Icelandic Banks - The thread for OFFSHORE savers

wtf_2-2

Its a shame that no-one on this forum can get through to Kaupthing IOM - it would answer a large amount of the open questions.

I did speak to them last night (to get all my money out) and I was told the transactions would happen this morning - but also he had heard that the IOM protection had been raised to £50,000, though I haven't see that elsewhere.

What also isn't clear is how long CHAPS is taking now - used to be almost immediate a week ago (!).

@sewdenred, just a comment on the BBC right now from Paul Lewis who sais that unfortunately ICESAVE Gurnsey aren't covered and there isn't a saver protection scheme there - and it is likely that all will be lost! Note that this is only a BBC opinion.

occamsrazor

expatfrance wrote: »

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.

According to their website "Kaupthing Singer & Friedlander (Isle of Man) Limited is a wholy owned subsidiary of Kaupthing Bank hf" but I guess it's possible the UK arm is an intermediary subsidiary. What a mess!!

http://www.kaupthingsingers.co.im/about-us/kaupthing

christ

''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.[/quote]''


I freely admit that I maybe clutching at straws here but if the IOM lot are a subsiduary of the UK lot then that would surely make a difference. When the Govt took over Northern Rock they took the offshore business too, likewise with Santander & B&B.

gomann

expatfrance wrote: »

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.

I think this is where this financial diaspora becomes a nightmare. Miss one bit of 4-point text and you find your investment is only covered by Emperor Mong if 2 planets collide with a third one.

There are now so many sub-sets of institutions operating in different jurisdictions ... for those of us living/working off-shore [for obvious, honest and practical reasons] many haven't got a forking clue who is covering their rear end! If there could be one decent fall-out from the current scenario, it would be some clear linkage between the parent and the barstard offshore offspring!

wtf_2-2

Well we don't know whether Kaupthing IOM has stopped trading - the UK has, but the message from the CEO was specifically about the UK arm, and not its subsidiaries (or in fact the parent) - so hopefully it is too soon to worry about compensation....

Pensioner05

Read the http://www.landsbanki.co.gg/ website. specially
7. Is my deposit covered by a Deposit Protection Scheme in Guernsey?
No, there is no such scheme in place at present.
8. Are my deposits covered by the Icelandic or UK Deposit Protection Schemes?
No, these schemes do not cover deposits of Landsbanki Guernsey Limited. and
The company is in administration and the affairs, business and property of the Company are being managed by the Administrator, Mr Rick Garrard of Deloitte and Touche LLP.

I would like to get together the group of savers in Landsbanki Guernsey to speak with one voice

1. Make a case for these unfortunate individuals like me who are retired and placed their life savings earned abroad with this institution.
2. Put pressure on the Guernsey Authorities at the highest level on behalf of innocent investors who have put their faith in Guernsey and who now face the prospect of losing money. Undoubtedly, if they offer no support or fail to influence the bank administrators, they will face a severe loss of confidence from future investors, which could have a big impact on the livelihood of the island's economy.
3. I would, on my part and with your intervention, try with other savers with the view of forming a proactive group to lobby and create more pressure on all concerned. In this, we could initiate a blog for these savers to get together for a concerted action. It would be most helpful to have your suggestions on identifying and getting contact details of these.

Please let me have your views and lets band together for a common cause.

ianmr65

SwedenRed wrote: »

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.

On the plus side Landbanki Gurnsey was put into administration by The Gurnsey authorities on Monday night, to protect depositors intrests this was even before landsbanki HF was nationalised. This should mean that they have succesfully frozen it's assets. It's also being run as a going concern, which means that they will continue to calculate intrest, and be able to claim for ceratin assets back from the parent, which is now owned, the icelandic goverment And which the administrator say he is is now doing. The administrator has also stopped withdrawels and deposits, to prevent people with easy access accounts from withdrawing funds.

The administror works for the massive accountancy, and legal firm deloitte and touche, who probably have a bigger annual turnover than Iceland, so are probably up to the task. I imagine that the Gurnsey authorities, who's main industry is finance, if you don't count the potatoes, and cream, will be assiting with this. To guard Guernseys international reputation as a safe place for your money.

It may be that it's sale-able as a going concern, in which case the adminstrator will do that. Or if not, and as stated on the website, arrange for a fair and ordered repayment to all depositors regardless of locked in status or not. The issue is how much the adminsitartor will be able to repay, and how he defines 'fair and ordered'

Depending on the outcome, as Landsbanki Gurnsey deposits were gaurenteed by the parent, and the parent is still in existance, and will continue to be so: There is nothing to stop you claiming against the icelandic Goverment, who is now the owner of the parent, for any losses, as well as for loss of ameinity stress, ect. The bottom line is that you weren't (preesumably ) expect to be able to access the money for another three years which should be plenty of time for all the machinations, possible payouts and any subsequent claims to work through.

On the down side the UK FSCS will not cover these deposits, which is hardley surprisng as Guernsey which is not part of the UK, but a crown dependancy - accounts are tax free, or withholding tax. Which is the reason that many people choose to bank there.

The short answer is try not to worry, and wait for a letter from the Adminsitarator, which should be along soon.

occamsrazor

ianmr65 wrote: »

On the plus side Landbanki Gurnsey was put into administration by The Gurnsey authorities on Monday night, to protect depositors intrests this was even before landsbanki HF was nationalised

In hindsight that was probably a very smart move they did.....

ianmr65

Pensioner05 wrote: »

Make a case for these unfortunate individuals like me who are retired and placed their life savings earned abroad with this institution.

Please let me have your views and lets band together for a common cause

Good Plan Mr 05!

Pensioner05 wrote: »

Put pressure on the Guernsey Authorities at the highest level on behalf of innocent investors who have put their faith in Guernsey and who now face the prospect of losing money. Undoubtedly, if they offer no support or fail to influence the bank administrators, they will face a severe loss of confidence from future investors, which could have a big impact on the livelihood of the island's economy.

.

The Gurnsey authorities were ahead of you on this one. The Gurnsey authorities Put Landsbanki Gurnsey into administration on Monday, even before the islandic goverment nationalised the parent. See my post above, covers most of my thinking.

TCA

TCA wrote: »

I set up 2 withdrawals from my Kaupthing Edge Offshore saver (IOM) for the 6th and 7th October and yet my balance remains the same as of now and my future and pending transactions which were showing before, are now sitting in the messages outbox.

I guess they're busy........

Just to update anyone who's interested, my above 2 payments were debited in one go from my account yesterday. Given the uncertainty and inability to get through to them, I'm on the point of clearing my account with another couple of BACS transactions.