Kaupthing Edge, Should I Avoid?

Oblivion

papolo wrote: »

It is a shame to hear this news about Icesave.

Kaupthing edge is still sound.

:whistle:

They're not paying you enough.

Dave.

EDIT: Actually, come to think of it, if you get your wages from Landsbanki, they're probably not paying you at all. :rotfl:

poppy10_2

Grab your money from Kaupthung while you can..... Icesave have stopped anyone withdrawing money from their accounts; you'll have to apply to the Icelandic compensation scheme and then the FSCS and then wait for them to sort out if and when they will pay back your money.

papolo

Oblivion wrote: »

:whistle:

They're not paying you enough.

Dave.

:rotfl:

get a life mate.

Dave_Braddan

The conversation I had with the IOM branch of Kaupthing this morning was reassuring only because the person I was in conversation with also had her money in the bank. To those out there who do not have dealings with IOM banks the branches are on the whole more personable to deal with. As the lady said she could get another job but not her savings. She told me that the Icelandic government bailout by the Russians and the loan given to the bank by the government had ensured the liquidity of the bank. Also as Kaupthing is now virtually the only independent bank in Iceland it was inconceivable that it would be allowed to fall. Hope this helps someone make the right decision about their money.

As for the last comment about my employment. I will treat it with the contempt it deserves and just ignore it.

cheekykid

Sorry if this has been posted before but an update from Kaupthing Edge website

http://www.kaupthingedge.co.uk/about/icelandic-government-qa.aspx


I appreciate much how KE promtly keeps his customers informed without letting them in the dark like Icesave more or less did.

isofa

poppy10 wrote: »

Grab your money from Kaupthung while you can..... Icesave have stopped anyone withdrawing money from their accounts; you'll have to apply to the Icelandic compensation scheme and then the FSCS and then wait for them to sort out if and when they will pay back your money.

:rolleyes:

Firstly there has been no official statement to this effect, and in fact should this happen there is no clear clarity yet on how the compensation will work.

The Icelandic governement haven't decided what will happen yet with Landsbanki, it's still working fine as a bank in Iceland and other countries, so it they may well reopen for business when a plan has been put into place.

Secondly, KE are in a totally different situation to Icesave - and why panic people further? They are safer, 100% of the first 50K is safe under the FSCS scheme, and it's a complete UK banking entity. They update their website regularly with information.

The post picture link you made is about 8 hours out of date, widely covered and discussed by the other threads.

Finally, just to quote a very sensible post from ianmr65 from here:
Re:Icesave: "Contrary to all the speculation the Board has not been sacked, and the bank continues to operate day to day, domestically. It is NOT in liquidation, under the Icelandic law, and therefore the bank (at least acording to icelandic law), is not in default. This means I think that the FCSC scheme for icesave will not kick in until or unless it, or icesave is declared so."

Dave_Braddan

Just an update on my earlier comment about IOM Depositors Compensation Scheme.
Alan Bell, the IOM Minister of Finance, has just announced that the IOM compensation has been increased from £15,000 to £50,000. Lets hope we don't need to test it out.
Things are changing by the minute.

occamsrazor

Here is the full info... Still needs to be approved before it takes effect. But good news I guess.

http://www.iomtoday.co.im/news/Manx-Government-increases-savings-protection.4566940.jp

TCA

Thanks Dave. That sounds good news. Can you confirm if £50k is an absolute value i.e there's no 75% application as before?

Dave_Braddan

As far as I understand it the amount is £50,000 in total per depositor per bank . It does not mention any percentage. The news report is included in the web tag by the previous member.
Maybe we can sleep a bit better tonight