Icelandic Banks - The thread for OFFSHORE savers

occamsrazor

stanley317 wrote: »

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.

I can confirm this is the case for SWIFT transfers at least. I made a US dollar transfer last week that did go through, but despite my instructions being verifiably correct KSF(IoM) sent it to the wrong account number at the receiving bank - my euro account instead of dollar account - whereupon it all got converted to euros(!). On calling KSF(IoM) they confirmed it was a human error.

I'm still trying to get the receiving bank to correct that, which when the sending bank doesn't exist anymore is kind of hard. Now I'm just glad that transfer went through though....

Still waiting on the BACS and SWIFT transfers made Monday with the rest of my money though - no sign of them yet....

Worried3232

christ wrote: »

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.

which meeting did they quote IOM had prospective buyers, can you post the quote.

Thanks

Worried3232

occamsrazor wrote: »

I can confirm this is the case for SWIFT transfers at least. I made a US dollar transfer last week that did go through, but despite my instructions being verifiably correct KSF(IoM) sent it to the wrong account number at the receiving bank - my euro account instead of dollar account - whereupon it all got converted to euros(!). On calling KSF(IoM) they confirmed it was a human error.

I'm still trying to get the receiving bank to correct that, which when the sending bank doesn't exist anymore is kind of hard. Now I'm just glad that transfer went through though....

Still waiting on the BACS and SWIFT transfers made Monday with the rest of my money though - no sign of them yet....

What time did you send throught the ones on Monday

christ

Worried3232 wrote: »

which meeting did they quote IOM had prospective buyers, can you post the quote.

Thanks

It was from post 255 '' Meeting at the Gaiety 09.10.08 ''

stanley317

Monkeyface3604 wrote: »

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???

The following comes straight form the updated IOM FSC site, so the answer appears to be that liquidated funds are added on top of the 50,000.

2) However, if in the previous example you had £25,000 in your sole account, your total balances would be £55,000 which would exceed the maximum covered by the DCS. Therefore you would be entitled to receive the maximum of £50,000. If there are sufficient funds on liquidation of the failed bank, the remaining £5,000 would be paid from the liquidation proceeds.

stanley317

There has been a lot of speculation about the banks in the FSC scheme and the length of time it will take to pay out the guaranteed 50,000. We now have some boundary figures to work with. At the government debate today the figure of 38 contributing banks was quoted by one of the MPs. The amount per bank per year under the new scheme is GBP500,000 and the total of all of our remaining deposits was GBP84 Million (from this afternoons meeting). This means that it would take between 4 and 5 years to pay back ALL of the money. This is obviously a worse case scenario as not everyone had 50,000 (some had a lot less and some had a lot more) and they are not paying back all of the money. The actual total to be paid will be a lot less than this and so the time period will be much shorter. It apparently took nearly 20 years to pay out on the IOM BCCI accounts. From reading the BCCI history it seems that they distribute a "dividend" payment each year until it's all paid. The first payments can therefore start once they have collected the first contributions from the banks. We will get a more accurate figure when we find out how many customers are involved. But as lots will have less than 50000 this time period will still only be worse case.

The timing for any liquidation payments on top of the 50,000 is not as easy to predict. Trawling the web showed that some IoM BCCI liquidation payments were still being awarded 10 years later "as a result of lengthy court battles".

occamsrazor

According to Dave's recollection of the meeting earlier, KSF(IoM) had around £84million in depositors' money.

According to the new details of the compensation scheme, levies are collected at a maximum of £500,000 per deposit taker (bank) per year.

http://www.gov.im/FSC/investor/dep_comp.xml

According to this list of deposit takers (banks) licenced in the IoM (excluding KSF who I'm assuming aren't gonna be contributing!) there's 40 of them.

http://www.fsc.gov.im/licence/search.aspx?id=1&searchtext=&selection=Banks&submit1=Submit

By my calculations that makes the total payable by the scheme £20 million per year, assuming they all pay the full amount (Are they obliged to pay the full amount???)

EDIT: Stanley - looks like you and I were thinking at the same time....

Samjock1

I have tried to access my offshore Isle of Man account, but cant get past the press statement - any suggestions?

stanley317

It seems we both came up with similar conclusions at the same time and crossed in the post. Part of the answer to your question though is that the FSC site says up to a maximum of 500000. This afternoon they had examples of how they calculate each bank's payment but I can't find it as it was probably one of the examples under theold scheme.

occamsrazor

Samjock1 wrote: »

I have tried to access my offshore Isle of Man account, but cant get past the press statement - any suggestions?

All of KSF(IoM) websites were effectively shut down earlier today and replaced with the statement you see. There's no way to access your account details online now as far as I know.