Kaupthing uk

Placing lifts Blacks Leisure

Posted 09/12/2009 - 19:22 by Alastair

There has been speculation - as far as I'm aware unconfirmed that Blacks was the final tranche shares standing as security underpinning the KSFIOM/UK repo deal. The placing in that case and the rally of Black shares would be good news for us if that is the case.

By Neil Hume

Blacks Leisure , the outdoor goods retailer, rallied yesterday after Singer Capital Markets placed 4m shares, or 9.3 per cent of the total, with institutions at 50p apiece.

The group's two biggest shareholders are the administrators of Kaupthing Bank, with 29 per cent, and investment group Principle Capital, with 20.4 per cent.

Traders, however, noted that Sports Direct was disputing the ownership of the Kaupthing stake so it was unlikely to have been the seller. Blacks Leisure closed up 6.7 per cent to 52p.

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Iceland Bank Collapse: 'FSA Failed To Act'

2009-10-26 (All day)

The former chief executive of one of Iceland's fallen banks has blamed regulators for the collapse of the country's financial system.

Tony Shearer ran the British-based bank Singer and Friedlander until it was taken-over by Iceland's Kaupthing in 2005.

He told Sky's Jeff Randall Live regulators failed to act on clear signs the Icelandic financial system was predicated on unprecedented levels of risk.

And he said it was "extraordinary" that the Financial Services Authority (FSA) did not do more to investigate the practices of Iceland's top banking executives.

Mr Shearer's sharpest criticism was for the regulators' failure to examine Kaupthing's unorthodox loan book.

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FSC chief reflects on period of 'exceptional turbulence'

2009-08-06 23

FSC chief executive John Aspden describes 2008/09 as a 'period of exceptional turbulence that tested all aspects of financial regulation, as well as the soundness of the financial sector, to the full'.

A number of core banks had to be recapitalised or otherwise supported by their parent governments and 'some official responses came close to knee-jerk' leading to a 'situation which remains heavily distorted pending recovery', he added.

Mr Aspden says it was 'acutely disappointing' that in times of high stress supervisors often look inwards and prioritise action mainly for internal protection within their own jurisdictions.

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Differential treatment? UK only!

Posted 15/03/2009 - 02:21 by follow_the_tao

2009-03-15 03

Is there a hint of preferential, defensive, treatment here?

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Darling's 'duty to repay councils'

2009-02-03 16

CHANCELLOR Alistair Darling fuelled the run on Iceland's banks and has a "moral" obligation to help repay the £1billlion lost by British councils as a result, MPs were told today.

Town hall chiefs told the Treasury Select Committee that Mr Darling should pay up because he personally exacerbated the banking crisis when he stated last year that the Reykjavik government had warned it may not honour its duties to British investors.

Richard Kemp, deputy chairman of the Local Government Association (LGA), said that the Treasury should stop dragging its heels over a compensation deal with councils and should bail them out.

Mr Kemp's evidence came as depostiors in one Icelandic subsidiary also accused Mr Darling of misleading the international community about Iceland's intentions. The Kaupthing Singer and Friedlander Isle of Man Action Group (KSFIOM) claimed that there was no evidence of any warning of possible default from Reykjavik, a claim backed up by Iceland's ambassador to the UK.

[Continues]

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FSA told Kaupthing not 'fit and proper'

Posted 04/02/2009 - 01:27 by Hoping and coping

2009-02-03 16

Google Search Page for (many) articles on the Kaupthing takeover of Singer & Friedlander.
(Thank you to the KSFIOMDAG member who provided this link in a Forum page.)

For Example;
FSA told Kaupthing not 'fit and proper'
Channel 4 News, UK - 5 hours ago
The FSA is accused of failing to act, or listen to the alarm bells, before Kaupthing went bust, taking the savings of millions of British investors with it. ...

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FSA Was Warned About Kaupthing, Former Executive Says

Posted 04/02/2009 - 01:16 by Hoping and coping

2009-02-03 16

The U.K.’s Financial Services Authority failed to heed warnings about Kaupthing Bank Hf’s management three years before it collapsed, the former head of a unit acquired by the Icelandic bank told a British Parliamentary committee.

Tony Shearer, former chief executive officer at Singer & Friedlander, said he contacted the British financial regulator in April 2005, when Kaupthing agreed to buy the London-based investment bank for 447 million pounds ($637 million).

“The questions that we raised were about the quality of earnings and the way” Kaupthing was managed, he told the House of Commons Treasury committee in London today. “Those were things I passed on to the FSA.” The Reykjavik-based lender “ran their business in a strange way,” he added.

Shearer was also surprised by the FSA’s employees, who he described as “incredibly young” and “very inexperienced.”

[Continues]

The FSA declined to comment immediately on today’s testimony. A message left with the Kaupthing press office seeking comment on the hearing was not immediately returned.

Shearer resigned from the board of Singer & Friedlander before the offer went to shareholders; he turned down an offer to become executive chairman. Shearer “was not prepared to be responsible to the FSA for a company that was owned by Kaupthing,” he said in written testimony.

[Continues]

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Kaupthing takeover of Singer & Friedlander: Financial regulator was 'warned'

Posted 04/02/2009 - 00:40 by Hoping and coping

2009-02-03 16

MPs will open a detailed investigation into the takeover of the Singer & Friedlander Group by Kaupthing, the Icelandic bank, after a former Singer & Friedland executive revealed yesterday that he had warned financial regulators about the deal in 2005.

At a Commons Treasury Select Committee hearing yesterday, the Financial Services Authority (FSA) also came under pressure to explain the role it played in the collapse into administration of Kaupthing Singer & Friedlander (KSF).

The bank's collapse left thousands of savers with its Isle of Man and Guernsey branches out of pocket after the Government refused to help savers with offshore accounts.

John McFall, the committee's chairman, said that he would write to former Singer & Friedlander executives for further testimony after Tony Shearer, the bank's former chief executive, told the MPs that he had asked the FSA to block Kaupthing's takeover of his bank, warning that the Icelandic bank's directors would not be “fit and proper” owners.

The FSA, which told the committee that it had made a full assessment of Kaupthing and had been told by Iceland's regulators there was no reason to block the deal, will appear before the committee again on February 25 with a more detailed testimony.

[Continues]

The administration, sanctioned by the FSA, left more than 8,000 savers in the Isle of Man out of pocket. Britain initially refused to guarantee depositors' savings. The Icelandic Government subsequently sued the UK, in a case that is ongoing.

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Ernst & Young Statement on KSF UK

Posted 21/11/2008 - 19:26 by Ally

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Statement of Administrators Proposals

As filed at Companies House on 19th November 2008

TFL - Transport For London's Lost £40M in KSF

Posted 07/11/2008 - 12:02 by romasanta

2008-11-06 23

Fingers crossed on Finance - TfL's £40m deposit with UK bank owned by Iceland's largest bank

TfL had no off-shore deposits with banks in Iceland.

On 9 June 2008, TfL deposited £40m with a UK bank, Kaupthing Singer & Friedlander (KSF), which is authorised and regulated by the UK Financial Services Authority (FSA). Its ultimate parent bank is Kaupthing Bank in Iceland. The deposit matures in June 2009. At the time the deposit was placed, Kaupthing Bank carried an A1 credit rating (which remained unchanged until 9 October 2008). The placement with this UK bank was in full accordance with TfL's Treasury Management Strategy drawn up in the light of central Government guidance.

On 8 October 2008, KSF was placed in administration by the UK Government/FSA to protect the assets of the bank given problems affecting the Icelandic parent bank. It is understood that KSF has "substantial assets" and that the aim is to return KSF to normal trading. Under those circumstances, TfL would expect to get its money back when the deposit matures in June 2009. The Administrator is aiming to make an assessment of the asset position by the middle of November and TfL is in discussions with the Administrator regarding joining the creditor committee. Given the unforeseeable nature of recent events and that TfL's Treasury Management Strategy was consistent with central Government guidance, TfL expects to receive full Government support in relation to this matter. None of this will affect front line transport services or the billions being invested to upgrade London's transport.

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