Icelandic Banks - The thread for OFFSHORE savers

wtf_2-2

Mine seems to still be working. Although with the Icelandic government grabbing Kaupthing this morning, I doubt it means anything

qwe3333

A spokesman for the Financial Supervision Commission revealed this morning: 'Following consultation with the Commission, the Board of Kaupthing Singer & Friedlander (Isle of Man) Limited has notified the Commission that it has passed a resolution that the company be wound up.

'In order to protect the interests of depositors a joint petition is to be presented to the Court today for the appointment of a liquidator provisionally. The Commission has suspended the banking licence of Kaupthing Singer & Friedlander (Isle of Man) Limited with immediate effect.

'The scheme manager of the Depositors' Compensation Scheme will meet as soon as appropriate to consider the activation of the Scheme. Once the Scheme is activated depositors will be contacted and invited to make a claim.'

http://www.iomtoday.co.im/news/Kaupthing-Singer-amp-Friedlander-Isle.4572764.jp

wtf_2-2

Well that's it then... Probably no chance on any cash back.

donal_f

Press release just posted on the Kaupthing IOM Website:

Kaupthing Bank turns to the Icelandic FSA
http://www.kaupthingsingers.co.im/pages/1835?path=K/133944/PR/200810/1258139.xml

Always reassuring to see the captains of a sinking ship blaming everyone but themselves. At least they've all resigned, but I suspect they didn't have much choice in the matter.

Knife_Edge

What I find amazing about that press release is that it doesn't even mention the IOM. The most communication is coming from the IOM regulator and the IOM news site (and that's not much) - KSF are saying nothing!

christ

It's true. They are only going on aout UK councils losing their money on the TV. I have written to my MP about my situation. Maybe it's an idea that anyone else living in UK does the same. It probably won't do any good but it can't do any harm either.

Knife_Edge

Further thoughts on recoverability - KSF IOM was marketed through the UK as part of the KSF Group plc - see http://www.kaupthingsingers.co.uk/ksfgroup I suspect most depositors are likely to be UK passport holders. There must be a basis for support from the UK government here. If the deposits really have been routed back to the parent in Iceland, then the (nationalised) parent's guarantee comes into play and it becomes part of the Iceland/UK "discussion" on depositor compensation (since IOM doesn't conduct its own foreign policy) and also the UK government's responsibility for that reason. Any others have any thoughts?

occamsrazor

Knife_Edge wrote: »

What I find amazing about that press release is that it doesn't even mention the IOM. The most communication is coming from the IOM regulator and the IOM news site (and that's not much) - KSF are saying nothing!

Yeah that's true... after all of this the KSF(IoM) website still has no info at all relevant to KSF(IoM) customers. Appalling.

occamsrazor

Knife_Edge wrote: »

Further thoughts on recoverability - KSF IOM was marketed through the UK as part of the KSF Group plc - see http://www.kaupthingsingers.co.uk/ksfgroup I suspect most depositors are likely to be UK passport holders. There must be a basis for support from the UK government here. If the deposits really have been routed back to the parent in Iceland, then the (nationalised) parent's guarantee comes into play and it becomes part of the Iceland/UK "discussion" on depositor compensation (since IOM doesn't conduct its own foreign policy) and also the UK government's responsibility for that reason. Any others have any thoughts?

Very interesting find, that link, I wonder what the real linkage between the two is...

Knife_Edge

occamsrazor wrote: »

Very interesting find, that link, I wonder what the real linkage between the two is...

Well, I guess that KSF IOM are a direct (wholly-owned?) subsidiary of K hf, as we've discussed elsewhere on this site - but this link (and the significance apparently attached to the intriguing statement that they have a significant business relationship with the UK group, that has been repeated a few times) might bring them within some ambit of the UK authorities by virtue of the way it was marketed.