Icelandic Banks - The thread for OFFSHORE savers

wtf_2-2

Well the latest statement from the CEO of Kaupthing states that only the UK bank is in administration - not its subsidiaries. This likely means that Kaupthing IOM is still a going concern (for now).

I suspect that the FSA did this to stop the Icelandics using the UK funds to protect their own local investors like they did with ICESAVE.

christ

Does anyone know anything further? I have my life savings in Kaupsing IOM. I just want to be put out of my misery.

gomann

Greetings from Jersey, and re-dircted here from another thread.

KE Offshore, IoM ...

Monday @ 1300 - routine BACS request for £5000 to linked account.
Monday @ 1920 - I twitched, and went for £20,000 CHAPS transfer, leaving £5000 as a foothold.

Tuesday @ 0900 - the BACS request was not showing as a pending transaction. ...Telephone, web-massage and email all impossible.
Tuesday @ 1000 - remembered to tell BOS(I) to stop sending their interest payments to KE as the linked a/c
Tuesday @ 1900 - £20,000 CHAPS transfer nestled in the arms of Lloyds, pending decision on its future. I slept better!

Wednesday ... trying to absorb masses of conflicting information
12:30 Huzzah ... the £5000 BACS is airborne as well ...

Agree with an earlier poster - KE(IoM) customer service has been superb in my limited [1 month!]experience, and they even let me make a deposit by cheque.

Account details on the website are apparently only updated overnight, which may explain some of the delays you have noted.

As I have posted elsewhere, I will wait for the dust to settle to discover whether KE(IoM) depositors are now covered by Iceland, IoM, UK or Holland - and to what amount!

Dammit, that was a nice flexible account for instant access to £30k at a very good rate. However, my situation is a minor irritation compared with the disasters that have befallen some folks out there.

Jersey Compensation scheme appears to be evolving as an emergency measure; however it appears to be geared to Jersey Residents deposits with Jersey-registered Banks ... thus presumably excluding dirty people like me with funds in IoM and other places.

Who mentioned Barclays Wealth? My neighbour happens to head their department here - we'd discussed that generally over a coffee, I'm now trying to arrange an early meeting! :cool:

Hope some of that helps ... all very generalised, I'm afraid, an as many questions as answers.

wtf_2-2

Well I think the question is exactly that. If the UK Government says that no UK retail investor will lose out (in general) then that should cover all institutions accessable for savings in the UK, which would include IOM banks. Anyhow - I've been trying to get through to them for the last 4 hours, with no sucess.

occamsrazor

gomann wrote: »

Account details on the website are apparently only updated overnight, which may explain some of the delays you have noted.

This seems true and has always been the case - their online site is not "live updating" as such, so if you expect to see a change and it's not there, that doesn't necessarily mean it hasn't happened. So for those who made transfers in recent days, they may still go through. Here's hoping.

occamsrazor

!!!!!! wrote: »

Well I think the question is exactly that. If the UK Government says that no UK retail investor will lose out (in general) then that should cover all institutions accessable for savings in the UK, which would include IOM banks. Anyhow - I've been trying to get through to them for the last 4 hours, with no sucess.

Much as you and I might want that to be true, I don't think it is the case. A UK saver can deposit money in any country if the bank allows it, that doesn't mean that bank will be covered. He's talking about accounts based in the UK I think.

expatfrance

I managed to speak to the Personal Assistant of the administrator who is looking a Landsbanki this afternoon.

She said that the administrator has been in constant meetings with the powers to be in Guernsey and that all those involved are taking it very seriously.

She siad there should be an update soon, possibly later today, and it would go on the Landsbanki website.

Also spoke to the regulators in IOM and they said there were trying to work out what the situation with Kaupthing was. One interesting thing she did say was that Kaupthing Singer & Friedlander (IOM) were a subsiduary of Kaupthing Singer & Friedlander (UK). Not sure if that really is the case and if it is whether it would provide a stronger claim from the UK.

occamsrazor

gomann wrote: »

Who mentioned Barclays Wealth? My neighbour happens to head their department here - we'd discussed that generally over a coffee, I'm now trying to arrange an early meeting! :cool:

I believe with them you can either have the account offshore or onshore (only the onshore would be UK FSCS guaranteed)... just FYI.
Let us know what you think after your meeting, it's one of the few viable options for non-residents.

qwe3333

!!!!!! wrote: »

Well I think the question is exactly that. If the UK Government says that no UK retail investor will lose out (in general) then that should cover all institutions accessable for savings in the UK, which would include IOM banks. Anyhow - I've been trying to get through to them for the last 4 hours, with no sucess.

IOM is outside UK. Same thing happened with Icesave. They saved the UK depositors and not the geurnesey ones.

My guess is that the IOM will put the bank in administration tomorrow morning, and thats it.

ianmr65

occamsrazor wrote: »

HSBC.... (though their interest rates aren't good).

That should not surprise you in the current climate. ...

I would seriously review your options with Kaupthing Isle of Man - The fact that the UK gov has put the whole of Kaupthing in the UK into administration and sold Kaupthing edge to ING should be of some concern. Personally i doubt if Kaupthing HF will survive the week: and if Landsbanki Gurnsey is anything to go by I suspect that Kaupthing IOM will be in administration very soon.