Icelandic Banks - The thread for OFFSHORE savers

qwe3333

Knife_Edge wrote: »

I've a reasonably large amount deposited in notice accounts with Kaupthing (IOM) and also in an instant access account with Kaupthing Edge.

I spent all day yesterday trying to speak to someone at Kaupthing (IOM) and finally got through this morning. Clearly they're very busy! I was told that any early withdrawal from a notice account required an explanation of why the withdrawal was necessary or urgent and management approval of the withdrawal, i.e. they won't automatically permit the withdrawal subject to the deduction of the penalty that their Ts&Cs permit.

Meanwhile, I can't speak to anyone on the Edge support team to deal with some admin queries relating to my account there. All very frustrating.

thanks for the update. Have you transferred any money out of your access account, and how did that go.

occamsrazor

Wondering how/whether the ING Direct buyout of Kaupthing's UK operation will affect Kaupthing Isle of Man customers.......

http://news.bbc.co.uk/2/hi/business/7658725.stm

qwe3333

occamsrazor wrote: »

Wondering how/whether the ING Direct buyout of Kaupthing's UK operation will affect Kaupthing Isle of Man customers.......

http://news.bbc.co.uk/2/hi/business/7658725.stm

dont think so. just took over deposits, not the company.

islandsun

Well, I just can't sit around and wait to find out what happens now. After much deliberation I've pulled the bulk of my savings out from KE IOM. I really wanted to stick it out but after todays events I can't risk it. Just hope the CHAPS goes through without a hitch.

occamsrazor

If anyone gets through to Kaupthing IOM today can they please post any news they get here... haven't been able to get through on the phone today at all... Questions are:

1. What is the future of Kaupthing IOM? Are they part of the ING Direct buyout?
2. Are transfers still being processed, what is happening with transfers made in the last few days?
3. Where are deposits made with Kaupthing IOM actually held?

Kateykins

Any more news for those of us with over £15k in a Kaupthing IOM offshore account? From reading this thread it looks as if we'll be protected up to £15k but will lose the rest as the parent guarantee is effectively worthless. Gulp - there goes my life savings. Anyone have any better news? Thanks.

SwedenRed

On behalf of my parents, I placed their life savings of £92000 into a Fixed 5 year Interest rate account with Landsbanki Guernsey 2 years ago. Now the bank has been put into adminstration, has anyone any information whether or not we shall see a penny of it again? We are extremely worried and cant find any real information. There is no Compensation Scheme in place, so therefore do you think the Administrators have frozen all assets, and look to re-imburse all saving holders? Apologies to the simplicity of my questions, but I really am not a financial expert, just your average bloke on the street.
Thank you in advance.

wtf_2-2

In the statement in the house regarding Kaupthing, Darling has said that 'most of their retail deposits will transfer to ING' - now if he said all, then I'd be more happy that the IOM bank would also be covered. I wonder whether a person banking with an offshore bank would be regarded as a retail investor.

qwe3333

its looking grim. the parent of IOM is in administration. UK Edge accounts have moved to ING. Cant see where the money is gonna come from. Unless UK bails out IOM, which i cant see happening.

no news is bad news. Lets see how good the IOM scheme is. i am feeling a bit sick.

occamsrazor

!!!!!! wrote: »

I wonder whether a person banking with an offshore bank would be regarded as a retail investor.

I don't think the question is that.

The relevant difference is between Kaupthing Singer & Friedlander UK, and Kaupthing Singer and Friedlander Isle of Man, which I guess are different subsidiaries and legal entities, the latter not being in the UK jurisdiction despite close ties between UK and Isle of Man.