Daily Telegraph UK

Rumours, truth & Iceland

Posted 29/10/2009 - 08:27 by expat

2009-08-13 23
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Icelandic investigations and Deloitte

Posted 13/10/2009 - 06:00 by expat

2009-10-12 23
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Three out of four Kaupthing savers will get money back

2009-06-29 16

Three out of four Kaupthing savers will get money back

Manx Treasury officials estimate that three out of four savers with collapsed bank Kaupthing Singer & Friedlander (Isle of Man) will be repaid in full but customers who held deposits through life assurance bonds will not be so fortunate.

According to the pressure group Kaupthing Singer & Friedlander (Isle of Man) Depositors Action Group there are nearly 2,000 KSFIOM customers who held £300 million with the bank through life assurance bonds

Manx Treasury officials estimate that three out of four savers with collapsed bank Kaupthing Singer & Friedlander (Isle of Man) will be repaid in full under the Manx Depositor Compensation Scheme (DCS).

[Continues]

Contains these paragraphs:

Royal London 360º, formed from the merger of Scottish Life International and Scottish Provident International last year, said it removed all Icelandic banks from its panel in early 2008, months before the KSFIOM collapse.

David Kneeshaw, chief executive of Royal London 360º, said: "We recognised the country risk of Iceland and any customer who specifically wanted to go with an Icelandic bank had to sign a disclaimer."

The life office continues to monitor bank safety and its panel excludes all but the major global banks and those backed by the UK government.

Concludes:

The KSFIOM Depositors Action Group criticises the life offices for taking charges out of the £10,000 early payments and out of future recoveries.

It says the KSFIOM affair shows that "offshore bonds offer none of their much-vaunted safety and security – even life companies finally need to admit this vehicle is not fit and proper for the task".

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Scathing criticism of HMG, FSA, Banking system, Uk Treasury, Gordon Brown by TSC Deputy Chairman

Posted 15/02/2009 - 06:11 by Hoping and coping

2009-02-14 16

A sorry parade of bankers can't put things right
The Government wrecked both our private and our public finances and if Gordon Brown doesn't get a better grip of the banking industry, the IMF will have to do it for him, says Michael Fallon.
By Michael Fallon

Includes these paragraphs:
In the end, this was a failure of regulation and of government. Take Brown’s own creation, the Financial Services Authority (FSA). This super-quango employs 2,500 staff, costs us a staggering £415 million a year, and is supposed to supervise the banks. So far, five out of the big 10 banks have crashed – that’s some supervision.

Why weren’t warnings enforced? Why didn’t the FSA step in to block over-priced acquisitions? Why did they tolerate such enormous funding gaps? People such as Lord Stevenson became chairmen of these huge banking conglomerates without any financial qualifications. The FSA slept through Northern Rock, didn’t challenge the Scottish banks, failed to warn about Iceland.

Putting this right is not too difficult. We must replace Brown’s failed FSA. We need rules that prevent booms, boards of directors who understand risk, remuneration that does not distort judgment about controls, supervisors who will enforce.

Concludes:

This is a government that has now wrecked both our private and our public finances. And nationalising yet another bank, Lloyds, with more taxpayer billions will further wreck the credibility of sterling. If Gordon Brown cannot get a better grip of our banking industry and our public finances, then we’ll be following Iceland and Serbia to the IMF and they’ll do it for us.

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Irish Government take over Anglo Irish Bank

2009-01-16 (All day)

[continued]
Ireland's six main lenders, including Anglo Irish, Bank of Ireland and Allied Irish Banks, have just €39bn in speculative property loans. The Government will now push ahead with giving Allied Irish Bank and Bank of Ireland €2bn each in recapitalisation.

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Latest Article in the Telegraph

Posted 23/10/2008 - 16:46 by gerry paul johnson

2008-10-23 (All day)
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Sweden launches financial rescue package

2008-10-20 (All day)
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