Kaupthing edge?

boogiesherbs

Hiya all is Kaupthing actually in trouble or is it just been linked to the icesave problems?
we have a modest £1000 in Kaupthing edge should we stay put?
we will need the money in a couple of months for double glazing
So if it goes Kauput will the FSA compensation be a long drawn out affair?

Financial_Novice_2

I think the FSA compensation has to be concluded within 6 months although it could take a lot less. No one really knows.

Given that you are only going to get approx £13 interest in this couple of months and if you are contractually committed to getting the double glazing, I'd be tempted to withdraw the money now and just keep it at home to avoid any possible hassle.


PS - If you take my advice could you let me know where you live. :rolleyes:

Caudle

It's a personal decision as I see it. Nobody really knows how long the FSCS would take to pay up should a financial institution go belly up. We may be about to find out with Icesave!

However, supposing several foreign banks got into trouble - and obviously the UK government would not bail them out. What would happen then?

I had just over £32,000 in KE. That has now been reduced to 89 pence! I am not taking any chances about that sort of money getting caught up in (potentially) long-drawn out compensation arrangements. It's not because I was worried about losing my capital.

isofa

It's FSCS compensation not FSA.

The timescale for the 50K bail out under FSCS is a set as a few months - but no one really knows.

KE and Icesave are totally separate.

KE is fully protected to 50K as a UK bank (which it is) under the FSCS.

There are plenty of other threads discussing this in detail, it'd be best to carry on this discussion there, as your questions will have been asked and answered many times before.

campins

As I have said on other posts, I have withdrawn all my money from Kaupthing Edge until this all blows over. The only trouble is it could be a long time as Richard Branson said on BBC radio that he thinks that the U.K. banking sector will probably need assistance for the next two years. As we are bigger and better run, by all accounts, than the icelandic banking sector, my dilema now is do I sit in good old cahoot or do I take a chance and go back to Kaupthing Edge or do I go for Alliance and leicester and live with the withrawal penalties? HEEEEEEELP!

trevs707

boogiesherbs wrote: »

Hiya all is Kaupthing actually in trouble or is it just been linked to the icesave problems?
we have a modest £1000 in Kaupthing edge should we stay put?
we will need the money in a couple of months for double glazing
So if it goes Kauput will the FSA compensation be a long drawn out affair?

It's simple. Take your money out and don't worry about any messages on the thread that moan at you because of the instability you will bring to the KE by making such a huge! withdrawal.