Icelandic Banks - The thread for OFFSHORE savers

redbajan

An important peice of information is where are the funds of KSF IOM currently. I assume the majority are in intra-company loans especially Kaupthing UK, since it is holding predominantly sterling deposits. In which case this money is currently in the hands of the UK adminstrators and we need to ensure that these assets are returned to the IOM to compensate us and do not become part of the UK Gov'ts threats to the Iceland Gov't. I assume this is the point that the IOM regulations were making when they talked yesterday about significant businesss links with the UK.

Also the loans to the Kaupthing parent in Iceland should be honoured but I hold little hope unless the IMF loan forces Iceland to honour international commitments equal with domestic commitments as part of any deal. Worth emailing the IMF as well?

MacBiggles

Update for those not able to hear IoM HoK debate;
Some MHK questions as to whether IoM can afford 100 percent £50,000 compensation;
IoM banking competitiveness worries; amendments for small biz and charities;
Treasury Minister cautious discussing Kaupthing (possible legal action?) but hints at three big banks sniffing at possbly taking over Kaupthing IoM deposit biz. "We are part of a world-wide crisis and it it is hard to keep up with the changes not only day to day but during the day.... We cannot afford a long term perspective".
No reply to veiled references to DIVERSION of funds by elderly ex-treasurer.
MOTION ON CHANGES TO COMPENSATION SCHEME ( 100 percent up to £50,000) UNANIMOUS 17-0.

ossigeno

dunstonh wrote: »

Not at all. If you buy washing machine from Currys and it doesnt work, you dont take it back to Dixons to get your money back.
Wrong. The warranty is provided by the manufacturer not the retailer.

Had an FSA authorised firm been used then you would have more protection. Protection that is paid for by FSA authorised firms. Its not there to protect other regimes.

Protection has to be equal for all customers regardless of residence at the point of failure. I had my ING UK account closed without any dialogue when I advised ING I was no longer resident. Options were limited for me.

Fortunately it is not up to those with vested interests in promoting financial products to decide who should receive protection for their money.

stanley317

dunstonh wrote: »

Offshore saving/investing has always been riskier than onshore. The level of consumer protection has for a very long time not been on par with the UK mainland.

dunstonh, I appreciate you joining the discussion as from the number of posts you seem to be heavily involved in the discussions on this web site. Most of the others on this discussion have joined only in the last few days in an effort to share whatever morsals of information we can get hold of.

I can only speak for my own position but when I checked a few years ago, based on the top 10 best rates as given by sites such as this, moneyfacts, Fool etc. I could not find an account that I could open online without a UK address. In fact many sites rediercet you to their offshore activities when you select a none UK address. As I said earlier, in my case my holdings in the IoM are fully disclosed in respect of the rules on withholding tax, just as the money I have in the UK based bank accounts. I eventually chose the Derbyshire IOM because of the 15,000 scheme, as it was better than the zero level offerred by the Channel Island banks. For me there is no difference between the two, only one is now guaranteed by the UK government and other...who knows??

donal_f

What a mess! Very unfortunate for all involved.

I'm not sure if any one can answer this definitively - but I put through a transfer to Anglo Irish IoM on Monday on the Kaupthing IoM website (my logic being at least they're guaranteed by the Irish Govt). I called on Tue and they said it would go through on Wed. I logged in at 7am this morning and it showed as leaving my account. Do you think it will actually have left? I'm concerned by the comments about transfers not going through and funds being diverted to Iceland!

occamsrazor

What I would like to know from the regulators in IoM is:

What is the status of transactions out of KSF(IoM) that were initiated before it was wound up and have left the KSF accounts, but have not yet arrived in the other bank accounts? Will they go through or be bounced back to the now non-existent bank?

What is the status of KSF(IoM) assets - were they repatriated to Iceland before the IoM company was wound up, or are they still frozen in IoM?

If anyone can get through to them, these are key questions that need answering....

ossigeno

donal_f wrote: »

What a mess! Very unfortunate for all involved.

I'm not sure if any one can answer this definitively - but I put through a transfer to Anglo Irish IoM on Monday on the Kaupthing IoM website (my logic being at least they're guaranteed by the Irish Govt). I called on Tue and they said it would go through on Wed. I logged in at 7am this morning and it showed as leaving my account. Do you think it will actually have left? I'm concerned by the comments about transfers not going through and funds being diverted to Iceland!

CHAPS or BACS transfer? I did both and my transactions showed on KSF IoM account on 7th Oct but have not arrived.

occamsrazor

MacBiggles wrote: »

Treasury Minister cautious discussing Kaupthing (possible legal action?) but hints at three big banks sniffing at possbly taking over Kaupthing IoM deposit biz.

This is our best bet.... let's hope it happens....
MacBiggles - appreciate your updates....

ossigeno

occamsrazor wrote: »

What is the status of transactions out of KSF(IoM) that were initiated before it was wound up and have left the KSF accounts, but have not yet arrived in the other bank accounts? Will they go through or be bounced back to the now non-existent bank?

This one is most likely that KSF IoM did not complete the transactions. Maybe intentionally knowing what was happening to the rest of the group. If they were completed there would be no reason why the receiving bank would return them.

ianmr65

occamsrazor wrote: »

This is our best bet.... let's hope it happens....
MacBiggles - appreciate your updates....

Indeed... the best possible outcome for everybody effected by this mess, offshore, and on-shore Icesave ect, is that the businesses (at least the deposit arms) in administration are sold.

this is what's happened to Heritable (Landsbanki) depositors and KE depositors, who should have access to there cash imminently. Meanwhile the moneysupermarket.com thread is very useful:

http://www.moneysupermarket.com/community/forums/t/landsbanki-guernsey-26064.aspx?PageIndex=7