you care to search.

<Edit> See HERE:

.

Thanks I'm aware of that, but I'm also aware (from the other threads) that money will still be protected either under the passport scheme or an internal Icelandic protection scheme, if money is moved - hence my post...

Baldur

genny wrote: »

Thanks I'm aware of that, but I'm also aware (from the other threads) that money will still be protected either under the passport scheme or an internal Icelandic protection scheme, if money is moved - hence my post...

Kaupthing hf is EEA Authorised, not authorised by the FSA, so the passport scheme is not relevant.

genny

Baldur wrote: »

Kaupthing hf is EEA Authorised, not authorised by the FSA, so the passport scheme is not relevant.

Ok. So would you suggest this is risky, or will another Icelandic scheme offer some basic protection?

weaver

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4849302.ece

in these uncertain times - Ive transfered money from them - the above article makes me a little nervous - but Id sooner have my money in Uk bank (not even sure this is safe ) I have no problems with them and have been more than happy - I agree with luvpump & bunkers comments - I certainly dont want to test any compensation scheme but if I must I feel slightly safer opting for a UK one sooner than any overseas bank. Once things ssettle Ill more than likely head back to them.

Baldur

Ok. So would you suggest this is risky, or will another Icelandic scheme offer some basic protection?

I have savings with KE & am not excessively concerned - whether you are is for you to decide.

genny

Baldur wrote: »

I have savings with KE & am not excessively concerned - whether you are is for you to decide.

Quite rational too. I have money with Kaupthing and Icesave, and I'll ride it out too.

home_alone

Their back.

ginvzt

jp01 wrote: »

The economy in Iceland is in a massive recession 3.7% last quarter alone, inflation is at 15% interest rate.

You've BEEN WARNED

Link doesn't work
15% - inflation or interest? Make up our mind. If it is interest - I am going to put all my money there. If it inflation, probably because they are reporting it as it is, not like in UK (have you actually seen how much you groceries increased? and bills? fuel? Def more than 4-5%!)

If they reported the actual inflation rates in UK, we would be in far deeper place, as people would just be too scared to go outside.

talana

jp01 wrote: »

Definately time to bail from Icesave.

There are better rates at FAR safer banks.

For those who don't think the absolute worst couldn't happen, well the collapse of Kaupthing was predicted way back in February 2008. See the link
ICELANDS BANKS ARE THE MOST RISKY IN THE DEVELOPED WORLD
http://!!!!!!!.com/timetobailfromicesave
See also more banks could go bust

The first domino in Iceland's debt laden banking industry has tumbled, raising questions over the health of its financial system
YOUVE BEEN WARNED

Do some basic research and then MOVE FAST.

The economy in Iceland is in a massive recession 3.7% last quarter alone, inflation is at 15% interest rate.

You've BEEN WARNED

Yawn!
Gosh, have we been warned? Really?
Nothing new, nothing we haven't heard time and again for months now, over and over and over and over and over...........