Kaupthing Edge - should I move my money?

bikeman

emc wrote: »

or one of the five or six named Irish banks.

Do you really think the Irish government has access to sufficient sterling to meet their so called guarantee?

Stompa

bikeman wrote: »

Do you really think the Irish government has access to sufficient sterling to meet their so called guarantee?

Iceland have just offered an unlimited guarantee.

occamsrazor

Stompa wrote: »

Iceland have just offered an unlimited guarantee.

I believe this is only for Iceland domestic customers:

http://news.bbc.co.uk/2/hi/business/7654525.stm

UK savers are of course protected by the FSCS up to £50k.
Isle of Man customers not so much - 75% of £20k.

Iceland's handling of this crisis, at least in terms of communication, has been awful today....

Stompa

occamsrazor wrote: »

I believe this is only for Iceland domestic customers:

Hmmm, my apologies, it looks like you're correct.

http://www.ft.com/cms/s/0/07113e40-938d-11dd-9a63-0000779fd18c,dwp_uuid=a36d4c40-fb42-11dc-8c3e-000077b07658.html

Iceland on Monday said it would guarantee all deposits with the country’s banks as it sought to reassure local savers, but said depositors in the UK would not be covered by the extension.

Government officials said products issued in the UK, such as the Kaupthing Edge high interest account, were covered for up to £50,000 by UK regulation which is due introduced on Tuesday by the Financial Services Authority.

Stompa

thumshie

Thats riled me...:mad:

So Iceland obviously wants to treat us foreigners as second class depositors, not good enough for their protection, while our money is good enough to keep their financial system from melting..

Until now I was happy to keep my money with them(both Icesave and K.E), however now I'm seriously reconsidering that..........

isofa

But in theory do you think they'd let that happen?

occamsrazor

thumshie wrote: »

Thats riled me...:mad:

So Iceland obviously wants to treat us foreigners as second class depositors, not good enough for their protection, while our money is good enough to keep their financial system from melting..

Until now I was happy to keep my money with them(both Icesave and K.E), however now I'm seriously reconsidering that..........

I'm not sure that's fair. Iceland's banks in the UK are covered by the UK FSCS scheme up to £50k so for most people their savings in the UK are fully protected by a scheme that's arguably more realistically useful than the Icelandic guarantee.

The UK's compensation scheme behaves exactly the same way - if you have an account in Jersey or the Isle of Man with any of the British banks you are not covered by the UK FSCS scheme at all...

emc

napoleon wrote: »

If you're a lemming, yes move it. If you're a normal person, no.

It's not being a lemming, but quite normal, to use common sense and awareness, unlike some ostriches who ignore what's happening around them.

napoleon

If one of the lemmings can tell me of a case of a saver who has lost money so far I'd agree with you. Until then, they're simple lemmings and nothing else.

Andrew64

thumshie wrote: »

So Iceland obviously wants to treat us foreigners as second class depositors, not good enough for their protection, while our money is good enough to keep their financial system from melting..

Until now I was happy to keep my money with them(both Icesave and K.E), however now I'm seriously reconsidering that..........

I don't think it would have been politically possible for the Icelandic government to be seen giving a 100% guarantee to us foreigners.