Icelandic Banks - The thread for OFFSHORE savers

occamsrazor

New statement from the IoM FSC:

Kaupthing Singer & Friedlander (Isle of Man) Limited - F.S.C Press Release

Following the announcement by the Financial Supervision Commission ("the Commission") this morning that a joint Petition would be presented to the Courts for the winding up of Kaupthing Singer & Friedlander (Isle of Man) Limited following the suspension of its banking licence last night, the Commission is now able to confirm that an Order has been made by the Courts appointing Michael Simpson ("Mr Simpson") of PricewaterhouseCoopers, Chartered Accountants as Liquidator provisionally of the company. The Petition for the winding up of the company has been adjourned until Friday, 24 October 2008.
The above process will ensure that all depositors are treated fairly. Meanwhile the Commission is holding discussions with Mr Simpson in order to monitor the position of depositors, and it will be for him to comment in due course on the extent of recoveries and other matters.
The demise of Kaupthing Singer & Friedlander (Isle of Man) Limited was heavily affected by the inability of the parent bank to provide continuing support to the local business. Exactly the same issue appears to have affected the UK sister banking entity. Iceland is experiencing severe economic difficulties and this appears to have significantly contributed to problems at the parent bank, Kaupthing Bank hf. The consequential loss of confidence locally meant that the bank was unable to meet the prospect of sudden and exceptional withdrawals without continuing support which did not materialize.
In the meantime the Commission continues to monitor the financial situation on the Isle of Man closely so as to preserve the financial stability of the banking sector.
As explained earlier, 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.

occamsrazor

The new Compensation of Depositors Regulations 2008 (official pdf document to download):

http://www.gov.im/fsc/ViewNews.gov?page=lib/news/fsc/compensationofde.xml

MacBiggles

Hullo again Monkeyface.

Sad to say, I had the Derbyshire Manx Bond that would have matured in November, a mid-000 figure. The irrevocable guarantee may be particularly useful for those with BIG deposits. As the Kaupthing hf subsidiary (KSFIoM) requested to be wound up, I believe Kaupthing hf remains liable for the guarantee and would therefore fall within HMG's jurisidiction for legal actions against Iceland, (as HMG takes precedence in international legal cases) but I'm an economist, not a lawyer, so we will need to find someone with legal knowledge for this. The HMG action might also prove faster than waiting the circa five years for IoM compensation mentioned in during the Tynwald debate, IF a big bank doesn't swoop in for a rescue.
Best.

occamsrazor

How to contact the KSF(IoM) liquidator Michael Simpson of PricewaterhouseCoopers in the Isle of Man:

http://www.pwc.com/extweb/newcowebpouch.nsf/Memo?OpenForm&CIF=MCD&CN=Mike%20Simpson&CD=0005&C=im&L=ENG&I=ALLI&CH=&CSS=OCEAN

PricewaterhouseCoopers
Sixty Circular Road
Douglas
Isle of Man
IM1 1SA
Telephone: +44 (0) 1624 689689
Fax: +44 (0) 1624 689690

If you do write remember to be brief and to the point. Am sure the man will be busy to say the least.....

softlad66

I instructed a transfer from my account first thing Monday morning (6th) when I became aware of the Icelandic banking crisis. I called KSF later in the day to confirm the transfer and it took about an hour of continual dialling to get through. When I did get through, I was told that I should rest assured as the transfer would go through. On Wednesday morning (8th Oct @ 9.00am) I called Aiden Doherty (the MD) on his mobile and he assured me that the transfer had gone through via BACS. I checked my HSBC account this morning and the funds haven't yet arrived. Aiden's mobile is now switched off. HSBC has told me that it is possible the funds were recalled Wed pm when KSF was declared insolvent. Has anybody been sucessfully in getting any funds from KSF this week? My wife and I are extremely worried as the IoM compensation is insignificant compared to the funds we had on deposit. Many thanks.

HankMcSpank

FWIW, I had a significant amount deposited with a Yorkshire based Building Society in Guernsey - my bottle went yesterday & just about every last penny came out.

The name of the game now is wealth presevence not wealth creation - if all & sundry are losing their dosh, then *not* losing mine at even 0% interest is a bit of a relative win!

I reckon the particular building society will be ok, but the trend isn't good for that region - Bradford & Bingley, Halifax etc etc - throw in the fact that new build in Leeds & eviron have been mullered, I'd imagine most of the Yorkshire based Building societies will have some exposure & therefore are going to have to take some significant wrrite downs. I'll leave the little bit of extra % interest for the next guy!

expatfrance

Do the new compensation scheme rules apply to KS&F depositors?

MacBiggles

Do the new compensation scheme rules apply to KS&F depositors?

The Treasury Minister said in Tynwald that he would make an announcement regarding compensation of KSFIoM depositors this afternoon.
Best

donal_f

softlad66 wrote: »

I instructed a transfer from my account first thing Monday morning (6th) when I became aware of the Icelandic banking crisis. I called KSF later in the day to confirm the transfer and it took about an hour of continual dialling to get through. When I did get through, I was told that I should rest assured as the transfer would go through. On Wednesday morning (8th Oct @ 9.00am) I called Aiden Doherty (the MD) on his mobile and he assured me that the transfer had gone through via BACS. I checked my HSBC account this morning and the funds haven't yet arrived. Aiden's mobile is now switched off. HSBC has told me that it is possible the funds were recalled Wed pm when KSF was declared insolvent. Has anybody been sucessfully in getting any funds from KSF this week? My wife and I are extremely worried as the IoM compensation is insignificant compared to the funds we had on deposit. Many thanks.

As per my earlier post - I put through a request on the Kaupthing website on Monday. When I called on Tue, they said it would go through on Wed. When I logged in this morning (before they took the site down) it said it had gone through Wed. However, it now looks very likely that I (and probably you) won't get the money.

occamsrazor

I emailed IOMToday - they say they have a reporter covering this afternoon's meeting and will hopefully have an update on it later this evening