Actions taken or being taken

  • Anonymous
  • unspecified
  • Offline
Posted: Fri, 10/10/2008 - 04:35

If you are contacting someone, be it media or other, and you feel it might benefit others on the site, please give the details.

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Tax on the Interest

  • Martin 77
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 15:22

We need to consider the fact that tax has been collected by the U.K authorities for past few years on interest earned on IOM deposits, now if they were happy to collect tax, surely there is a responsibility on their part to protect the savings as well.


Good point!

  • benharvey
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 15:27

Good point!


Media coverage

  • jenren
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:54

I have spoken to people at Channel 4 and BBC Radio 5. It looks like they might be following our story. Lets keep up the pressure and hope we can get heard... we need the UK media to help us shout. I am so angry and upset.

Good work everyone with all the positive suggestions, I have no legal head but the ideas sound promising.


C4 News

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 14:51

Just got the following email from C4 News. I suggest that we call contact her


Dear Sir

Thank you for your email. We are interested in following up your points.

Do you have a number we can call you on?

Best wishes.

Katie Razzall

KATIE RAZZALL
BUSINESS REPORTER, CHANNEL 4 NEWS

200 GRAY'S INN ROAD
LONDON
WC1X 8XZ
UNITED KINGDOM
T +44 (0)20 7833 3000
F
E KATIE [dot] RAZZALL(?)ITN [dot] CO [dot] UK
www.channel4.com/news


Local MP

  • benharvey
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:39

I am a UK permanent resident based in Birmingham. I contacted my local MP this morning. She will be writing to the Treasury on Monday morning to clarify the position as best possible. I will reference this site, and try to get across the scale of the losses of individuals on this site.

I suggest as many people do this as possible. She confirmed that the UK government is committed to ensuring savers do not lose out. If we can make enough noise to the Treasury alongwith the increased profile in the press our chances will surely be better. However its critical that everyone reading this contacts their local MP/Embassy to put in writing our plight to the Treasury.

I'm on ben [dot] recruitment(?)gmail [dot] com if I can be of assistance to anyone.

Best Regards,

Ben


deleted

  • JS
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:36

deleted


My Details

  • Thor Halland
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:22

My Name is Thor Halland (and No I'm not Islandsk)

My E-mail is thorhalland(?)hotmail [dot] com
I have about 40,000 pounds deposited
If anyone is forming any sort of class action then email me.


News Update on Key Issues

  • tubefly
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 13:27

Do you think it worthwhile to have a section that gives a Status update on say the 3 Key Issues:

White Knights:

Progress With UK/IOM/Iceland Govmts and Media influencing efforts:

Latest News from the Administrators:

Are these what we would consider the keys issues - if not please advise?

Tubefly


BBC interview request

  • dominic
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:25

Could anyone who has been affected with an Isle of Man savings account please call me on 020 8624 8900 or 07901 914 565 -- I am a business reporter on Radio 5, and having been made aware of your group, would love to do an interview on radio 5.... thannks, Dominic Laurie


You are welcome to call me,

  • ksfsuck
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:56

You are welcome to call me, +971 50 1705 209, but there are a lot worse cases than mine as i only lost £16,500. A large chunk of this was saved for treatment... I just pray god has mended my hand and no need for an operation because i am going to be stuffed.

Heart goes out to ones so much worse affected. Keep strong.

Regards,

Chris


A way to get your KSF IOM deposit back...

  • ItsTheft
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 13:10

Instead of cash compensation, as a depositor in KSF, I would choose an option to have my full savings transferred to another Isle of Man bank even if I had to agree to leave it on deposit for 12 or 18 months or possibly even 24 months. The idea would be that if PWC, the KSF the liquidator, could sign up enough volunteers for such a scheme, they could sell off this lump of deposits as an asset (something the defunct KSF IOM needs right now). Right now, the deposit business of KSF IOM is worthless as all of the cash will fly out the door, straight to mainland UK banks if depositors get the chance.

Clearly this would not be a good option for all depositors (like the person who was in the middle of a property transaction and was only trying to move the money through KSF IOM), hence it could be a voluntary scheme. For people who need the money now, perhaps on a case by case basis, they should pursue full compensation. This solution would reduce the number of depositors demanding their money in printed notes (rather moving money from Isle of Man to UK Mainland banks).

Who wins?

  • Depositors who don't need their money in cash right away - they will be confident their money is safe, and if the savings product offered by the new bank was good enough (e.g. interest, customer service, confidence, etc.) many of the deposits would remain with the new bank. Certainly some room to win some loyalty.

  • Isle of Man FSC and other Isle of Man banks - Money stays in Isle of Man. They get a cash injection to help pay for any compensation obligations of the FSC Depositors Compensation Scheme.

  • KSF IOM liquidators - would have an asset with value that they could sell to bring in needed capital. They would also have a smaller creditor claims problem to solve as fewer depositors would be demanding cash

  • Depositors who need their money now will be better off as the short term compensation demand will be greatly reduced, and they would be competing against a smaller number of claimants

  • The IoM banks that acquire the KSF deposits - I believe this is the sort of thing they need? - guaranteed deposits for a fixed period - presumably long enough to ride out the storm. Also shows their own depositors that the Isle of Man is serious about protecting customers.

  • IoM banking industry - gets to keep these deposits on the Island. Presumably most depositors will promptly move any recovered savings / compnesation to UK mainland banks...

Surely there are details to be worked out, but this seems a way to solve the problem without printing lots of notes to hand out to depositors!

Note: the alternative is "every man for himself" which means getting a fraction of your deposit back over a long time, or hoping for the UK or IOM gov to bail you out. Realistically, Iceland don't have the money to pay out even if they wanted to. How much more can the UK gov afford? How much does the IOM gov have in reserve for this sort of thing?

If you believe this is a good thing to do then please email your support for leaving your savings alone for a fixed period to:

  • treasuryadmin(?)gov [dot] im
  • fsc(?)gov [dot] im
  • Our liquidators when we have contact info (very important as they can get a view of the size of the asset they could potentially sell off)
  • Allan Bell, IOM Treasury Minister
  • Any other IOM MPs

This is a way that a group of customers/investors/"the market" can show a little faith in the banking system.

Thanks and Good luck!

Neal Johnson.


A way to get our money back

  • Andy Ish
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 19:03

Neal - Count me in the delayed payment idea.....
I stand to loose £146k GBP in instant access and £50k GBP in 12 months fixed deposit.
Any interviews in Dubai count me in! I just recently been sent out there.


Good Idea..

  • sad
  • 10/10/08 31/10/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 15:33

I would fully support this if it were to guarantee our savings, this is my childrens education and future....

Lets get ourselves noticed as supporters of a solution..


Count me in!

  • tubefly
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 15:15

I have no problem to join such a scheme. However, the deal hinges on some company willing to take on the fight to get back the original deposits right?

Is there such a company - if so next step is to advertize our offfer?


NICE ACTION PLAN

  • JS
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:36

I have emailed also, committed my GBP 275,000


Neal, I would be happy with

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 14:32

Neal,

I would be happy with your proposal. I just want to get it back I don't care how long or with who frankly.
Others who've lost their life savings might need it earlier, though whether that is gonna happen is doubtful.
I believe these are the contact details of the Liquidator for KSF(IoM), Mike Simpson of PriceWaterhouseCoopers Isle of Man:

Mike Simpson +44 1624 689 689 mike [dot] simpson(?)iom [dot] pwc [dot] com

I believe this info is correct, I found it in a PWC document on the net. Remember this guy is legally charged to fight for our money, so we don't want to all be harassing him with calls and emails.


A way to get your KSF IOM deposit back...

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 14:13

apologies Neal - but I can't quite get my head around this ??? - if KE IoM can not trade as it doesn't have the funds available to it, then what would another bank be buying except a possible future % of the original deposits, which could be as little 0.01%. Maybe I'm missing out on something here, lack of sleep / worry are taking their toll can anyone explain the theory in simplified terms.
If viable I'd certainly be willing to join providing funds were available within the term to live on, I could manage without the capital for a period - will have to if things progress as they are.


Keep our deposits

  • MissP
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 14:06

I think Neal's idea is a very good one. I would rather have my money transferred to another bank and tied up for a few years, than have no money at al.


Agreed

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Sat, 11/10/2008 - 11:17

Yes, probably true of most of - that's why the money was there, to leave it there and collect interest, hoping that one day we might retire, buy a house, etc.


I would be willing to put my

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:45

I would be willing to put my £65 into this scheme if it was underwritten by a central bank


I have emailed that

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:42

I have emailed that suggestion also Neil.


I agree, if the savings were

  • ksfsuck
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:41

I agree, if the savings were guarenteed :) then it would not be a problem for me for 1 year deposit.


I would willingly join such a

  • dodot
  • 10/10/08 01/06/13
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 13:22

I would willingly join such a scheme and commit my 500,000.


I would commit too

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:03

I would commit my £170K plus £20K (business account) to this scheme too if it was guaranteed by the central bank.

I think this might be a good solution. We need to make ourselves heard!!


My parents who i am acting on

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:48

My parents who i am acting on behalf of would be willing to agree to this tentatively, but would require some form of guarantee, as at the moment this is all we have. It would be almost 500,000 pounds in the deal


I'm not too sure, any ideas,

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:00

I'm not too sure, any ideas, i will have a look on the net but if anyone got any other info as to how too let me know


our actions

  • Jo Stapleton
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 12:39

We, like everybody else I have read about were assured that our money had moved and it was safe on monday when we requested a chaps transfer, like so many others our money never arrived at the bank in the UK. My husband and I were told by the Isle of Man FSC last night that even though the bill has been passed to increase the sum to £50000 protection it is highly likely that the Isle of Man government may exclude Kaupthing Singer and Friedlander customers and that even if they do it could take more than our lifetimes to get any money back. We have therefore as advised on this website contacted our local MP to request assistance with lobbying the UK and IOM governments to provide assistance. We have also contacted the Daily Mail and The Express in the UK and given them details of this situation and they are currently putting together stories...


letter to D Cameron

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 12:32

combined a couple of letters found in other forums (many thx to the original authors) and sent to David Cameron, will get to emailing to all we have an email address for - letter copied below please amend / use as required..

Dear Mr Cameron.

May I draw your attention to the plight of myself and many other UK citizens who appear to be in a state of limbo with the present financial concerns of the Isle of Man banking subsidiary of Kaupthing hf, virtually no attention has been given to this matter with all media focus centered on the salvaged, for private investors UK subsidiary.

I learned yesterday that Kaupthing Singer and Friedlander (Isle of Man) Limted, (KSFIoM) and Kaupthing Edge IoM with which I have savings, has requested the Douglas authorities to wind up its affairs on the island. When KSF IoM purchased the banking business of Derbyshire Offshore Limited, it was required to accept an irrevocable and binding undertaking to guarantee depositors' funds that Derbyshire Offshore Limited had maintained, and a memorandum of understanding to this effect, including the irrevocable guarantee to depositors, was lodged with the Isle of Man Government. This guarantee was reiterated many times within all literature provided by the bank.

I appreciate that neither the HM Government or Treasury has responsibility over IoM banking affairs but for the following reasons I would seek your assistance.

1 We as many other savers in the KSF IoM, KE IoM are UK citizens although non-resident.
2 We therefore pay UK taxes on our incomes.
3 Many savers ourselves included can not open UK or Mainland European based bank / savers accounts without a Uk / EU domicile address and whilst in the process of selling one property and buying another within the EU are forced to use offshore facilities.
4 The UK's actions, (with regard to Iceland's actions towards UK savers) has directly led to KSF IoM's KE IoM fall into administration.
5 UK takes responsibility for foreign affairs for the IoM and as such I hope the interest of KSF IoM KE IoM savers will be included in the UK's actions against Iceland.
6 Kaupthing, Singer and Freidlander IoM was purchased within the last year from a UK mutual (Derbyshire Building Society)
So for those reasons I would be grateful if you would use your influence to ensure the following:

1 Kaupthing LTD (UK) debts to KSF IOM are repaid to KSF IOM to ensure our savings in the IOM.
2 Pressure be put on the Iceland Government to ensure that KSF IOM and its savers are afforded the same 100% protection as Icelandic residents have been granted.
3 That all funds transferred out of KSF IOM to UK bank accounts in the last week are allowed to be processed and not blocked as part of the action against Iceland.
4 That assistance is offered to the IOM Government to assist in a sale of the KSF IoM KE IoM to another bank or failing that assistance in seeking guarantees from the Icelandic Government.
5 If IMF or EU support is to be given to Iceland I would hope that this is made conditional on Iceland meeting its international commitments including savers.
The reference to the Derbyshire Building society having given an irrevocable and binding undertaking to ensure that, while Derbyshire Offshore remains its subsidiary, it will at all time be able to discharge its financial obligations as they fall due will no longer apply but will be replaced by reference to Kaupthing hf having given an irrevocable and binding undertaking to ensure that, while Kaupthing, Singer and Friedlander (Isle of Man) Limited remains its subsidiary, it will at all times be able to discharge its financial obligations as they fall due".

I believe this is a legally binding guarantee and as HMG is responsible for the international affairs of the Isle of Man, I would be grateful if you would also use any influence on the current government to include depositors with KSF IoM KE IoM in MHG's legal actions to recover moneys owed in the United Kingdom.

Yours faithfully,


My actions

  • Billy the Hat
  • 10/10/08 01/04/10
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 15:57

I have just sent versions of skintagainnow's letters to Mr Cameron and the treasury to add to the effort. Thanks for the wording.

For reference, a relation of mine had the proceeds of a house sale and retirement savings in anothe IoM bank, suppported by a parent bank not in the UK (nearly 7 figs) and has decided to take it all out immediately witha 20k penalty, due to the problems in the IoM. Is this the start of another run?

All the best to us all


IMF

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 12:22

Just a thought but do we need to approach the IMF with our plight. If they do look at a bail out with conditions applied to pay back account holders then maybe we should make sure we are in the agreement. I dont trust IOM goverment, they seem to be in there little nieve bubble


IMF

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 12:52

Agreed, what is the best way of contacting and discussing our matter with them?


Isle of Man to press for Iceland to honour Kaupthing Bank’s guar

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 12:20

Isle of Man to press for Iceland to honour Kaupthing Bank’s guarantee to Isle of Man subsidiary

Chief Minister Tony Brown MHK has today confirmed that a parental guarantee was given in September 2007 by Kaupthing Bank hf, registered in Iceland, to discharge the liabilities, including client deposits, of its Isle of Man subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited.

“The Isle of Man Government is determined to protect depositors with the local subsidiary by pressing the Government of Iceland, which has nationalised Kaupthing Bank, to honour the commitment given to its Isle of Man based affiliate.

“Accordingly, we have made representation to the United Kingdom Government - which is responsible for defending the Isle of Man’s interests internationally – requesting them to press the Government of Iceland to honour Kaupthing’s guarantee,” 

the Chief Minster said.

In the meantime the Isle of Man Government confirms that the new Depositors’ Compensation Scheme, included within the Compensation of Depositors Regulations 2008, came into operation immediately after approval of the Regulations by Tynwald yesterday.

http://www.gov.im/lib/news/cso/isleofmantopress.xml


Isle of Man Government to press Iceland..

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:11

As per the post above. Here is the official PDF document by the Isle of Man government

http://www.gov.im/lib/docs/fsc/PressReleases/kaupthingupdate.pdf


KEEP UP THE PRESSURE

  • adam
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 11:57

As I see it the only hope we have is UK government, KSF IOM was linked to KSF UK, so they must take on our accounts.
Please EVERYONE send at least one email / fax whatever.
Ive faxed No10, also hopefully we might have a piece in the Guardian weekly, with the very kind help of Anna Bruce


IMF

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 10:56

Agreed, if the IMF goes in, surely they will make obligations be honoured. Clutching at straws yes, but nothing else we can really do here.


This is

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 10:46

This is helpful:

http://news.bbc.co.uk/1/hi/business/7661956.stm

If the IMF can bail out countries, then that should help Iceland. As far as I know, Kaupthing were not exposed to many toxic loans, and the Icelandic PM said that Kaupthing only failed due to the UK actions - so if they can use the IMF loans to remove the short-tem funding issues, then they should be able to ultimately pay out a high proportion of the depositors - and the IMF will likely make it required that it is not just domestic accounts.

Also, if the Icelandics do have access to loans, then they are legally obliged to honour their obligations with regard to Kaupthing now they have nationalised it.


Letters to official sources

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 05:42

I have just sent the letter below to all three official e-mail addresses provided on this website. I will also send it our MP. Please feel free to use/adapt this letter if you would like.

Dear Sir/Madam,

My husband and I are British nationals who own a home in the UK but are working abroad. As current non residents we are unable to open savings accounts in the UK and therefore opened one in the Isle of Man with Derbyshire Offshore, a well-respected banking institution, where we placed the bulk of our retirement fund. When this bank was taken over by Kaupthing Singer & Friedlander (KSF) we were naturally concerned but the assurances on their website that all deposits were guaranteed by the parent bank in Iceland reassured us.

When the news came last week that the Icelandic banks were in difficulties, my husband and I immediately wrote to KSF to ask them to transfer our money out of the account. We know that they received our requests as they confirmed this by phone on (give date). At this stage the bank's staff reassured us that there was absolutely no cause for concern and that they had no liquidity issues. The lady I spoke to also assured me that our transaction requests would be actioned that night (give date) or early the next day. We have no way of knowing at this stage whether this was the case.

Yesterday we heard the devastating news that the bank has been passed into the hands of the liquidator. We also heard that the Isle of Man had held an emergency session to pass an increased level of depositor compensation (GBP 50,000 per individual depositor). Although this would come nowhere near covering the amount that my husband and I had deposited with KSF, we would like assurances from you as follows:

  1. That the new level will be applied retrospectively to KSF's depositors. It is surely not possible that the new level of coverage would not be applied to a bank in which so many UK passport holders had invested and which closed on the same day that the law was passed? I believe that the faith of UK citizens in the Isle of Man banking institutions and governance would be severely damaged by such a move.

  2. That the UK government will take steps to recover all deposits, particularly those held by its own citizens. I understand that there are thousands of us in this situation, most of whom live/will return to live in the UK in a severely damaged financial state.

I look forward to hearing from you at your earliest convenience.


Each depositor contact your local MP

  • 1log
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 05:14

This will put pressure on the govt hopefully.


David Cameron MP

  • Singapore
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 05:23

Write to: David Cameron M.P., House of Commons, Westminster, London, SW1A 0AA
Telephone: 020 7219 3475 and 0207 219 1945
Fax: 0207 219 1506
Email: camerond(?)parliament [dot] uk

http://www.davidcameronmp.com/


Radio 4 Today program contacted

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 04:45

Contacted the Radio 4 'Today' program, gave details of this site and asked if they could please monitor it. Hopefully they will report our plight and the start of the media campagne can begin.

We need this in every newspaper and every TV/Radio news bulletin in the UK. If it is not mentioned in your local news programs or in your local newspaper contact them and make a nuisance until they do report it. And then keep on at them with updates and any developments.

Go for it and make your voices heard. If nothing else, make sure the media can report that the backlash from Depositors is unprecidented. For all our sakes!!!


mail me the small print pls

  • Last Bel
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 08:09

Listen I have a very good contact in a bank in London. He is willing to look at the small print for depositors and show to one of his lawyers. From there he will tell I have a case. He can put me in touch with a knowledgeable lawyer if I want to proceed. Perhaps 3k in cost?!

I need the small print of the KSF (IOM). Can someone look this up and mail it to me. I'm in a great rush as I need to go abroad. I have my laptop with me to keep in contact.


how about a new folder for all documents here?

  • anna98
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 10:09

could the person /people administering this site (and thanks so much for that) create a new folder where we can all lodge the documents that we have individually? perhaps i can do this as a member, but haven't worked how to ....


Site features needed

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Sat, 11/10/2008 - 11:23

Can I suggest we start a specific thread/topic about site features required?

I've already offered to help the site admins with whatever is needed, and made a few suggestions here: http://ksfdepositors.learnjava.net/cms/?q=node/12#comment-637


Ts& Cs

  • Knife Edge
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 10:09

Hi there

I have a copy of the terms and conditions that I printed off on Tuesday. I can upload a scanned copy onto the site if there is a way of diong this (Mat?) or I can send it to you if you want to let me have your address


correspondence and evidence form KSF IoM

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 08:24

Unfortunately I did not print off terms and conditions before the website was closed, but do have email correspondence from IoM customer service rep from early last week:

Dear Sarah,

Thank you for your enquiry. I hope that the information below will provide the comfort for the protection of funds held with ourselves.

Independent Ratings

Kaupthing Bank hf continues to enjoy strong independent credit ratings, which are currently classed as "Stable" by both Moody's and Fitch:

Moody's: Long Term: A1 Short Term: P-1

Fitch: Long Term: A- Short Term: F2

Parental Guarantee

Not only are all deposits held with Kaupthing Singer & Friedlander in the Isle of Man covered by the Depositors Compensation Scheme contained in the Isle of Man Banking Business (Compensation of Depositors) Regulations 1991, all deposits are also fully guaranteed by Kaupthing Bank hf.

The ultimate parent of Kaupthing Singer & Friedlander (Isle of Man) Limited ("KSFIOM"), Kaupthing Bank hf ("KBhf"), has a guarantee in respect of KSFIOM's liabilities. These include customer deposits, to the effect that whilst KSFIOM remains a wholly owned subsidiary KBhf guarantees to discharge the liabilities of KSFIOM in so far as KSFIOM is unable to discharge those liabilities from its own assets. A copy of this guarantee has been placed with the Isle of Man Financial Supervision Commission.

Group Website

The Investors Relations section on the Group's website can provide you with our Annual Results, commentary on the ratings, and much more information that may be of interest to you. You can access it using the following link:

http://www.kaupthing.com/Investors/Introduction-to-Investors

Liquidity

The Bank has a clearly stated objective of having ongoing sufficient secured liquidity to repay all maturity obligations for at least 360 days. At end December 2007 the liquidity of Kaupthing Group was sufficient to cover all obligations for more than 440 days, reinforcing the Group's strong liquidity position.

I trust that the above is of assistance.

Kathy Cox

Customer Relationship Officer

Kaupthing Edge

Kaupthing Singer & Friedlander (Isle of Man) Ltd


Where is the money and how can we at least get some of it back

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 09:09

I also sent two BACS Monday afternoon with a Value date for the 9th. On the morning of the 9th I could see they had left my account and I was charged the transfer fee. I have however not received anything in my receiver account. Unfortunately I don't think the internet site is reliable as a means to see if your money actually left the bank and I personally don't think I will receive anything at the other end. The question is where the money went:
1. Is it still in the account?
2. Has it been diverted to Iceland?
3. Has it been frozen by the UK Treasury?
I see several avenues to try and reclaim at least some of the funds. As far as I understand the IOM subsidiary was used to prop up the UK subsidiary and the Icelandic main office in the last days before the collapse. Hence we have partly funded the generous 100% compensation schemes in both countries and there has been a major conflict of interest in the way both governments have deal with us . I think we all understand now that it really doesn’t matter whether the IOM compensation scheme pays out 15K, 50K or more since this is funded by the other IOM banks in a way so it would take decades or even centuries before the money has been paid. The IOM scheme is therefore only a smoke screen to prevent a run on any of the other banks in the IOM. Therefore the only way I see we can at least get some of our money is to pursue legal action against the UK and Icelandic governments, while at the same time making the truth about the IOM scheme as public as possible. Is there anyone out there who has any connections in terms of financial legal advice? I suggest we all sign up as a group and share the cost of the legal burden prorated according to the amount of Money we have outstanding to ensure we also get the small savers on board. Personally I have lost about 130K so I am not trying to get a freebee out of this suggestion. Please let me know your opinions.


LEGAL ADVICE

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 10:49

I for one would be very willing to contribute to a "class action" type legal challenge. I would suggest each depositor willing to join pays a small upfront fee (say £10k to cover costs split among however many sign up, if 100, only £100 each) with the real incentive for a law firm being a payment of the percentage of deposits recovered. Given the panic I feel right now, I would happily sign over 5% of any deposits recovered. We can all do the maths - if there is £100m of deposits (a pure and simple GUESS for illustration only....), that would be a career making fee for a lawyer.....and worth pushing to the limit to get....any lawyers out there willing to consider this ?


Legal Fees fund

  • Elpasout
  • 10/10/08 31/08/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 11:48

Could not agree more. £100 - 250 each as a starter would give us a tidy fund - assuming majority signed up to it. Maybe we could we get Denzil Washington?


Getting Legal Advice

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 10:42

I would be up for helping fund legal advice. My suggestion would be a modest upfront amount paid to a law firm willing to represent the group (ie. to cover costs, say, £250 per customer), with the real fee being a percentage of deposits recoved (ie. a huge incentive for a law firm, with an offset of the modest upfront fee). No idea on size of deposit base here, but assume £100m. Given the utter panic I am feeling right now, I for one would sign up to a percentage fee of 5% of any of my assets recovered. A "potential" £5m fee would make the career of most lawyers....this amount looks huge but be realistic, it is less than a year's gross interest, which is what we should have been getting on our hard earned cash anyway....Any good lawyers out there......?


im in too

  • jenren
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:00

we are left with practically nothing but I think paying for the right legal team is the way forward. I have no idea how to start with this but we need to all pull together. I have already written to the media and government. It looks like Anna Bruce-Lockhart at the guardian has at least heard us (well done to those who put media contacts on the site). We really need to shout about this and a top legal team will really give us some clout. I am going to research today and speak to some people who may know a bit more about these things. Thank goodness for this site, it gives me hope. We are not alone!!!!!