Kaupthing in Administration

Locoblade

There seems to be a cut-off of around 2pm(?), so its highly likely that any transfer (CHAPS or BACS) wouldnt be processed until today if you did it yesterday after this time, therefore I would assume even a CHAPS transfer at 2:30pm yesterday may not be seen until end of banking today.

cheekykid

northern5 wrote: »

so why aren't KE updating their website. Anyone with their heads in the sand (me until Monday morning!!) would think that everything is fine and dandy!!!

Quite right. Their website is the same including the ridiculous re-assurance statements they had made that they are well funded etc.:mad:

pandora205

jamieslucky7 wrote: »

Why would it? BACS take a few days.

Last time I moved money out it moved from the account quickly but took three days to reappear. That's what I was expecting to happen.

Haider

formulaonefan wrote: »

Updated List with more forum members:

I'm putting together a list of ppl in this forum

Who did a BACS transfer and money is out of KE and still not showing in CA:

Me
Locoblade
Pyewacket338
doctorscooby
tellustuff
Briskly
oldagetraveller
Foggy

anyone else???

Add me please, I transferred through BACS last night, nothing has been detected from my account today, and today I transferred the rest by CHAPS after 2 PM it suppose to leave my account tommorow and don't know if this will go through

227_BHA

formulaonefan wrote: »

Updated List (16:23):

I'm putting together a list of ppl in this forum

Who did a BACS transfer and money is out of KE and still not showing in CA:

Me
Locoblade
Pyewacket338
doctorscooby
tellustuff
Briskly
oldagetraveller
Foggy
pixiep

anyone else???

And me. Did mine at 10.00am Tues so should see it Friday *fingers crossed*

Locoblade

Given the certainty that this ING takeover has been in the off-ing for a day or two at least (if you're an ING senior director, you don't decide on a £2.5bn takeover over morning coffee!), is it possible that accounts have actually been frozen in the background for the last day or two so they can complete the takeover without having to hit a moving target of company value, due to constant withdrawls etc?

If so, although the accounts appear to show money going out etc, is is not possible that the money is all still with them, they've just hidden the "freeze" in the background (unlike IceSave), so as not to panic people until the announcement was made?

Jake'sGran

blizeH wrote: »

Bloody hell.

I guess those of us with fixed term accounts have to just sit and hope?

If you check the link to the BBC article posted by MOOhead above it all seems quite clear. The way I read it is that ING will continue running the deposits as they are i.e. I have a term deposit and an instant access and it looks like they will continue. The BBC have a great website so there will be plenty on the business section. I am just going to look at the FT site.

lesleyoxley

I have just read on here that Kaupthing Edge are in administration. Can anyone confirm this as yesterday evening when I heard about the icelandic bank I checked and all info was saying that they were strong.

I am unsure as to where I stand on this, because due to a gut feeling, I made a transfer of all my savings from Kaupthing to my linked account. I am now wondering if many customers did the same, if the powers that be will actually stop these transfers from going ahead. I really do hope not.

Also can someone advise as to the safest place to put savings. I was trying to find out about government bonds, but how, in this climate, can we be sure money will be safe there.

occamsrazor

occamsrazor wrote: »

Reuters is reporting the Icelandic Government has now seized control of Kaupthing HF... is this a new development? I think so...

http://uk.reuters.com/article/businessNews/idUKTRE4976DC20081008?pageNumber=2&virtualBrandChannel=0&sp=true

I wish to correct my earlier note... it seems that I misread the original article mentioned which was phrased a bit misleadingly and they were not talking about Kaupthing

Jake'sGran

From Times Online

October 8, 2008


Singer & Friedlander plunges into administration
Miles Costello, Angela Jameson

The woes of Iceland's stricken banking sector reverberated across the UK today as the British Government seized control of Kaupthing Singer & Friedlander (KSF) and plunged the lender into administration.
The UK Treasury said it had received guidance from the Financial Services Authority that KSF, the UK subsidiary of Kaupthing, was no longer in a position to meet its obligations to depositors.
It immediately invoked new banking powers and transferred KSF's £2.5 billion of retail deposits, known as Edge, to ING Direct, the UK retail savings arm of the Dutch bank.
The move safeguards the deposits of 160,000 of the bank's internet-only Edge operations. ING has also taken on £538 million of deposits and 22,000 customers from Heritable Bank, part of Landsbanki.
Related Links

• UK Icesave customers are safe

• Kaupthing seeks to calm fears on finances

• Kaupthing rumours prove a drag on brewer

The rest of KSF has been put into administration, according to the Treasury.
It said that it had taken temporary ownership of the bank's assets, including buildings and other property. It said it would stand behind KSF's commercial customers, recouping the capital outlay from the proceeds of the subsequent sale of assets.
It is thought that KSF employed between 400 and 500 staff in London. Their future remains unclear today.
It is also not yet known whether the bank's Mayfair offices in Hanover Street, London W1 form part of the administration order.
"This is the right course of action to protect savers, ensure financial stability and safeguard the interests of the taxpayer," the Treasury said.
Shares in Kaupthing, Iceland's biggest bank, plunged on the Stockholm stock exchange by 34 per cent before trading was suspended earlier today.
The bank has revealed that it had received an emergency loan of up to 5 billion crowns (£405 million) from Sweden and it has put its Swedish unit up for sale.
The demise of KSF came as Iceland's financial crisis accelerated. The Icelandic Financial Supervisory Authority said that it would take full control of Glitnir, the bank that it part-privatised at the beginning of last week.
The bank is the second Icelandic institution to be nationalised this week since emergency legislation giving the Government new powers was passed on Monday night.
Landsbanki was nationalised yesterday, leaving 300,000 British savers uncertain about whether they had lost their life savings.
Kaupthing also said that it was participating in the reorganisation of Glitnir — raising the prospect that Iceland's three biggest banks could end up in some form of national ownership.
As well as nationalising two banks, Iceland has been forced to prop up its ailing currency and ask Russia for a loan of €4 billion (£3.1 billion) as the country’s financial system has been plunged into chaos.
An Icelandic delegation is due to visit Moscow today to negotiate the terms of the lifeline from Russia, funds that the country desperately needs to bolster its foreign exchange reserves.
On Tuesday, the head of Iceland’s central bank predicted that the country would emerge stronger from the financial crisis but admitted that Glitnir, the country's third largest bank, may not survive.