The Finnish are going to get there money back.

  • podather
  • 10/10/08 31/05/09
  • a depositor
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Posted: Mon, 20/10/2008 - 10:23

It would appear that Kaupthing hf and going to loan sufficient funds from 3 finnish banks to repay all the depositors who held money in Kaupthings finnish sunsidiarys. Now wouldn't that be a nice way to repay us also.

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  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
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  • Mon, 20/10/2008 - 15:21

This is the article referred to in the Straits Times.
ACTION:While this looks encouraging does anyone know the e-mail address of KSF in Iceland so we can all quickly bombard them with e-mails referring to this news and asking them to confirm they will also reimburse IOM depositors in full?
Following Mike Simpson's latest news release today I have written to him asking if he will at least pass on the many requests he has received from us as depositors to the FSC to delay the winding up petition beyond Friday and I have written to the ceo of the FSC, Mike Aspden at john [dot] aspden(?)fsc [dot] gov [dot] im asking him to consider this also. So some of you may also want to write.

Home > Breaking News > Money > Story Oct 20, 2008
Kaupthing repays customers
HELSINKI - ICELAND'S biggest bank Kaupthing, which was nationalised earlier this month, will borrow money from three banks in Finland to repay deposits to customers there, the Finnish financial supervisory agency said on Monday.
'Nordea Bank Finland, OP-Pohjola Group and Sampo Bank have agreed on a fixed period financing to enable the Kaupthing Bank's Finnish branch to pay its customers back their deposits with interest,' the agency said in a statement.
The loans would total around 100 million euros (S$199 million), it said, adding that Kaupthing had some 10,000 customers in Finland.
Kaupthing's operations in Finland were halted by the financial supervisory agency on October 9 after Reykjavik nationalised the bank. The Icelandic government took over all three of the Atlantic nation's leading banks, which were hit hard by the global financial crisis and were teetering on the brink of bankruptcy due to lacking liquidity. The Icelandic financial authority FME and the committee that administrates Kaupthing have agreed to the plan to pay back deposits to customers, but it still needs to be approved by the Finnish parliament, according to the statement. In a separate statement, the Finnish agency said it had granted the Kaupthing Finnish branch permission to continue managing customer assets, but said the bank would not be allowed to take deposits. 'The branch may handle its existing customers' orders regarding investment services in so far as is necessary for the management of customer assets to safeguard the interests of customers,' it said.
The Finnish agency said it would provide more information later about when the deposits would be repaid. -- AFP

Discriminatory Action

  • pwakeham
  • 20/10/08 31/05/09
  • unspecified
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  • Mon, 20/10/2008 - 10:58

Is there a lawyer out there who can advise if the actions backing certain groups of depositors and not others (e.g. Iceland govt supporting domestic depositors - i.e. voters! but not IOM/UK depositors) is a breach of Article 14 of Human Rights Convention applies!!)

Article 14 . Prohibition of discrimination
The enjoyment of the rights and freedoms set forth in this Convention
shall be secured without discrimination on any ground such as sex,
race, colour, language, religion, political or other opinion, national or
social origin, association with a national minority, property, birth or other status.

Article 14

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 20/10/2008 - 11:03

This act only prohibits discrimination in relation to other articles in the act. The right to secure savings is not covered in the Human rights act im afraid.......shame :(

Property Rights in Transnational Expropriations

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 20/10/2008 - 14:33

From the Organisation for Economic Cooperation and Development, "INDIRECT EXPROPRIATION” AND THE “RIGHT TO REGULATE” IN INTERNATIONAL INVESTMENT LAW (Paris: OECD, 2004) p. 11.

In the Tippetts case, (Tippetts v. TAMS-AFFA Consulting Engineers of Iran, 6 Cl. Trib. 219, 1984) the (Iran-United States Claim) Tribunal found an indirect expropriation because of the actions of a
government-appointed manager, rather than because of his appointment per se, and equated that
deprivation of property rights with a taking of property. The Tribunal said:

“While assumption of control over property by a government does not automatically and
immediately justify a conclusion that the property has been taken by the government, thus
requiring compensation under international law, such a conclusion is warranted whenever
events demonstrate that the owner was deprived of fundamental rights of ownership and it
appears that the deprivation is not merely ephemeral…”.