Iceland sinking....

codger

lostinrates wrote: »

As someone who closed their KE account I'd like to repond to that. I am not anti KE in the least. I explained my motivation, and stand by it- the impact of sentiment on bank liquidity concerned me. Furthermore, I have funds in both US dollars (:rolleyes: ) and Euros. I'm certainly not xenophobic -even in my banking choices! In fact, the accounts that stress me most are the sterling accounts. I'm actually getting very frustrated choosing the next option for my terling savings, the 'safety net' of NR no longer being there.

Lost: I wasn't referring to your posts: you've always been reasoned and measured. I'd venture, however, that the majority of 'ordinary' KE savers here on MSE are predominantly those with online instant access sterling accounts, followed by those with fixed term.

I can well understand your conerns about the parent bank's outlook / liquidity but am grateful you've never muddled that with the situation of the bank's UK subsidiary. It's that persistent muddle which has made so much of the KE doom mongering on MSE threads so wearying.

And I agree: since NR ceased being the golden boy of the savings world thanks to Govt guarantee, it's a hassle, knowing where to go next -- which is why I'm sticking with my three existing savings accounts, one of which is with Kaupthing Singer & Friedlander Ltd, whose demise I'd very much regret.

rail.link

The mystery of Atlantis solved ?

mewbie_2

Generali wrote: »

According to QI the other night, Eskimo is the correct generic term. Inuit is a specific tribe or group.

No idea how this relates to house prices though.

No, but could be of importance for igloo prices.

codger

Generali wrote: »

According to QI the other night, Eskimo is the correct generic term. Inuit is a specific tribe or group.

No idea how this relates to house prices though.

The Eskimo Factor is now a determinant of insurance approval.

Basically, it centres upon the question: 'when you step outside your front door, are you able to catch a fish?'

Answer 'yes', and your property will be uninsurable because of flood risk, and so will become well-nigh worthless.

skidder652003

I have 200k in kaupthing (house sale) and have another 200k spread around in other accounts. I am totally terrified about the next few days. I have (as I imagine have a great many others) attempted to chaps transfer the money this evening to a UK bank, but of course nothing will move untill Monday. Will the Icelandic Gov or for that matter the UK Gov let us thousands of UK savers with money and trust in Kaupthing Edge fall by the wayside?
I wont be getting much sleep this weekend let me tell you.....

KingL

codger wrote: »

4) The terms and conditions of KE's UK subsidiary clearly state that in the unlikely event that the subsidiary would wish to novate, then a minimum of 30 days notification will be issued.

Sir, I believe you are wrong on this point. The faqs on their website say that 30 days notice would be given. The T&Cs (i.e. the legally binding stuff) doesn't.

Of course, this doesn't mean we are all doomed, but we should be aware of the facts as they stand.


Incidently, I would be very happy to be proved wrong. If I am wrong, I would love for somebody to reproduce the relevant extract from the T&Cs.

Generali

mewbie wrote: »

No, but could be of importance for igloo prices.

I'm off to register igloopricecrash.com and singingpenguin.com. Gotta hedge my bets.

Apparently eskimos don't have millions of different words for snow either. They have 2 or 3 like us.

Plasticman

I suspect that many of the negative posts on recent 'Iceland' threads are from people who:

1. Have recently taken money out of an Icelandic bank and now want to be proved right or

2. Don't like the fact that people have been using these 'foreign' banks or

3. Don't like other people having savings / getting more interest than them or

4. Like to stir up !!!!!! :rolleyes:

Of course, there are those who are genuinely worried or think that the banks (or indeed the whole of Iceland) will fail. I have two accounts with Icesave and other savings elsewhere. While I hated to do it, I have moved some of the cash out of Icesave as it is the only savings that I can get hold of quickly (except for my ISA which I want to leave untouched). I just can't afford to leave myself without short term access to my savings.

Still a chunk of cash (under £35K) in Icesave though, and no plans to move it despite the current 'run' on the bank which seems evident from posts on this site.

luvpump

skidder652003 wrote: »

I have 200k in kaupthing (house sale) and have another 200k spread around in other accounts. I am totally terrified about the next few days. I have (as I imagine have a great many others) attempted to chaps transfer the money this evening to a UK bank, but of course nothing will move untill Monday. Will the Icelandic Gov or for that matter the UK Gov let us thousands of UK savers with money and trust in Kaupthing Edge fall by the wayside?
I wont be getting much sleep this weekend let me tell you.....

Wow :eek: I would be SxxxxxG Bricks too !!... Well, more like breeze blocks !! ..good luck. I fear you may need it !!

Jonbvn

luvpump wrote: »

Wow :eek: I would be SxxxxxG Bricks too !!... Well, more like breeze blocks !! ..good luck. I fear you may need it !!

Remember that despite all the noise of Le Crunch, not one depositor has lost one penny so far. If and when they do, then the financial industry may be changed beyond recognition for some time.