Icelandic Banks - The thread for OFFSHORE savers

Knife_Edge

There's some analysis here, no news, but perhaps a spark of hope that KSF IOM might be sold, although it's not referred to:

http://www.ft.com/cms/s/0/a38f5816-9562-11dd-aedd-000077b07658.html

occamsrazor

Those with Landsbanki Guernsey might want to monitor this thread at another site too, there seem to be a couple of people on the island trying to organise:

http://www.moneysupermarket.com/community/forums/t/landsbanki-guernsey-26064.aspx

florence_2008

Knife_Edge wrote: »

There's some analysis here, no news, but perhaps a spark of hope that KSF IOM might be sold, although it's not referred to:

http://www.ft.com/cms/s/0/a38f5816-9562-11dd-aedd-000077b07658.html

Thanks for that although I have to laugh at the analysts comment about outflow of deposits form KSF. I tried to move my investment in a bond with KSF IOM last week and when I thought it was about to go through with a chaps transfer they came back and informed me that I would not be allowed to move my investment. I have a 13 month fixed interest bond with 5 months remaining till maturity. My understanding was I could move the investment at any time with a loss of 90 days interest. When I tried to do this they said 'no'. Gutted.

christ

It does say in their rules that you can only move it in exceptional circumstances. I wrote to ask if I cut end my fixed term deposit last week and they never even replied.

florence_2008

True, but I was hoping this would be the exceptional circumstance.

occamsrazor

florence_2008 wrote: »

True, but I was hoping this would be the exceptional circumstance.

Jesus... if this isn't, I'd hate to see what is...

My gut feeling based on absolutely nothing is that we are gonna see a relatively happy end to this and savers won't lose money... here's hoping.

wtf_2-2

Funnily enough - I agree with you for some reason. It's happened with the UK subsidiary - there is probably similar reasons to do the same with the [URL="file://\\IOM"]IOM[/URL] company.

Worried3232

!!!!!! wrote: »

Funnily enough - I agree with you for some reason. It's happened with the UK subsidiary - there is probably similar reasons to do the same with the [URL="file://\\IOM"]IOM[/URL] company.

But i thought the only reasin the UK subsidary was saved was because the UK government supported it/put pressure on for it to happen.

My fear is without the UK clout little IOM and K IOM division will be hung out to dry. If the bank cant afford to cover all deposit then someone has to pay and it will the IOM

wtf_2-2

Well my thinking is that the type of savings that they have are not different to the UK subsidiary - and I agree with you that the UK Government probably pushed a lot to get a deal done, but the fact that the book was taken on by a foreign bank, I wonder how much leverage the Government actually had.

That being the case, the IOM subsidiary may be interesting to other offshore banks who want an expanded customer base.

No insights into any other info, just a feeling too.

Worried3232

!!!!!! wrote: »

Well my thinking is that the type of savings that they have are not different to the UK subsidiary - and I agree with you that the UK Government probably pushed a lot to get a deal done, but the fact that the book was taken on by a foreign bank, I wonder how much leverage the Government actually had.

That being the case, the IOM subsidiary may be interesting to other offshore banks who want an expanded customer base.

No insights into any other info, just a feeling too.

I requested my money out on Monday, Tuesday night it was showing as left but my uk bank is saying nothing has come and that K Iceland siezed UK money which was meant to be sent so I assume they have done the same. It looks like the IOM piece is going to be the easiest piece for them to wind up to make the rest of the business saleable/salvageable.

It looks like landisbanki Guernsey customers are being hung out.

Does anyone have any views on money showing left the account