Icelandic Banks - The thread for OFFSHORE savers

occamsrazor

On another note... I would urge everyone who made outgoing transfers from KSF(IoM) over the last few days to call up your bank, try to get through to the people who actually deal with fund transfers, and press them to chase up any transfers you made to see if they've made it through or can be "pushed through". I know at this stage it's a long shot but it can't hurt....

Monkeyface3604

My apologies, stress, lack of sleep, stomach and chest pains are taking their toll on me lol
that was actually meant for forum on moneysupermarket.co.uk, i have now placed it on there so hopefully we should have some new members

occamsrazor

Another Manx radio report on this afternoon's meeting... hope it doesn't depress you all too much...

http://www.manxradio.com/oNews/uploaded/audio/Report-Gaiety(Marian).wma

donal_f

TCA wrote: »

I didn't CHAPS out my entire balance at the start of the week, instead of £10k a day by BACS from Monday - none of which I've seen yet. Two chances I think. Gutted!

I'm in the same boat - requested a BACS transfer on Monday. But I wouldn't beat yourself up about it - I haven't seen anyone on the board who has actually seen the funds come through from a transfer (BACS or CHAP)made this week from Kaupthing IoM? All the other comments are about transfers made with Kaupthing IoM this week that did not reach the receiving bank?

Has anyone received the funds from a Kaupthing IoM transfer made this week??

Minotaur

occamsrazor wrote: »

By the way, thanks for all your thanks!

I'm just frustrated that after months and months of research into where I could put my money I somehow managed to end up choosing the worst subsidiary of the worst bank. What luck!

No, that's too much self flagellation. Landsbanki/IceSave was clearly much worse.

I blame myself for my laziness in not going elsewhere when I got the letter last November that Derbyshire had been eaten up by KSF. But that would have involved moving my pounds back to the UK, where I had almost no choice as a foreign resident.....

I too did my research, and spread my risk in euros, including an offshore account that may be the next to go, only days before much more advantageous opportunities opened up in the country where I live and work. No one could expect to keep up with events; especially not the bankers who have landed us in this.

I can only say that my pounds remained with KSF(IoM) because of the hassle of moving them: both time, and limited places to put them. I can move euros (alas I don't have many of them) all over Europe at the touch of a mouse, and for free. Pounds take at least two days, even when you pay for speed.

Dave_Braddan

I have just returned from the Depositors meeting at the Gaiety. It was stated that as the official winding up of the IOM branch of KSF had not yet occurred and is scheduled to be on the 24th October the new terms of the Depositors Compensation Scheme ie £50,000 per depositor, is relevant in this case. The new rules came into being today the winding up of KSF 24th Oct. I hope that puts some people at ease even if it's only slightly.

umpaumpa

TCA, do not feel alone. I started a couple of weeks ago, moving £10k a day by BACS just like you were trying to do. By Tuesday I got nervous and I put in for a CHAPS transfer for the balance, I have a printed payment confirmation with value date 8th of October.... but this and the BACS transfers from earlier this week never made it.

Does anyone know if confirmed withdrawls requested prior to the 9th will be honoured?

occamsrazor

umpaumpa wrote: »

Does anyone know if confirmed withdrawls requested prior to the 9th will be honoured?

No, we don't... I wrote to the Isle of Man FSC to ask... but have received no reply.

Dave_Braddan

It was a pleasure to give out some positive news, maybe it will to help some people sleep a bit better this evening. I will still lose out but not by as much as I thought this morning
I will be typing out a bit more about the meeting as soon as I have the chance.

Elpasout

As it says in the latest Manx radio update, the action of Brit Gov resulted in "the assets being frozen". Not surprising that no transfers have gone thru.

If Kaupthing hf "withdrew its support", is this not in direct contravention of the statement previously on the Kaup IOM website that

"all deposits held with Kaupthing Singer and Friedlander in the Isle of Man are fully guaranteed by Kaupthing Bank hf"

??