Icelandic Banks - The thread for OFFSHORE savers

Worried3232

Does anyone have a view if the money will actually make it or is it being siezed by the group in Iceland.

l33tsp33k

So sorry to hear about all this guys...

The IoM FSA can't possibly run a fit-for-purpose compensation scheme with a maximum levy per bank of 250k/year, so their emergency Tynwald meeting to raise the compensation level to £50k is somewhat pointless, unless they are also discussing doing something more drastic, such as putting K(IOM) into administration before the Icelanders can suck any more cash out of it. (as Guernesy did with Landsbanki).

I used to have substantial deposits on the IoM when I lived there, all I have left is some money in Alliance & Leicester IOM, which is apparently a wholy owned subsidiary of A&L plc, so therefore now part of Santander and you would think relatively safe in these turbulent times. I consider the funds not guaranteed by the IOM government, but hopefully covered by Santander.

If any of you can actually get access to funds from KSF IOM and want to keep them offshore this might be a safer haven for them...?

Mike

occamsrazor

The problem with a lot of us British expats and other non-residents is we don't actually want to have our money offshore but the UK banks won't let us open any new onshore bank accounts so we're rather stuffed......

wtf_2-2

Well I've waited for the statement screens to update as they are not in real-time, but despite my talking to Kaupthing IOM on the 7th, the balance hasn't changed.

If they are still operating, why didn't they action my transfers and why aren't they answering the phones?

Estes

!!!!!! wrote: »

Well I've waited for the statement screens to update as they are not in real-time, but despite my talking to Kaupthing IOM on the 7th, the balance hasn't changed.

If they are still operating, why didn't they action my transfers and why aren't they answering the phones?

I activated a CHAPS transfer on the 7th and it has just shown up on the statement screens as having gone out, but I have others pending from the 8th that have not yet been actioned!

Knife_Edge

Press releases on the KSF IOM website overnight about credit rating downgrades:
http://www.kaupthingsingers.co.im/

In my view, credit rating agencies are one of the big unsung villains of the whole credit crunch, so I don't attach a great deal of significance to that beyond the fact that the markets will do so.

wtf_2-2

@Estes,

Well if you made the CHAPS transfer before 2pm on the 7th, then you are in the same boat as me - I spoke to them on the 7th, but the transaction (hopefully) was actioned on the 8th (as it was after 2pm) - and it isn't showing up on my statement - like yours.

Maybe tomorrow for the both of us?

donal_f

Kaupthing UK has been placed in Administration by the UK Government. Not clear what this means for the IoM subsidiary.

http://ftalphaville.ft.com/blog/2008/10/09/16835/kaupthing-uk-unit-placed-in-administration/

I put through a transfer out of my Kaupthing IOM acccount through on Monday online - for all of my funds. I called on Tuesday as it hadn't gone through (took a while to get through!), and they said it would probably go out yesterday. Have logged in this morning and it says it has gone out yesterday. However, I went for a BACS payment (trying to save the £25 doesn't seem very sensible in hindsight!) - so I'm not going to know for a few days if the transfer has actually gone through in time! Even if I get all the funds out, I also have a not insignificant amount of accrued interest - almost £1,000.

Will try calling Kaupthing IOM today - but don't fancy my chances of getting through!

Who ever thought it would come to this! :mad:

wtf_2-2

New news...

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3163070/Financial-Crisis-Iceland-takes-control-of-largest-bank-Kaupthing.html

Not too surprising - but unfortunate.

Knife_Edge

I don't want to startle anyone, but I have just tried to log into my accounts at KSF IOM. I am unable to access my Edge account at all and Ialthough I can log into my regular KSF accounts, can't action a Sterling transfer out of my regular KSF instant access account. I was able to access them all without difficulty all day yesterday.

In response to queries above about transfers out and timing, I seem to have had one of two transfers made by me on the same day actioned - the distinction between them being that the Euros (i.e. "international") transfer was actioned and the Sterling one wasn't - it was being unable to re-transfer that Sterling amount that I have referred to in the paragraph above. The transferred Euros have yet to arrive but that would be normal.