Kaupthing Edge, Should I Avoid?

papolo

roddydogs wrote: »

If Martin did have any doubts about KE, do you really think he would post them on this forum, thereby probably triggering a "Run" on the Bank?

I agree with you roddydogs, all the postings about kaupthing Edge financial security need to stop or this will lead to Run on the bank.

I believe some people are deliberately posting untrue comment about Kaupthing Edge so as to lead to a Run on the bank

isofa

Quite. Very happy with KE, it's easily the best bank I've ever dealt with, and very happy staying with them too - ridiculous scaremongering.

home_alone

I would vote for a deletion of the scaremongering post if not the whole thread if it makes it easier, just to leave them there does not help the situation, I know a few other forums that delete them before you can blink..

gary

pumpndump

Sounds like the argument is lost if you have to resort to censorship.

Kaupthing Edge owes more than eight times its capital value. That is not scaremongering; that is fact.

If a predator cannot be found to gobble it up, Kaupthing Edge is going to go SPLAT!

As another poster says - You have been warned!

PS. My plane for Ireland (with an r) leaves in about three hours. I shall be a relieved man tomorrow.

papolo

pumpndump wrote: »

Sounds like the argument is lost if you have to resort to censorship.

Kaupthing Edge owes more than eight times its capital value. That is not scaremongering; that is fact.

If a predator cannot be found to gobble it up, Kaupthing Edge is going to go SPLAT!

As another poster says - You have been warned!

PS. My plane for Ireland (with an r) leaves in about three hours. I shall be a relieved man tomorrow.

It is common for a bank to owes more than eight times its capital value. Many UK and international banks operate under this margin.

PS. Ireland does not have a airport

home_alone

I give up. I think its best to stay out of MSE for a while let things settle down or go SPLAT.

gary

Oblivion

papolo wrote: »

PS. Ireland does not have a airport

Did all eleven of them go bust too? Worrying news.


Getting back to the Kaupthing issue, for me the most worrying thing is this Novation clause built into their T&Cs. As I read it, they issue you a notice that they have novated your money across to the mother bank at the same time as they are doing it .... i.e. you get no warning at all. Isn't that likely to be the first thing they'd do if things did become desperate, and where does that leave your FSCS guarantee?

I'm not trying to scaremonger here, I just think all the possibilities need to be laid bare for the sake of clarity.

Dave.

papolo

Oblivion wrote: »

I'm not trying to scaremonger here, I just think all the possibilities need to be laid bare for the sake of clarity.

Dave.

What you are doing is that you are making people worry unnecessarily. Kaupthing Edge have already told us that they have financial secure and the regulator has also confirmed it.

even if the bank do go bust your savings is protected by the compensation scheme, which Kaupthing Edge have signed up to.

Oblivion

papolo wrote: »

even if the bank do go bust your savings is protected by the compensation scheme, which Kaupthing Edge have signed up to.

What exactly did you not understand about my comments regarding the Novation clause? The FSCS guarantee applies to Kaupthing Edge's presence in the UK, but if they decide to novate all your savings to the 'mother-bank' in Iceland, which as far as I can see is not registered with the FSA, what happens to your FSCS guarantee then, eh?

Dave.

consumer

Is there any further source of information regarding this novation clause and whether the customer savings still remain protected?

I mean, contacting FSA or Bank itself will provide better information regarding protection in case KE decide to novate all savings to Bank in Iceland...