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Now what about Luxembourg and financial supervision?

Posted 18/12/2013 - 19:53 by anrigaut

2013-12-18 (All day)

Three Kaupthing bankers and the bank’s second largest shareholder were recently sentenced to 3 to 5 1/2 years in prison for market manipulation and breach of fiduciary duty. The story behind the case is a share purchase in Kaupthing in September 2008. At the time, all four now convicted – then chairman of the board Sigurður Einarsson, CEO Hreiðar Már Sigurðsson, Kaupthing Luxembourg manager Magnús Guðmundsson and investor Ólafur Ólafsson – were interviewed in the Icelandic media where they underlined the strength of Kaupthing by pointing out that a Qatari investor, al Thani, had bought 5.1% in the bank.

What they failed to mention was that al Thani was not so much risking his own money as Kaupthing money: via an intricate scheme based on a few offshore companies the funds for the share acquisition came from Kaupthing itself. And where was the master plan carried out? In Luxembourg.
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Loan Trust

Posted 28/12/2010 - 00:46 by bellyup

Who exactly is proposing a loan trust to the IOM?

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Landsbanki Guernsey, Commons report

Posted 24/04/2010 - 23:13 by Brabander

2010-04-24 (All day)

As you can see some correspondents praise the IOM government.
I have written to them correcting their erroneous beliefs. We will see whether it will be published.

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Icesave bill narrowly passed by Icelandic government. Third IMF instalment of loan to Iceland.

Posted 01/01/2010 - 09:28 by glen07

2009-12-30 13

Thursday, December 31, 2009
18:15 Mecca time, 15:15 GMT

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Iceland approves $6bn Icesave deal
Icesave was an online subsidiary of the Landsbanki bank which had to be rescued in October 2008

Iceland's parliament has approved a controversial payout of nearly $6bn to Britain and the Netherlands, which had compensated tens of thousands of savers who had money with a failed Icelandic bank.

Politicians approved the measure by a vote of 33 to 30 but Olafur Ragnar Grimsson, the country's president, indicated on Thursday that he wanted more time to study the controversial legislation before signing it.

The measure provides $3.8bn to the UK and $1.9bn to the Netherlands from 2016 to repay expenditures to compensate citizens who lost money in the collapse of Icesave.

Grimsson's approval is required before the legislation becomes law, otherwise the legislation will be put to a national referendum.

EU factor

The payout has stirred up considerable resentment among many ordinary Icelanders hard hit by their country's financial meltdown in 2008.

"Treason!" cried out one opposition politician after the announcement that the bill had passed, while a politician from the governing leftist coalition shouted "Congratulations, Iceland!".

Icesave was an online subsidiary of the Landsbanki bank that had to be rescued in October 2008 as the global credit crunch hit.

It had attracted thousands of savers due to its high interest rates.

The British and Dutch governments turned to Reykjavik for the money to be returned, and an initial compensation deal was approved by Iceland's parliament in August.

But amendments negotiated by Johanna Sigurdardottir, the country's Social Democratic prime minister, in order to get the deal through parliament, were rejected by Britain and the Netherlands.

The dispute threatened to sink Iceland's efforts to quickly join the European Union, forcing Sigurdardottir to return to parliament with a new bill in line with the initial deal.

'Shameful' handling

The measure adopted late on Wednesday foresees staggering through to 2024 the payment of the $5.7bn, which is equivalent to nearly 40 per cent of the country's annual gross domestic product.

A poll taken in August suggested nearly 70 per cent of Icelanders were against the Icesave deal, the compensation amounting to about $17,000 for each citizen on the island nation of 320,000 people.

"History will show that we are doing the right thing," Steingrimur Sigfusson, the country's finance minister, said after the vote.

But Birkir Jon Jonsson, deputy leader of the opposition Progressive Party, said: "How this government has handled this issue has been shameful from the beginning."

A petition asking Grimsson to veto the measure has already garnered nearly 40,000 signatures, a record in Iceland.

Grimsson indicated he would meet members of InDefence, which opposes compensation, before making a decision.

The dispute over the compensation scheme had also delayed the disbursement of funds under of a $2.1bn IMF standby loan arranged in November 2008 following the collapse of Icelandic banks.

The IMF announced on December 14 it had reached an agreement with Iceland on the release of a third tranche of the loan.

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FSC under select committee microscope in IOM today

2009-10-28 (All day)

FSC under select committee microscope
Published online at 28/10/2009 07:00:00

The legislative buildings in Douglas

The Select Committee of Tynwald which is looking at the Kaupthing Singer and Friedlander collapse and the Depositors' Compensation Scheme is meeting this morning.

It will hear evidence from the Financial Supervision Commission.

The venue is the Millennium Room in the Legislative Buildings on Finch Road, Douglas and evidence is being taken in public so everybody is welcome to attend.

Start time for meeting: 10am.

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TEST site news

Posted 30/06/2009 - 15:19 by ng

This is just a test

heading 3

  • point 1
  • point 2

a link: www.google.com

Status: 
Work in progress

German Kaupthing customers to get all their money back - from Kaupthing's assets

Posted 17/04/2009 - 22:04 by julianm

2009-04-17 (All day)

Kaupthing depositors in Germany are to get all their money back because the parent bank has enough assets to repay them. I've just received an email from the German action group confirming this:

"17 April 2009 - All Kaupthing Edge deposits in Germany to be repaid Kaupthing Edge depositors will receive a letter from the Bank outlining the payment procedure. Customers will have the opportunity to change their contact and account details. Thereafter, the balance of deposits as it was when Kaupthing Edge Germany was placed into moratorium will be repaid."

Iceland had been recently planning to repay 80% of deposits sometime after April, but now it looks like they are getting 100% back.

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Savings protection increase mooted

Posted 01/04/2009 - 11:49 by jr

2009-03-30 23

The news is set to anger UK depositors with the failed Icelandic banks on the Channel Islands, who have yet to receive any compensation for savings deposited with their Isle of Man and Guernsey subsidiaries.

They point to the case of Dave Whelan, the millionaire entrepreneur who had approximately £50m on deposit with Kaupthing. The Treasury intervened in his case so that he could buy the JJB Sports health and fitness chain, thereby safeguarding 12,000 jobs.

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"Milestone reached in reorganising Kaupthing in Luxembourg."

Posted 15/03/2009 - 10:09 by follow_the_tao

2009-03-09 02

Good detail on resurrection of Kaupthing Luxembourg.
At least a couple of relevant articles on Kaupthing Germany. &Finland, UK.
But didn't find anything on the Isle of Man. I have sent an email asking what profile we have in Iceland.
Other related articles on site.

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Island survives hard questions from MPs

2009-02-03 22

Article says Guernsey's Chief Minister much more effective than IoM's at TSC. Also refers to fact that Landsbanki depositors already have 30% back (and have had for sometime) - for some this is 50k and over.

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