Icelandic Banks - The thread for OFFSHORE savers

dunstonh

Protection has to be equal for all customers regardless of residence at the point of failure.

Thankfully it isnt. Thats a bit like the UK Govt now deciding to pay out to cover Dutch depositers that arent being paid.

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

Thankfully it is. The Govt would have a very very hard case getting FSA authorised firms to agree to covering non FSA authorised firms. Historically, whenever anyone has lost money due to the actions of a non-FSA authorised firm doing something (even illegally) then the FSA authorised firms have not had to pay for it. The FSCS has a published remit and offshore accounts dont fall under it. I would suspect legal challenges would occur if any attempt to provide cover under FSCS was brough in retrospectively.

Your poor attitude seems to suggest you are likely to lose money. So, i forgive the tone of your posting.

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.

That is more to do with money laundering requirements though. Internet based accounts typically use electronic money laundering checks. That wont work with overseas addresses.

For me there is no difference between the two, only one is now guaranteed by the UK government and other...who knows??

The protection for onshore is not offered by the Govt. The protection is offered by the FSCS. That is funded by FSA authorised firms. The Govt only loans money to the FSCS when there is a shortfall and that loan needs to be repaid by all FSA authorised firms whether they transact in that area or not (as its exceeded a threshold that limits it to deposit takers only).

The offshore banks dont belong to the FSCS so if the FSCS was used you would have this situation where they could put their hands into the pot but not have to pay anything back to it leaving the bill with those others that do.

donal_f

ossigeno wrote: »

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

I used BACS (probably foolishly). I just called the receiving bank - Anglo Irish IoM - and they said they believe that I won't get the money - apparently the funds have to go through a London bank and they've all been frozen...... gutted

:mad:

beattie

does the government intervention of paying in full back to uk investers cover small isa investers below the 20000euro if the icesave default
beatrice

expatfrance

dunstonh,

please give us information regarding which UK banks will allow non UK residents to open accounts. So far the only ones I have found are NS&I and HSBC.

For an IFA you seem decidedly uninformed if you think the main reason that people have put money offshore is to avoid tax.

occamsrazor

donal - I read somewhere that BACS payments leave the account on day1, sit in a holding account on day2 with the London intermediary bank, then go to the receiving bank on day3. If they arrived at the intermediary bank, maybe there is hope... but I really don't know.

occamsrazor

beattie wrote: »

does the government intervention of paying in full back to uk investers cover small isa investers below the 20000euro if the icesave default
beatrice

beattie - this thread is for savers with offshore accounts in Isle of Man or Guernsey. Your question sounds like you are a UK customer of Icesave in which case you may be better asking on a different thread....

ossigeno

dunstonh wrote: »

Your poor attitude seems to suggest you are likely to lose money. So, i forgive the tone of your posting.

What exactly has attitude got to do with likelihood of loosing money? You should post the name of your organisation.

occamsrazor

expatfrance wrote: »

dunstonh, please give us information regarding which UK banks will allow non UK residents to open accounts. So far the only ones I have found are NS&I and HSBC.

Are you sure NS&I will open new accounts for non-UK residents (as opposed to keeping accounts for existing UK customers who later move abroad)?

As for HSBC UK I thought they also would not open accounts for non-UK residents, and their website redirects such people to their offshore operation in Jersey.... Have you experienced otherwise?

dunstonh

please give us information regarding which UK banks will allow non UK residents to open accounts. So far the only ones I have found are NS&I and HSBC.

Do you need any more than those two? You couldnt ask for more secure places.

For an IFA you seem decidedly uninformed if you think the main reason that people have put money offshore is to avoid tax.

Oh please, use your head more and don't just pick the odd sentence out to give that impression.

hat exactly has attitude got to do with likelihood of loosing money? You should post the name of your organisation.

Because you are being rude in your responses and the only reason you would be like that is if you are troll, a generally rude person or you are taking it personally because you stand to lose money and cannot debate or discuss without resorting to such rudeness.

MacBiggles

Hello Monkeyface. You asked;
1. Does anyone know exactly what the Derbyshire guarantee was?
2. Does anyone with apropriate legal knowledge know how enfocable this guarantee would be?[/quote]
I have a letter from Derbyshire Offshore 20/11/07 that reads as follows;

"(ii) The reference to the Derbyshire Building society having given an irrevocable and binding undertaking to ensure that, while Derbyshire Offshore remains its subsidiary, it will at all time be able to discharge its financial obligations as they fall due will no longer apply but will be replaced by reference to Kaupthing hf having given an irrevocable and binding undertaking to ensure that, while Kaupthing, Singer and Friedlander (Isle of Man) Limited remains its subsidiary, it will at all times be able to discharge its financial obligations as they fall due".

a memorandum of understanding containing thus guarantee was deposited with the IoM government. By the way, the Treasurer admitted that KSF IoM still holds £2m of public money, so they're in it too.
Best.