Kaupthing IOM

occamsrazor

cheekykid wrote: »

However you will still lose no money according to: http://www.hm-treasury.gov.uk/press_102_08.htm

Where does it say anything about Kaupthing's Isle of Man subsidiary there? Which is what this thread is about....

Isle of Man does not equal UK.

occamsrazor

A bit of news... sort of...

http://www.iomtoday.co.im/news/Kaupthing-Singer-amp-Friedlander-Isle.4572764.jp

wtf_2-2

Thanks,

I was hoping they'd just say 'business as usual'! I guess we'll find out later.

I didn't find the apology on their website btw.

occamsrazor

!!!!!! wrote: »

I didn't find the apology on their website btw.

It's here in hard to read grey letters....

http://www.kaupthingedge.co.im/

I feel sorry for the staff there, today must have been hellish...

wtf_2-2

Hardly a strong apology then

I emailed one of them earlier today but didn't get a reply yet - probably not had any time...

Knife_Edge

occamsrazor wrote: »

What's the source of your confirmation that KE IOM is not covered by the ING deal? You may be correct, but just wondering where you saw it...

This Treasury press release talks about "KSF", as regulated by the FSA. "KSF’s Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK"
Source: http://www.hm-treasury.gov.uk/6819.htm

I wish it were otherwise, but I'm afraid it looks as though there's a real risk that the IOM operation is left hung out to dry in the same way that Icesave was by the Icelandic authorities because of the way Kaupthing structured their group, unless the UK authorities decide to come over the hill with some cash. The only way I can see that happening is if there is sufficient media pressure.

occamsrazor

Have to say it doesn't look good... I guess it depends on what is the current "isolation" available to the IOM subsidiary and where that money is - the subsidiary itself probably has assets capable of paying out itself.
There's a slight gimmer of hope here...

"'Kaupthing Singer & Friedlander (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 Kaupthing in the UK."

http://www.iomtoday.co.im/news/Kaupthing-Singer-amp-Friedlander-Isle.4572764.jp

Knife_Edge

occamsrazor wrote: »

There's a slight gimmer of hope here...

"'Kaupthing Singer & Friedlander (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 Kaupthing in the UK."

Yeah, I saw that rather obtuse statement at the end there on the IOM regulator's site and have been wondering what that is supposed to signify. It may well mean that they are inextricably bound up with the fate of the UK outfit. I think that the main hope must be that the Icelandic parent has raised finance from the Icelandic government and politically will not be allowed to fail. Unfortunately, the Landsbanki fiasco suggests they may not be too fussed about "abroad".

occamsrazor

Or the hope that the KE IOM arm gets sold to someone super-nice and solvent.... I was happy with the KE IOM service until the latest developments...

Knife_Edge

Sale would be ideal, I agree - we can but hope!

To drift off-topic a bit, I found their customer service a bit distant, tbh, and their whole internet banking system is unbelievably convoluted and hard to use. I couldn't get money out of my Edge account without having a (single) nominated account. Changing that nominated account from a KSF one to a non-KSF one requires sight of an original bank statement from the payee bank, I found out today - what absolute nonsense! Who cares who the payee bank is - especially if it's the bank that made the transfer IN to KSF in the first place?!

If they haven't gone bust overnight, I'm going there to deliver a bank statement in person tomorrow. I haven't yet tried to find a physical presence of an internet bank, but I'm willing to give it a go.