Icelandic Banks - The thread for OFFSHORE savers

richiyeh

Fight_4_It wrote: »

I just spoke to an insider in a London Bank back office in the payments section. He was able to access the Banker Almanac for Monday and Tuesday. All KSF (IoM) payments went first through KSF UK, as an MT103 message, being an Agency Bank it would be forwarded another UK main street bank, KSF UK uses NATWEST, (not HSBC) as their clearing Bank in the UK for BACS and CHAPS payments who would forward this on to sent to the account holder for credit. I just spoke to someone in the payments team with HSBC back office in the UK who could check some of previous cleared payments. BACS and CHAPS arrived from NATWEST through HSBC. The payment came from KSF LONDON after it was sent from KSF (IOM).

AS I understand there were several things happening at that time. Kaupthing LONDON from was in the process of getting shut down. All assets where being seized by Darlings orders, the outgoing payments in the system were stopped. At the same time all UK banks were setting up sanctions to stop or ‘quarantine’ payments from ICELANDIC Banks. Payments could not get through if they did. We did not stand a chance of getting the payment here in the UK, this week. The sad thing as I am told is that even if the payment message is found now, the funds are not attached to it, because the credit cannot be cleared by the receiving bank now because the credit no longer exists. It’s not worth the paper it could be printed on. This is why sanctions were being put in place, because UK Banks did not want to get caught with crediting funds to customers they could not get credited now.

The only good side of the argument is, that the payment message was cleared and with KSF (UK) and in the UK system. The only reason we did get them is because the UK Gov stopped the KSF from forwarding it. We need to prove this however. Even though KSF IoM cannot give us details of the MT103 they were able them into APACS system to begin with. The onus is on KSF UK, not KSF IoM and they will have records of every MT103 with credit and show if that credit was taken into their banking system, that came from KSF(IoM)
CHAPS payment to another IoM Bank made it because it went through HSBC Douglas without a problem. Other clearing to Foreign Banks were SWIFT. USD was cleared through Deutsch Bank, USA. EUR though Deutsch, DE. But as is for payments in UK, the UK Government is solely responsible for the loss. The credit was there when payment arrived at KSF London. Meanwhile KSF UK customers get there money back 100%. But ….
The biggest trouble is problem is KSF IoM holders like myself we are either ex-pats or foreign nationals, using the important tax advantage of the offshore system. So, along with the non-dom debate, we don’t get much sympathy, or support here. It just drops between the posts. I think we need IoM and Tony Brown to help prove this and we must all band together to fight this issue and as UK residents remitting funds to the UK that actually arrived here and were stopped by protective measures of UK for the purpose of protecting UK account holders (us) In this process we should not be frozen out of the FSCS or other UK Government compensation. We need good knowledgeable help to rage this war with the help of the press to make it known. – James (UK)
-(pasted from my comment http://www.iomtoday.co.im/your-shout/Financial-crisis-and-IoM.4544715.jp)

Further udate: According to APACS all payment were stopped going into or our of KSF UK since Monday. KSF (UK) payment from Monday are now going out (confirmed) from ING as booked by Kaupthing Edge UK customers. ING claims they have KSF payments from KSF UK, but QUESTIONS remains if KSF (UK) was suspended how can we find out if they received any of KSF (IoM) payment instructions sent by MT103, and were these transfered to ING or not?

Point of minor interest, a transfer requested after hours on Friday reached my linked account on Tuesday. Must have been one of the last to go through.

gbod

gomann wrote: »

loads of us have ... slowly getting sorted. I think Mat's in a distant time-zone, and staying up at night to help us here!

same problem of no responce. it's a great idea, but only if it works!

Atol_2

KSF(IOM) Mentioned specifically on Moneybox BBC Radio 4 today.

http://www.bbc.co.uk/radio/podcasts/moneybox/

Why can't I view more than 20 pages of this forum?

occamsrazor

Atol wrote: »

Why can't I view more than 20 pages of this forum?

Because page 20 is the last page.

Atol_2

Too obvious! Thanks.

Elpasout

Does that mean nothing has peen posted since Sat 11th (surely not) or that this forum has a max limit of 20 pages? (again surely not).

PS I am finding it virtually impossible to follow events on the www.ksfiomdepositors.com website now. It has all but ground to halt for me - despite ng's reassurance that it should be faster if logged off. And I have checked that my connection is speed is good (run test). Shame if it has chosen this day to committ suicide!

occamsrazor

The site is now back up and super-fast, but temporarily at a new address. Go here:

http://www.ksfiomdepositors.netgenius.co.uk/

sasteev

While Iceland, Britain and the Isle of Man all blame each other, it is vital for those of us with money in Kaupthing Isle of Man to keep a high profile - otherwise it will be easy to forget us.

There is a site that is trying to organise action: https://www.lostyoursavings.co.uk.

It urges those affected to go and talk to their MP - if we all get our stories out there we may just get heard.

Check it out - and call your MP!

liebena

Occams, hi do you know if there is a problem with the site, or is it just me? is there anything major happening today. Also, I get lost in that site, and I have a few questions ...
1. if I want to volunteer to help, what can I do
2. there was a poll about paying money and i couldnt work out how and to whom we are supposed to pay
3. what are the key actions and next immediate steps we should follow

MacBiggles

Both KSFIoM websites are on the blink. Lostyourmoney working OK, though.