Kaupthing in Administration

zaccy

http://www.order-order.com/2008/10/vertu-blessaur-singer-friedlander-rip.html

From: Armann Thorvaldsson
Sent: 08 October 2008 13:53
To: DL All Staff

Subject: Important Message to All


Dear Colleagues

I wrote to you yesterday about our intensive efforts to work through the current crisis and promised to give you more news today. We have worked with a number of investment banks, our parent in Iceland and the FSA over the last two weeks to explore a large number of possible options to ensure the future of KSF. On several occasions, we have come close to finding solutions but the chaos in financial markets has consistently undermined our efforts. We now face the prospect of insufficient liquidity, rapid deposit outflows and no prospects for correcting the situation in the short term.

I have therefore convened a meeting of our Board in order to consider the next step. That meeting has concluded we have no choice but to place Kaupthing Singer & Friedlander into administration with immediate effect. We will give you all more information on the implications of this decision in the course of today and ask for your patience in order to make the best of a very unhappy situation for all of us. Can I ask you to continue work in as normal a fashion as possible, cooperating with the Administrators in their work with us. This decision relates only to KSF Ltd and not its subsidiaries. They will continue to trade unless advised otherwised. We will give a more complete information update later in the day, certainly before 4pm.

You have all worked with incredible effort to make KSF a success and we were well on our way to achieving it before the credit crisis had such a sudden and disastrous effect. Now I can only ask for your help in making the end of the process as orderly and professional as possible.

I am personally gutted that it has come to this, especially in light of the fact that our problems have arisen out of association rather than any fundamental problems with the business. On the contrary I belief that we have built a great business over the last couple of years and during this time I have worked with many of the most talented and professional people I have ever met. I am very sorry.

Sincerely,

Kind regards

Armann Thorvaldsson
CEO
Kaupthing Singer & Friedlander Group Plc
One Hanover Street

doctorscooby

I wouldn't worry about money not showing up in linked account yet. Bound to be some delay. I am in same boat having actioned a BACS transfer on Monday evening.

Jut make sure you have printed out your statement!

Elemc

Can I just check that I have this right?

My money in KE was protected by the UK compensation scheme, which is why I invested in KE rather than say Icesave. With the transfer to ING it is no longer protected by the UK scheme but by the Dutch compensation scheme. Surely rather a radical change to my terms and conditions?

Any views?

djt

It is not known yet whether the money from KE will be protected by the UK or Dutch scheme when it's moved to ING.

Locoblade

How do you actually print out the statements, other than take screen grabs, as I couldnt see an option when I logged in earlier?

Pyewacket338

Locoblade wrote: »

I transferred the majority of ours out via BACS on Sunday evening.

I did exactly the same, as I'm sure a lot of people did..... which is probably the reason why the bank is in trouble!

As the savings are covered by the FSA, I'm not too worried, no saver has yet lost out and I doubt anyone will, the only set back will be if you had to make a claim through the FSA and wait for your cash.

doctorscooby

not sure what ING will be buying up - seems like most people transferred out !

Beate

IMHO, if people are so worried about leaving their money in KE, they should consider CHAPS instead of waiting for BACS to clear in these uncertain times. I know, CHAPS can cost up to £30 but what's that against a bit of peace of mind?

formulaonefan

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

anyone else???

formulaonefan

Beate wrote: »

IMHO, if people are so worried about leaving their money in KE, they should consider CHAPS instead of waiting for BACS to clear in these uncertain times. I know, CHAPS can cost up to £30 but what's that against a bit of peace of mind?

How would you do a CHAPS transfer after you did the BACS transfer? Because after a BACS transfer the amount doesn't show up in your KE account anymore. My KE account shows '0.00' balance and it doesn't show in my current account yet. So its too late to talk about CHAPS transfer now. Its like rubbing salt at someone's wound. When I did my transfer on saturday there wasn't this much problem out in the open.