Icelandic Banks - The thread for OFFSHORE savers

Devastated

Like everyone else, I too have suffered a substantial financial loss.
It seems to me that the UK government is responsible for the collapse of KS&F(IOM) by seizing the UK arm.
But do we have any legal recourse against them? Probably not.
What concerns me is the lack of information and advice from the Isle of Man authorities. I have already withdrawn my remaining savings from Barclays IOM as they have NO parental guarantee in operation.
Total loss of confidence in Isle of Man.
Some can't wait 10 years or more for their money.

Toast8

occamsrazor - Thanks for the follow up. I can see some interesting legal permitations if funds are in the UK and being processed by I guess ING. I was told there is a backlog and told to sit it out. The UK authorities have no interest in assistance although I argued that jurisdictionally they are now involved. Having said that the money has probably been spirited away. We need a High Court injunction or some anti-terror legislation to come to our rescue to stop any further sheningans. More positively, the Manx authorities are aware that their entire credibility is on the line but I am not sure how far that will get us...

umpaumpa

Worried3232 wrote: »

What time I made the request online at 3:01pm and when I phoned on Tuesday they said still processing. On Tuesday it was showing left but nothing ever came

I made a BACS transfer on the 6th - not sure what time exactly as print out does not show, but I am in the US so it would have been early afternoon local IoM time. Funds made it to my account on the 8th....

But the BACS and CHAPS transfers submitted on 7th with a value date of 8th have of course not made it.

bblair

Not wishing to be too negative, but having worked for a few banks in the past, I would imagine that any K-IOM money tranfered to K-UK unit would have been leant out. So it just becomes another claim on the net assets of the UK if there are any and any that have not been repatriated to Iceland. As a technical matter, I'm not sure where an intercompany loan then ranks relative to a UK-based deposit. In any event, these interco transactions provide further support for a joint UK / IOM position with respect to Reykjavik.

UKExpat1

occamsrazor

I contacted NS&I and got the response below - I am still waiting for the application form in the international post so this not a quick process and producing some of the docs will be a pain in the neck.....

Overseas residents can hold and purchase the NS&I Easy Access Account though they cannot use the website application .

Payment must be made by cheque in Sterling drawn on a UK clearing bank accompanied by the relevant application form and evidence of identity documentation.

We will require documentary evidence of the customer's identity and address.To verify the customer's personal identity, we will need a copy of their current passport or official identity card.

To verify the customer's address, a certified copy of a letter or notification from their local tax authority confirming that they are resident for tax purposes; which must include the customer's name and current address and tax identification number, for those countries that issue them. Where a tax identification number is not issued,we need details
of date and place of birth(town and country instead).Please use a separate sheet of paper for this information.

'Certified copy' means a copy of the relevant sections (e.g showing the customer's identity and/or address details and the organisation that issued it) certified by an Embassy, Consulate or High Commission of the country of issue or by a lawyer or attorney. The copy must be dated and must be sent in
with the application. Applications received without this documentation will be returned.

occamsrazor

bblair wrote: »

In any event, these interco transactions provide further support for a joint UK / IOM position with respect to Reykjavik.

I think that is the quite reasonable argument for why the UK Treasury should be involved with the IoM situation too... although so far I don't see any signs of it.

bblair

It was also stated that the FSC had been approached by 3 interested parties with the aim of "taking over part of the bank".

bblair

" It was also stated that the FSC had been approached by 3 interested parties with the aim of "taking over part of the bank".

Dave,
Forgot to thank you for the good info in my last post.
In addition, regarding your comment about the possible takeover potential, was this in reference to the IOM branch, or the bank in general?

Monkeyface3604

I have been on this site solidly for most of the day and my eyes are seeing double.
I have been watching the news here in the U.K and am disturbed that there is no refernce to Kaupthing IOM at all.......anyone spoken to any media yet, i know that 5 live and chanel 4 were showing interest

Also many thanks to Dave for his update on the meeting. 80 odd million in depositors money eh. Guess the real question is how many accounts and for how much money did the bank originally hold?

Just want to say when the news first broke i felt like the lonliest man in the world, having been on here I now feel like part of a real community, all be it a rather somber one.

Monkeyface3604

One more thing. When and if the liquified funds got handed out would that be on top of the 50,000 from the IOM goverment anyone know???