Icelandic Banks - The thread for OFFSHORE savers

Captain_Mainwaring_2

It seems (depending on where you read) that a lot of the assets from the IoM were used to prop up UK operations.

Seems ING weren't silly with what they wanted to strip out of KE UK.

christ

Dunno Monkey.
With regard to the 3,100 in UK though, anyone there with over 50K in the account is !!!!!!ed too by the sound of it.

occamsrazor

Captain_Mainwaring wrote: »

It seems (depending on where you read) that a lot of the assets from the IoM were used to prop up UK operations.

Seems ING weren't silly with what they wanted to strip out of KE UK.

Yes. As ING only bought Kaupthing Edge which is only deposit-taking, I guess they bought only deposits and not debts.
Which would mean that any money of ours that was lent to KSF(UK) is still with them or their administrators, not ING.

christ

occamsrazor wrote: »

Yes. As ING only bought Kaupthing Edge which is only deposit-taking, I guess they bought only deposits and not debts.
Which would mean that any money of ours that was lent to KSF(UK) is still with them or their administrators, not ING.

I don't like the sound of that. My IOM account was KSF and not KE. I did not realise there was a difference.

occamsrazor

christ wrote: »

I don't like the sound of that. My IOM account was KSF and not KE. I did not realise there was a difference.

I don't think there is legally. There is only one legal entity - Kaupthing Singer and Friedlander (Isle of Man) Ltd - as far as I know.

I think it was just a case of the UK Treasury was able to sell off Kaupthing Edge as an ongoing business by letting the buyer only take the deposit-takking side of things.... but that's pure speculation.

occamsrazor

christ wrote: »

Dunno Monkey.
With regard to the 3,100 in UK though, anyone there with over 50K in the account is !!!!!!ed too by the sound of it.

Nope. Seems they are getting it all back:

"The government will ensure that all retail deposits with KSF, which do not relate to Edge accounts (non-Edge retail deposits), will be repaid to depositors who are eligible to claim under the Financial Services Compensation Scheme, including in respect of deposits in excess of the £50,000 limit under the Scheme, with the government covering deposits in excess of the FSCS limit."

http://www.hm-treasury.gov.uk/press_103_08.htm

http://www.kaupthingsingers.co.uk/pages/3964

Captain_Mainwaring_2

occamsrazor wrote: »

Yes. As ING only bought Kaupthing Edge which is only deposit-taking, I guess they bought only deposits and not debts.
Which would mean that any money of ours that was lent to KSF(UK) is still with them or their administrators, not ING.

I'm not sure how they could do that.
Did anyone actually manage to get a marine mortgage for a superyacht? otherwise I would say KSF IoM was "only deposit taking". Surely the same forces apply to KSF IoM as to KE, any funds there were sucked out by others, if they weren't then they would still be solvent.

florence_2008

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

Worried3232, thanks for you info. Can i just ask you, was the investment you managed to transfer a fixed term investment that had matured or just a an easy access investment. The reason I ask is that previous to the date you transferred your investment I tried and failed to transfer my own deposit - I think it failed as it was a fixed term deposit with 5 months remaining to maturity although initially I thought I could still move it with loss of interest. As already discussed on this board with another helpful user of this forum it apperas fixed term investments can only be transferred during the term under exceptional circumstances.

Your info would be appreciated.

To all other users of this forum, thanks for your posts, finding it a great help and apologies for not contributing as much as others.

MacBiggles

Deposits totalled US$673.4m when KSFIoM bought out Derbyshire Offshore. Given the rapid growth of the deposit biz and the difficulties withdrawing cash, I suspect there is more than £84m (which would compensate only 1680 depositors at £50,000 apiece) tucked away somewhere. Kaupthing Switzerland has an online application form that is STILL functioning. Interesting to learn that KSF UK is also still a going concern as this may aid recovery of KSFIoM funds. From the KSF-UK website;

Business as usual
Kaupthing Singer and Friedlander Limited (“KS&F”) has not ceased to trade. The Administration is necessary because of KS&F’s financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.
We will continue to keep you updated with developments in respect of the long term plans for KS&F and notify you immediately if any changes are proposed to be made which will affect your current position.
For further information on a specific product area please click on the links below:
- Edge Retail deposits
- Non-Edge Retail deposits
- Wholesale deposits
- All secured and unsecured borrowers
Operations
The purpose of the Administration Order is to seek to ensure the best long term solution can be adopted for customers and creditors, and whilst doing so, continuing the operations of KS&F.
Whilst in Administration, KS&F will continue to manage its current loan book and the Administrators will be seeking to find purchasers for, and will continue to manage, the remainder of KS&F’s business and loan book to maximise recovery for creditors. The existing mortgage/loan agreements of borrowers remain in place, the repayment profile of your mortgage/loans is not being changed and you are not being expected to refinance elsewhere. Borrowers should continue to make payments in the usual way.
The directors are still the directors of KS&F. Whilst in Administration, the Administrators are ultimately responsible for KS&F. However, the directors and existing management structure will remain in place and the directors and their existing management team will be responsible for the day-to-day operations.
We will be working closely with management and do not envisage any major changes to procedures on a day-to-day basis. Our key objective is business as usual and to achieve this we will require your support during this process.
Finally, we would like to re-iterate that our key objective is to ensure business as normal during this process and would ask for all of your support during the continued operations of KS&F , whilst a buyer or buyers are sought for the remainder of KS&F’s business. We shall keep you as fully informed of the situation as we are able as matters progress.

PS The Gnomes of Davos, (i.e The World Economic Forum) may need to revise its oft-quoted research. In this year's World Competitiveness Report, (http://www.weforum.org/documents/gcr0809/index.html) the WEF ranked the soundness of Iceland's banks at 36th out of 134 countries in the 'soundness of banks' category, and 10th out of 134 in 'property rights'. New Gnomes, please!

Captain_Mainwaring_2

It may have been more comforting if this is what had happened to the IoM -

As it stands the customers of KSF IoM are the ones that are going to lose the most out of this sad sorry mess.