Icelandic Banks - The thread for OFFSHORE savers

Monkeyface3604

Hi Captain Mainswaring

I to have been wondering the same thing but nobody seems to know. Guess they are going to have to be quite a powerhouse, simply because i imaging if they do take it over and people get their money back then the first thing we all will do is withdraw it and start spreading it around. Gonna take some time for confidence in off hsore banking to come back if this isnt handled bloody well, so far it doesnt seem to be, but i guess this is still only day 1, good it feels like a year

christ

I don't think that people would just withdraw it staight away if it was taken over by a decent company. For 1 lots of us are on fixed term deals and have been unable to even try withdrawals. For another, if a decent company were to take it over why would you move it on just for the sake of it?

Monkeyface3604

Christ

I guess your right but depending how much you got in there. The buying company would have to be bloody good for us to consider keeping it all in there though, once bitten and twice shy and that. My parents are almost 70, if it were to happen again it would probably finish them and money sint worth that much

occamsrazor

Here's a useful article about transfers made in the last few days, albeit from a UK-saver perspective:

http://www.fool.co.uk/news/your-money/savings/2008/10/09/wheres-my-kaupthing-cash.aspx

Captain_Mainwaring_2

It's the only "hope" frankly. There still seems some doubt as to the validity of any compensation scheme (God, how "schemes" sound so pathetic) and what it may pay out.
I managed to get £27K out two weeks back to buy land overseas, at least I can see something tangible for the past few years work.

It would be nice to half dream that ING may consider the IoM operation, to at least make it a clean sweep.
Don't worry about offshore banking, it's going to take years for confidence to to come back in any sort of banking.
It would be nice to check the news later today (i'm 6 hours ahead) and find that someone has at least shown interest in them.

I wonder what "protect the interests of the depositors" could mean?

Captain_Mainwaring_2

christ wrote: »

I don't think that people would just withdraw it staight away if it was taken over by a decent company. For 1 lots of us are on fixed term deals and have been unable to even try withdrawals. For another, if a decent company were to take it over why would you move it on just for the sake of it?

I would add, tongue in cheek that I was actually very happy with KSF IoM, the ability to organize foreign transfers online was super, still, I don't have a need for that now.
If KE was bought out, I think I would stay with them.

christ

''
The FSCS contributed money to facilitate the transfer of Kaupthing Edge’s internet savings accounts to ING Direct, and helped ensure the money in those accounts is protected.
However, Kaupthing Edge and Heritable Bank customers whose accounts are not operated online did not have their savings accounts transferred to ING Direct.
This affects around 3,000 Kaupthing Edge customers and 100 Heritable customers. These people will now be contacted directly by the FSCS so that they can claim whatever compensation is due.''

F+#k me! I didn't know that. So there are another 3,100 people who have been done over too. I have not seen that on the news.

occamsrazor

[quote=Monkeyface3604;14858975The_buying_company_would_have_to_be_bloody_good_for_us_to_consider_keeping_it_all_in_there_though,_once_bitten_and_twice_shy_and_that.[/quote]

Maybe so... on the other hand I'd be so bloody grateful to them I'd keep it with them just for saving me.

occamsrazor

christ wrote: »

''Kaupthing Edge and Heritable Bank customers whose accounts are not operated online did not have their savings accounts transferred to ING Direct.
This affects around 3,000 Kaupthing Edge customers and 100 Heritable customers. These people will now be contacted directly by the FSCS so that they can claim whatever compensation is due.''

F+#k me! I didn't know that. So there are another 3,100 people who have been done over too. I have not seen that on the news.

I think they are talking about the people with Kaupthing Singers & Friedlander UK, rather than those with the Kaupthing Edge UK internet-only accounts. These people will get the UK FSCS compensation, whereas the Kaupthing Edge people got sold to ING where they can remove their money, or keep it with ING, as they wish.

Either way none of the UK-account-based savers are getting screwed, it's only us.

Monkeyface3604

Christ

Do you think the same internet account only thing would be applied to IOM if anyone brought it? I dont think my dadas account was online as he has had it there for years