Icelandic Banks - The thread for OFFSHORE savers

Broke_Bule

I'm sitting in Indonesia and have just read through every post from page 6 (where Google directed me) to page 13. I'm a similar case to many. I've been an expat for more than 20 years and had an account in the IOM almost as long. I used the account to hold my savings from work for the purpose of supporting my retirement, since I only have a UK state pension and small (seriously underfunded) private pension to look forward to.

When I opened my account with the Derbyshire IOM a key factor was the guarantee given by the parent UK building society. When Kaupthing took over I read the same reassuring guarantee from Kaupthing Bank hf and left my money where it was. Given that Kaupthing hf is still in business, albeit under state ownership, they can't be allowed to just walk away from such a guarantee.

It seems that the Manx government is keen to retain its international banking business, having taken the first necessary step by matching the UK's compensation level and extending it to KSF(IOM) customers. One of the next steps must surely be to try and enforce Kaupthing hf's guarantee, otherwise nobody will have any confidence in any other banks' IOM subsidiaries. In the meantime they need to work out how to fund the compensation scheme.

Stanley 317 - I'm more stupid than you, I realised on Monday when things started looking bad that I don't even know my account no.:o ! I left the paperwork in the UK since I had no intention of either depositing or withdrawing any money from the account.

christ

Monkeyface3604 wrote: »

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.

This goes for me as well.
I have recently come back to UK but was leaving my dough offshore for obvious reasons but from tomorrow I am taking what I have left out and putting it all with 'safe' institutions on the British High Street. It is a bit reactionary move but maybe the correct one in this climate.

occamsrazor

Few more articles at Manx Radio:

http://www.manxradio.com/readNEwsItem.aspx?id=26636
http://www.manxradio.com/readNEwsItem.aspx?id=26638
http://www.manxradio.com/readNEwsItem.aspx?id=26640

christ

bblair wrote: »

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

I consider mysely to be a 9 out of 10 on the pessimism scale at the moment but even to me this is some sort of chance.

stanley317

I made a request to transfer funds from my Edge account on Monday at around 15:00 using CHAPS. The request eventually moved from pending into the text message queue, but nothing happened for over 24 hours. On Tuesday the 7th I was checking more or less hourly and at around 17:00 my balance showed that the money had left the IOM account. I logged into my UK Lloyds TSB account the money was sitting there. I can't give exact timings but it was within an hour from showing the debit in one bank and the credit in the other.

The issue here seems to be that the web based requests do not interface directly to some form of back office CHAPS request. Maybe the big banks use automated systems but for a small concern like the Derbyshire/KSF it was probably cheaper to carry on using the faithfull DOS based CHAPS/BACS computer in the corner. It appears that a human in the loop manually trawls through the secure messaging system re-typing the text based requests into actual CHAPS/BACS transfers. It may be as simple as the order in which these messages were processed that dictated the success or failure. Maybe the they even prioritised lots of small transfers at the expense of some of the larger ones (less !!!!ed off customers). Who knows maybe the CHAPS and BACS are different computers and the BACS person had a bigger backlog?

Worried3232

christ wrote: »

I consider mysely to be a 9 out of 10 on the pessimism scale at the moment but even to me this is some sort of chance.

But this statement of someone looking to buy refers only to the UK division doesnt it before ING got them under pressure/support from the UK gov.

Does anyone know different?

occamsrazor

"Prime Minister Gordon Brown said the U.K. may freeze the assets of Icelandic companies, escalating a dispute over who should compensate British savers with deposits caught up in the collapse of the island's banking system"

http://www.bloomberg.com/apps/news?pid=20601102&sid=apvUqX23YTxk&refer=uk

Wondering if there are any assets of Icelandic companies held with other banks in the Isle of Man that need freezing to help pay us lot... is the Isle of Man Govt looking into this I wonder?

Worried3232

stanley317 wrote: »

I made a request to transfer funds from my Edge account on Monday at around 15:00 using CHAPS. The request eventually moved from pending into the text message queue, but nothing happened for over 24 hours. On Tuesday the 7th I was checking more or less hourly and at around 17:00 my balance showed that the money had left the IOM account. I logged into my UK Lloyds TSB account the money was sitting there. I can't give exact timings but it was within an hour from showing the debit in one bank and the credit in the other.

The issue here seems to be that the web based requests do not interface directly to some form of back office CHAPS request. Maybe the big banks use automated systems but for a small concern like the Derbyshire/KSF it was probably cheaper to carry on using the faithfull DOS based CHAPS/BACS computer in the corner. It appears that a human in the loop manually trawls through the secure messaging system re-typing the text based requests into actual CHAPS/BACS transfers. It may be as simple as the order in which these messages were processed that dictated the success or failure. Maybe the they even prioritised lots of small transfers at the expense of some of the larger ones (less !!!!ed off customers). Who knows maybe the CHAPS and BACS are different computers and the BACS person had a bigger backlog?

I'm so gutted my transfer request was shown as a message waiting request on the computer at 15:01, did I really lose my life savings by a minute. This is all very hard to take

christ

Worried3232 wrote: »

But this statement of someone looking to buy refers only to the UK division doesnt it before ING got them under pressure/support from the UK gov.

Does anyone know different?

Maybe so but if this was the case why would it be mentioned at the IOM meeting? They are two different companies as we have regretfully found out over the last day or so.

Harry_Harris

Hi I hope someone can help me with this: From money saving web site regarding the final days of Kaupthing IOM:

'There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.' WHY????

I sent money to my HSBC accnt early on th 7th Oct. The bank assured me it had processed the chaps & charged me. They told me the money should be there after 4.00pm on the same day. It has never appeared not even now by now, 9.20 pm on the 9th. They assured me the bank was still functioning as a normal bank on both the 7th & 8th. Only on the 9th did the website say trading had been suspended, have they been lying & how can it be allowed by the regulatory authorities. Even if the bank has been taken over by ING, which IOM hasn't?? I think the money should now be in my HSBC accnt. Surely this type of action by Kaupthing is illegal?