Kaupthing Edge thread with a twist - who's not bothered?

blizeH

What's the deal with novation?

altocumulus

blizeH wrote: »

What's the deal with novation?

As I understand it, KE could have removed all deposits from the UK and placed them with the parent company in Iceland - thereby moving from the fully 100% UK protection scheme to one similar to that with Icesave.

blizeH

Does anyone actually have any good information on Kaupthing's situation? I'm not too worried, but after the Icesave scenario today I'm not really too keen on guessing what's going to happen next.

Bromley86

Just found the answer to my own question. There has been no explicit reference to the removal of the novation clause, presumably for some reason that makes sense on a level that I've not considered.

See here for a good post by codger (#255) that sums up the novation issue and its solution. BTW, anyone worried that a change to the T&C can easily be reversed shouldn't be (at least, as I read the T&C clause 3.1.2) because changes that negatively affect the saver can only be made after 30 days notice.

http://forums.moneysavingexpert.com/showthread.html?p=14781109&highlight=novation#post14781109

altocumulus

blizeH wrote: »

Does anyone actually have any good information on Kaupthing's situation? I'm not too worried, but after the Icesave scenario today I'm not really too keen on guessing what's going to happen next.

To be honest - who knows ...

Don't forget that some of the UK's largest banks were apparently screaming at the Chancellor for money during the last 24 hours .....

blizeH

Thanks for the novation information - I actually posted my other post shortly after yours sorry, that is very worrying actually. I'd of left my money in there if it was 100% guaranteed but now I'm not too sure.

formulaonefan

I was branded scaremongering! run in underpants shouting doom & gloom! etc. Gave me so much grief and got me stressed. For what? All I was trying to do is raise awareness! and asked what if! Because of some silly and stupid people in this thread, lots of them got caught out when icesave froze their accounts. I'm sure their savings are safe and they will get it back but to go through that stress is not good at all.

Whoever talked bulls**t in this thread, have you got the ba**s to leave your savings in KE and go through the stress? Some of them are absolutely silly!

Anyway I personally feel KE could be next unless EU bail them out because Iceland as a whole country cannot manage all the debt. There is no money left only debt is left. I'm still waiting for the money to come through from KE and I'm worried because i dont want to go through FSA scheme to get my money back because it could take months to get my money back as more banks get into trouble.

ad44downey

formulaonefan wrote: »

I was branded scaremongering! run in underpants shouting doom & gloom! etc. Gave me so much grief and got me stressed. For what? All I was trying to do is raise awareness! and asked what if! Because of some silly and stupid people in this thread, lots of them got caught out when icesave froze their accounts. I'm sure their savings are safe and they will get it back but to go through that stress is not good at all.

Whoever talked bulls**t in this thread, have you got the ba**s to leave your savings in KE and go through the stress? Some of them are absolutely silly!

Anyway I personally feel KE could be next unless EU bail them out because Iceland as a whole country cannot manage all the debt. There is no money left only debt is left. I'm still waiting for the money to come through from KE and I'm worried because i dont want to go through FSA scheme to get my money back because it could take months to get my money back as more banks get into trouble.

It was headless chickens like you that scaremongered a run on the bank. No bank can survive such a run on its deposits. You got what you wanted so you can stop gloating now.

Swipe

ad44downey wrote: »

It was headless chickens like you that scaremongered a run on the bank. No bank can survive such a run on its deposits. You got what you wanted so you can stop gloating now.

It wasn't the few hundred people reading the forums that caused the run it was more the thousands who watched all the warnings on the news late last week.

LucyTheDwarf

Bignoise quotes the Icelandic Prime Minister. Someone with far more concern, in my opinion, than us savers in his country's banks. He speaks with real wisdom, and advises calm. I wish a few more would take note.
Someone posted a link to his full speech. Very moving it was too.