Icelandic Banks - The thread for OFFSHORE savers

SwedenRed

Pensioner05 wrote: »

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.

Definitely count me in. If we band together we can have a bigger voice. Allbeit, I am in Sweden now, I will do all that I can to help. This despite I knew nearly nothing about the banking system up to a week ago... You may have missed my post, but I also sent letters this morning to both the Icelandic and Guernsey Government offices. I pray to God something is sorted, because the prospect of mum and dad losing their near 100grand of life savings is too hard to handle.

Thank you ianmr65, expatfrance, pensioner05, occamsrazor and !!!!!! for all your input. This forum (found today) is a real help and a small glimmer of hope, to what has been an unbelievable traumatic 2 days.
Ianmr65...I also wrote to the Adminstrator this afternoon. If I get a response I will post it immediately. thanks...

expatfrance

ianmr65

I got the wording from the bottom of a letter a recieved from them. By the was that is a valid point you made to the administrator. I was wondering myself if selling the business off as a going concern was an option.

I think one thing we have going for us is that we may be citizens of different countries so maybe we can put pressure on our respective governments to do something.

Also we can try and make as bigger stink as possible and encourage as many people as possible to threaten to remove funds from Guernsey and IOM.

expatfrance

Just found the following on the IOM Financial Supervision Commission web site:-

A Press announcement by H M Treasury in the UK has stated that Kaupthing Singer & Friedlander in the UK has been placed into administration.
Kaupthing Singer & FriedlanderKaupthing in the UK.
The Commission understands that the B (Isle of Man) Ltd, a licensed bank in the Island, is directly owned by Kaupthing Bank hf of Iceland. It is not formally part of the UK sub-group. However Kaupthing Singer & Friedlander (Isle of Man) Ltd has a significant business relationship with oard of Kaupthing Singer & Friedlander (Isle of Man) Ltd is currently meeting to decide the position of the bank locally. A further announcement by the Commission will be made as soon as further information is to hand.

Hopefully they are not busy transferring assets back to Iceland. Its a pity that the IOM FCS is not as proactive as the Guensey regulators.

gomann

:cheesy: :cheesy:

occamsrazor wrote: »

It's a good point... the current crisis has put depositor protection to the fore. Remember though for expats/non-residents it's virtually impossible to open UK-based accounts these days, leaving them with very few places to go for save savings....

Absolutely ... we are screwed harder than a hard screw. Either !!!!!! depositor rates, or no protection, or more commonly ... both.

i keep an "un-economic" foothold in UK for that very reason ... I could never again get back in, even though our professional career pensions are sourced there. And still pay UK tax on them

Shouldn't have left Broon's wonderful UK, of course

redbajan

I've had this account for the last 7 years +. Originally with the Derbyshire BS. I guess we've had time to get out since the takeover last year but with the links to the Derbyshire and a building society at that I feel we should not let the UK Government turn their backs on us. It is their actions today that finished of a bank that wasn't necessarily insolvent in a bid to show Iceland (perhaps correctly) that it will not be messed with.

As thing stand the KSF IOM and the Landesbanki Guernsey stand to be the only savers in the whole of Europe to be hung out to dry.

Anyone know the number of account holders and the total deposits is this public record?

Minotaur

See also the thread entitled: "Kaupthing IoM": http://forums.moneysavingexpert.com/showthread.html?p=14816787&posted=1#post14816787

There are useful postings. I had meant to post here rather than there, but screwed it up.

It would be sensible, I feel, to keep all offshore questions on one thread as there is rather too much noise on the forum as whole (and not without reason).

occamsrazor

Minotaur wrote: »

It would be sensible, I feel, to keep all offshore questions on one thread as there is rather too much noise on the forum as whole (and not without reason).

I agree and tried to do that when the other thread started but it seems not to have worked.
While there are significant differences between IoM and other offshore places like Jersey, Guernsey, etc it seems to me the people looking at this are likely in similar circumstances and would benefit from seeing all the offshore info in one place, especially considering the massive number of general Icelandic threads that don't relate to any of the offshore jurisdictions.

christ

FYI. A post from the forum on fool.co.uk

''Does anyone know about KSF IOM. It would appear that it is still in operation as it is a subsiduary of Kaupthing Hf (Iceland). I have contacted the bank and they are suggesting they are still open for business and trying to direct money outwards but not using KSF in the UK. I tried to move money today and it got caught by the administartion process in the UK. I was told the bank in the IOM would have a clearer direction by midday tomorrow (Thursday).''

occamsrazor

For what it's worth...

I initiated a sterling BACS transfer and US dollar SWIFT transfer on October 6th from my Kaupthing Edge IOM accounts. This morning the balance in my sterling account reduced to reflect the BACS transfer, and in the last hour my US dollar account reduced to reflect the SWIFT transfer.
Neither has turned up in my other banks accounts yet - but that is normal given the timescale of BACS & SWIFT transfers. The fact that balances changed now, however, would imply to me that KSF(IoM) are still processing transactions... or at least transactions made in the last few days may still go through.

florence_2008

I know the ING takeover of Kaupthing Singer Friedlander (UK) is now providing security to the UK investors, however, there does not seem to be any info regarding Kaupthing Singer Friedlander(Isle of Man). All I have heard is that the Isle of Man company was having a meeting this afternoon to dicuss there position. I can't find any info on the outcome of this meeting. Does anyone have any more informationon this?

Cheers.