kaupthing edge too risky now???

alared

agsnu wrote: »

No, you're being alarmist. Any theoretical deposits held by Kaupthing Bank hf will be topped up to the full level of protection afforded by the FSCS. The only difference is that you will have to claim the first €20,000 from the Icelandic protection scheme, and the remainder (£50k-€20k) from the FSCS.

Once again, you will have the same amount of overall protection no matter whether your deposits are held by Kaupthing Singer & Friedlander Ltd or Kaupthing Bank hf.

I`m not being alarmist at all,just stating facts.
It`s all if`s and but`s about what may happen and who`ll do what and when.
BUT until the system is tested no one really knows.

Playing safe and have just moved out of KE this morning.
(let`s hope nothing happens while the BACS is going through):eek:

Stompa

Andrew64 wrote: »

I wonder how that would be done!

There's an application form here:

http://www.tryggingarsjodur.is/Payments/

KTF

If there are any more threads like this (and no doubt there will) what do you think the chances are of getting a sub forum created so they can all be put in there out of the way?

Stompa

alared wrote: »

let`s hope nothing happens while the BACS is going through

If you're that concerned why didn't you use CHAPS?

Trollfever

Andrew64 wrote: »

Kaupthing may be forced to sell Singer & Friedlander:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3136795/Iceland-lines-up-bank-rescue-deal.html

Name & Registered Office:
KAUPTHING SINGER & FRIEDLANDER GROUP PLC.
ONE, HANOVER STREET
LONDON
UK
W1S 1AX
Company No. 00970842



Status: Active
Date of Incorporation: 23/01/1970
Country of Origin: United Kingdom

Company Type: Public Limited Company
Nature of Business (SIC(03)):
7415 - Holding companies including head offices

Accounting Reference Date: 31/12
Last Accounts Made Up To: 31/12/2006 (GROUP)
Next Accounts Due: 31/07/2008 OVERDUE
Last Return Made Up To: 05/06/2008
Next Return Due: 03/07/2009

Last Members List: 05/06/2008
Last Bulk Shareholders List: 05/06/2006
Previous Names:
Date of change Previous Name
27/08/1987 GILBERT HOUSE INVESTMENTS PLC
22/08/2006 SINGER & FRIEDLANDER GROUP PLC

MABLE

Anyone with savings with this institution would be fully protected under the UK financial scheme.

quote

The other Icelandic bank which operates savings accounts in the UK, Kaupthing Edge, is separately registered here and so savers will be protected through the UK scheme up to the £50,000 limit.

"We are in a strong financial position and our liquidity is good. "Kaupthing Edge savers should be reassured that their deposits are covered by the UK's Financial Services Compensation Scheme."

alared

Stompa wrote: »

If you're that concerned why didn't you use CHAPS?

What and pay for the privilage and moving my own money!


Famous last words:

"this ship is unsinkable"

Captain of the Titanic

isofa

Trollfever wrote: »

Next Accounts Due: 31/07/2008 OVERDUE

Not at all uncommon to see this for public or incorporated companies or groups listing at Companies House - indicates nothing bad at all.

zaccy

sadabbott wrote: »

Under EU law compensation for any losses incurred due to the failure of a bank should generally be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme.

That is not what the UK FSCS says

"6. How long will it take to process my claim?

After a declaration of default, FSCS aims to process all claims within six months. However, the time this takes depends very much on the type of claim. For example, most credit union claims can be completed within four weeks. For other types of claim it may take longer, depending on how complex it is and on some factors that may be outside of our control, such as waiting for information from third parties."

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

Which of course means it could take longer than 6 months, plus the loss of interest that otherwise would have been paid over that period. So I fail to see how this compensation scheme could prevent a run on a bank. A more effective way would be to freeze all deposits at time of failure, add the interest acrued and allow depositors to withdraw their savings.

Oblivion

zaccy wrote: »

A more effective way would be to freeze all deposits at time of failure, add the interest acrued and allow depositors to withdraw their savings.

Just because you have deposited money in a bank, doesn't mean it is still there. The bank will have used your deposits to make loans to others. At the time a bank goes bust, there may be no money left to freeze at all. Hence the need for a guarantee scheme that all other registered financial institutions are required to contribute to when a claim is made.

Dave.