Belgium to the rescue!

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
  • Offline
Posted: Wed, 15/10/2008 - 20:50

Belgium is absolutely ready to guarantee the continuity of the bank [Kaupthing] so that all the creditors keep 100 percent of their savings.

(I searched for Belgium before posting but didn't see anything related to this link)

0
Your rating: None

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Kaupthing Belgium to re-open for business soon

  • manu_fr
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 20/10/2008 - 06:35

Following his meeting in Iceland, Leterme - Belgium prime ministers predicted that Kaupthing Belgium - part of the Luxembourg entity may re-open for business... and avoid liquidation / compensating depositors...

FYI - the Belgian depositors were in a similar position to ours as they were not covered by the belgian compensation scheme but the luxembourg one (20K EUR limit) and had to fight for political awareness with their own gov to put pressure on Luxembourg and Iceland.

For the French speakers over there - here is the article...
http://www.rtlinfo.be/rtl/news/article/184003/--Crise+bancaire-Kaupthing...


Kaupthing Geneva is making payouts

  • swissloss
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 12:40

Meanwhile Kaupthing in Geneva (part of the Luxembourg entity) is paying out up front.
http://www.kaupthing-geneva.ch/info.htm

There are 1700 clients who will get up to Sfr 5,000 this week, SFr 30,000 (deposit protection limit) in the coming weeks. Re anything above that limit "It is too early to take a position, as the reimbursement of deposits exceeding CHF 30'000.- will essentially depend on the response to the liquidity crisis that will be given to the group in Luxemburg and in Iceland. "

This has created media interest, not least because other Swiss banks need to foot the bill.


Belgians gettings loads of medias / exposure...

  • manu_fr
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 22:40

With 10000 belgians involved - their web based action group with 6000 members (smaller than us I believe) had representants meeting with Leterme today - wednesday following their demonstration.

http://www.rtlinfo.be/rtl/news/article/182620/ (French with a video)...


Non Parlez Francois

  • madmax836
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 22:44

Can you translate in Anglais? merci beaucoup mon amie


An attempt to translate it... PWC also in charge!

  • manu_fr
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 06:34

A delegation of the group K action group (belgians depositors of Kaupthing) met with Leterme Wednesday. Prime minister Leterme was with Luxembourg one Junkers. Aim was to reasssure depositors... "I take my political responsability" said Leterme.

Laurent Garzaniti from groupe K received a positive feeling from this meeting.... "Priority is to preserve the bank activity and save despositors money..."

"Belgium and Lux are looking together for a solution... to help belgian depositors recover their savings" confirmed belgian gov speaker.

Kaupthing Bank Belgique is a subs of Kaupthing Luxembourg. Since Friday, the bank is under administration of PriceWaterhouseCoopers, which does not speak to media. They are rumours of a take over of the bank...

If the problem was not solved, depositors would have to rely on the luxembourg compensation scheme - max to 20 000 EUR. This amount may be raised to 50 000 EUR once the european directive is changed which could happen by the end of the week.

And then it goes on with Leterme visiting Iceland to discuss the matter there...

Hope this helps.


Belgium's Debt

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 22:30

Belgium's debt at 86 percent of GDP is third highest in the EEA --the profligate rescuing the bankrupt?


They will get IMF to fund it with Luxembourg...

  • manu_fr
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 22:38

Well that's what i read...


Manu, I have read several

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 22:42

Manu,
I have read several articles and none of them mention that belgian PM is only interested in belgian/luxemborg banks. He could never persuade the IMF to give Iceland money so they could bail out only two specific branches of a whole network. He obviously cannot guarantee the funds as belgium is broke as well so if IMF provid funds for a complete takeover then all banks are provided with funds again and he gets off the hook


Me2

  • madmax836
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 22:40

Thats how i read it too


Only Kaupthing Luxembourg - but this is still positive!

  • manu_fr
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 06:17

This may be incorrectly reported by the english media as I can read it in both french and english. Belgian news agency confirmed Leterme (Belgian prime minister) will be on Friday in Iceland to discuss Kaupthing Bank with the gov there.
But they will discuss a possible buy-out of Kaupthing Luxembourg - the parent company of Kaupthing Belgium. Because of this, belgians savers are not covered by the belgian guarantee / compensation scheme - Luxembourg is not clear about it and despite raising it, this may have happen too late so they will be stuffed at 20K EUR max.

I believe this is very very useful as this matches a lot our own situation... Depositors not covered by their own state compensation scheme, creating an action group to raise the issue politicaly and trying to avert the liquidation to make sure everyone keeps all the funds... as they fall out of the full banking guarantee system put in place elsewhere...

From this morning (16/10) belgian web site - I extracted this and translated below...
[Leterme said at a parliament debate the best solution is to insure the continuity of the bank, in the interest of the depositors. He also refered to a possible take over of the Kaupthing Luxembourg bank by another bank.
Friday he will meet Haarde, the Icelandic prime minister. ...]

Enfin, au cours du débat à la Chambre, Yves Leterme a répété que la meilleure solution consistait à assurer la continuité de la banque, et ce dans l'intérêt des épargnants. Il a ainsi fait état d'une possible reprise de Kaupthing Luxembourg par une autre banque. Vendredi, le sujet sera au coeur des discussions entre Yves Leterme et son homologue islandais, Geir H. Haarde. (belga/7sur7)

http://www.7sur7.be/7s7/fr/1502/Belgique/article/detail/453120/2008/10/1...


Belgium to rescue bank

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 15/10/2008 - 21:14

Belgians depositors demonstrated in brussels...

  • manu_fr
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 15/10/2008 - 22:29

But their government is only interested with the Luxembour based Kaupthing subsidiary...

Please see below...

http://www.reuters.com/article/bondsNews/idUSLF72597620081015 (English)
http://www.7sur7.be/7s7/fr/2402/Crise-boursiere/article/detail/452348/20... (French)

The interesting point here is that the Belgium prime minister bullied Juncker - the Lux. prime minister to guarantee Belgian depositor - Kaupthing belgian was a subsidiary of Luxembourg Kaupthing .

Another point reported by the belgian news agency (Belga), belgians depositors were demonstrating in Brussels on Wednesday... and they also published various press releases... would it not be something we could try to do??? I mean the PR at least!
(http://kaupthing.forumactif.net/annonces-importantes-f10/communique-de-p... - French again)

They seem to have the same issues and subjects than us (releasing blocked funds, uncompleted transfers, compensation limit - 20KEUR here, etc)... didn't have time to go through it yet...
http://kaupthing.forumactif.net/ (French spearkers forum for Belgians depositors).

Hope this helps.


press releases at prweb.com

  • Grant
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 16/10/2008 - 07:17

press releases at prweb.com

I think they cost about $200 each.

They hit all the newswires and google news etc.