Iceland sinking....

ManAtHome

mewbie wrote: »

No, but could be of importance for igloo prices.

Is an Igloo with an outside bog an Ig? Maybe a Nurban Miff?

lostinrates

codger wrote: »

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.

Thanks.

Further to last post having checked its been a long time and our money is not yet showing in the account we transfered it to. I'm hoping the weekend is the delay (although that would still make it the longest on line transfer I've had) but no show tomorrow and I'll be feeling sick.

BTW poster with 400k? I'm almost glad I don't have that much liquid, it would fry my brain worrying about it....I just could relax with £150 k over the 'safety threshold' and would spend too much time playing account checkers.:o Good for you!:D

codger

KingL wrote: »

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.

Many thanks KingL: I've only just caught up with your post.

Yes: you're entirely correct. I was alerted to this situation by another MSEr on another thread (thank Gawd for MSE.)

The section of the T&Cs relating to novation makes no mention of a 30-day notice period. Preceding text does refer to such a period but the ambiguity is unhelpful, seeing as how the very notification process itself is vested entirely in KE's assessment of whether or not a 'material change' has occurred.

You're right, it doesn't mean we're all doomed. But it certainly means there's a lack of clarity at the precise moment when clarity is needed. If KE doesn't appreciate the significance of novation to its savers, then, putting it mildly, I'm more than disappointed. . .

moanymoany

The problem I have is that even though the £35/50k is protected, I wouldn't like to see my money vanish into a black - non-interest paying - hole for however long it would take for it to be sorted out.

This goes for any bank. GB has promised no British bank would be allowed to go under and so far they have bailed out NR and B&B and acted as midwife in the birth of LloydsTSB/HBOS. I suspect with promises of public money support if needed.

For this reason I would keep my cash in the UK.

Generali

Total bank deposits at the end of 2006 were £834,400,000,000 (link). That would roughly treble the national debt to approximately 100% of annual GDP if the entire banking system failed.

Gordon can't afford that. It's an empty promise.

lostinrates

Wellm having checked to day the funds from K E had still not arrive in the account I sent them to.
KE, were lovely on the phone, but said they'd be in the other account at midnight....after all, they said, its only been three working days.....only ofcourse, it hasn't!!!!!

So, no panic yet, but if they haven't arrived tomorrow I'll be pretty nervous I think.

Cannon_Fodder