General Discussions

  • ng
  • 11/10/08 31/12/20
  • a depositor
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Posted: Fri, 10/10/2008 - 05:39

Any general chat about what is going on that doesn't fall into any other categories.

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Darling at the TSC

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Sat, 08/11/2008 - 09:26

Apart from all the unhelpful comments Darling made at the TSC he did state that KSFIOM ranked the same as all others, as an unsecured creditor of KSFUK. Based on this I don't see how KSFIOM could be treated differently to creditors such as the local authorities and charities. Then again I'm not a lawyer so I guess anything is possible, but you can be sure he'd be opening himself up to attacks he doesn't want if he uses an obscure law to show preference to one set of unsecured creditors over another.


But why T Brown's pessimism?

  • markH
  • 12/10/08 n/a (free)
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  • Sat, 08/11/2008 - 09:34

That seems clear enough, thanks for pointing that out.

I wonder why IOM's Brown was so pessimistic about getting the money back? What does he know that we don't? And why would you urge caution about us getting the £550 mill back? Is there something we may be missing>?

paranoia ........ !


Priority

  • Stunned Mullet
  • 17/10/08 n/a (free)
  • a depositor
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  • Sat, 08/11/2008 - 07:07

Thanks Diver. Like yourself, I'm viewing matters wih caution, but let's hope your enquiries surface ome positive news. Good luck Monday.


Priority

  • Stunned Mullet
  • 17/10/08 n/a (free)
  • a depositor
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  • Sat, 08/11/2008 - 07:07

Thanks Diver. Like yourself, I'm viewing matters wih caution, but let's hope your enquiries surface ome positive news. Good luck Monday.


Are we in contact with the IMF

  • rapata
  • 13/10/08 03/08/09
  • a depositor
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  • Fri, 07/11/2008 - 22:26

If the IMF loans to Iceland have conditions attached for Iceland to honour their debts and guarantees, we as a group should be making our case known to the IMF. This has probably been discussed in earlier comments but it is getting increasingly hard to find articles from even a few days back.
Does anyone have an email address that we can write to the IMF?


Yes - Our IMF Letter

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 22:53

Send it to:

publicaffairs(?)imf [dot] org

Dear Sir / Madam,

I am a depositor in the Isle of Man subsidiary of the Icelandic bank called Kaupthing hf. I am also a member of the KSF(IoM) Action Group - a group of depositors who's have been financially ruined by Kaupthing's recent demise.

It is my understanding that the IMF is currently negotiating a loan package with the government of Iceland to help stabilize its financial system, strengthen its currency and provide for adequate foreign currency reserves. First let me say that I applaud this initiative and wish only the speediest recovery for the Icelandic economy.

However, as you may know, a consequence of Iceland's collapse is that its three major banks have failed - its foreign subsidiaries ringfenced or taken into administration outside of Iceland and the parent banks have been nationalized. The approach to these nationalizations has given great cause for concern among each banks' international depositors and creditors. In general it appears that the banks assets and operations have been absorbed by "new" entities and these new banks are failing to honor the obligations of the old banks which are now defaulting on foreign bonds, deposits and deposit guarantees.

As much as I and, I am sure, my fellow depositors wish only the very best for Iceland's future financial well-being, I think it is only fair to ask that the IMF attach conditions to its financial aid package that provide for the satisfaction of its international obligations.

Can you please provide me with some assurance that Iceland's aggressive nationalization efforts and the resulting injury to foreign depositors and creditors will not be condoned by the IMF's unconditional support in this regard? Many of my fellow depositors have lost their entire life savings and are financially ruined - please tell me that the IMF is not expecting these individuals to be sacrificed while Iceland is restored to financial health.

I look forward to your kind attention to this matter.

Sincerely,

Send it to:

publicaffairs(?)imf [dot] org


IMF

  • davemeredithlondon
  • 11/10/08 31/05/09
  • unspecified
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  • Sat, 08/11/2008 - 09:30

Have sent an email to IMF asking that they place conditions on the loan and that those conditions should be that Iceland honour the guarantees made to the depositors of Landsbanki and Kaupthing by the parent banks.


Are we in contact with the IMF - Yes keep emailing!

  • fight theft
  • 10/10/08 28/05/13
  • a depositor
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  • Fri, 07/11/2008 - 22:42

Yes many of us have for the past 3 weeks heres a copy of IsleofMuppets posting and Bblair wrote a good letter too I emailed come on everyone let them receive thousands:

IMF an action to get your money back
Fri, 17/10/2008 - 23:22 GMT — IsleofMuppets
(Moderator - REVISED VERSION)
STEP ONE
Send and email to the International Monetary Fund (mschrader(?)imf [dot] org & publicaffairs(?)imf [dot] org). The body of the email should state something like:
"I understand that the IMF may extend a loan to Iceland. I respectfully ask that one of the terms of that loan be that the Icelandic Government honour a guarantee given by Kaupthing Bank covering deposits in its Island subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited. The details of this bank, which is in provisional liquidation can be found at: http://www.fsc.gov.im/ViewNews.gov?page=lib/news/fsc/kaupthingsingerf3.xml"
STEP TWO
Send an email to the Icelandic Government. The body of the email should state something like:
I respectfully ask that the Icelandic Government honour a guarantee given by Kaupthing Bank covering deposits in its Island subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited. My life savings of 10 years are in that bank. In return I commit to traveling to Iceland on vacation to support the country as it rebuilds its economic strength.
Please be informed that I have instructed the International Monetary Fund to ensure that the terms of any loan to the Icelandic government include that the Icelandic Government honour a guarantee given by Kaupthing Bank covering deposits in its Island subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited."
Pick your favorite Icelandic politician from http://www.althingi.is or send to all of the below like me:
thback(?)althingi [dot] is
geir(?)althingi [dot] is
valgsv(?)althingi [dot] is
sturla(?)althingi [dot] is
arj(?)althingi [dot] is
ko(?)althingi [dot] is
ems(?)althingi [dot] is
khg(?)althingi [dot] is
STEP THREE
Send an email to the UK government (ministers(?)hm-treasury [dot] gsi [dot] gov [dot] uk). The email should state:
"I ask that the UK government, acting in its capacity of representing the Isle of Man in relation to the provisional liquidation of Kaupthing Singer & Friedlander (Isle of Man) contacts the International Monetary Fund immediately, and asks that one of the terms of any loan be that the Icelandic Government honour a guarantee given by Kaupthing Bank covering deposits in its Island subsidiary Kaupthing Singer & Friedlander (Isle of Man) Limited."
STEP FOUR
Send an email to one James Anthony "Tony" Brown telling him that you have matters in hand, and that he needn't worry himself about the international political stage. Point out that as he is an electrician who remains the proprietor of Tony Brown Electrics in Castletown that you understand that he has other demands on his time.
‹ Petition Delivery - UK Replies from MPs - Post them all here ›


It is hard to keep track, but

  • IceCrusher
  • 14/10/08 25/10/11
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  • Fri, 07/11/2008 - 22:41

It is hard to keep track, but this situation was brought to the fore a couple of weeks back when a barrage of emails went out requesting that IMF loans carry a rider that would ensure UK depositors were repaid as part of the loan agreement. I personally did not receive a reply, but it seems to be an advertised condition of at least some loans to Iceland, perhaps others got better feed back then me...?


IMF no response, but here's my letter ...

  • BustedFlat
  • 20/10/08 31/05/09
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  • Sat, 08/11/2008 - 12:58

IceCrusher - the IMF didn't respond to me either but I can't believe that no-one has noticed the sudden influx of requests that Iceland be held accountable. For what it's worth, here's the text of my email .........

Sir/Madam,

I draw your attention to the action being taken by the IMF to provide loans
to Iceland after the collapse of its banking system. I am a (very unhappy)
depositor with Kaupthing, Singer and Friedlander Isle of Man. KSF IOM has
been in provisional liquidation/administration since 'Kaupthing hf' in
Iceland was unable to remit funds to KSF UK to keep it operating, leading to
freezing of assets held in the UK. Kaupthing hf was nationalized by the
Icelandic government and they have now seperated the domestic banking
business from the international debts by creating a new entity called 'New
Kaupthing'. Note that Kaupthing IOM holds 'guarantees' from Kaupthing hf of
financial support. These guarantees have not yet been honored. This
potentially leaves thousands of KSF IOM depositors 'out of pocket' whilst
Kaupthing continues in its nationalized form. I do not believe that the
Icelandic government should be allowed to nationalize this bank and then
only take responsibility for the domestic portion, whilst walking away from
the debts.

I urge you to consider that Iceland be required to honor these debts as a
pre-requisite for obtaining IMF funding, and that some part of said funding
be used to clear these debts. Otherwise it makes a mockery of the banking
system, whereby any government can nationalize a failing bank, separate the
profitable portions in a new entity and then leave all the creditors out in
the cold, whilst begging for and receiving loans from the IMF. That's just
not right. As mentioned, please consider this as there are over 8000 KSF IOM
depositors who considered their savings safe due to the aforementioned
guarantees. Iceland reaped the benefits during the good times and should not
be allowed to walk away from its responsibilities now.


Iceland getting closer to ending dispute - Potentially good news

  • steveejeb
  • 10/10/08 31/05/09
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  • Fri, 07/11/2008 - 22:12

This is potentially very good news. Iceland seem to be realising, at last, that in order to gain further new loans (now from the EU), that they must end the dispute with London over British assets frozen in stricken Icelandic banks.

"European Commission President Jose "Barroso sent me a letter where a (macro-financial assistance) loan was offered... I replied to his letter stating that on behalf of Iceland I would like to accept the offer," Geir Haarde told reporters in Reykjavik.

link

http://www.ksfiomdepositors.org/news-item/eu-offers-iceland-loan-it-coul...


Iceland

  • P.Taylor
  • 19/10/08 31/05/09
  • not a depositor
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  • Fri, 07/11/2008 - 22:53

I agree. As an observer and KSFIOM Depositors Action Group supporter (who hopes and believes justice will ultimately be done), I've thought from the beginning that the solution will come from Iceland - where the problem really began.


P.Taylor - Iceland

  • steveejeb
  • 10/10/08 31/05/09
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  • Fri, 07/11/2008 - 23:53

P.TaylorThanks for supporting us.

Tonight's news from the EU regarding Iceland is potentially very encouraging. Mainly because it is becoming more clear as the days drag by, that there is a consensus (amongst countries and the IMF who are willing to make loans to Iceland) that Iceland must sort out the mess with the UK before any loans are granted.

Geir Haarde's comments tonight that he wants to accept an EU loan, seems to suggest that he is now more willing to negotiate, knowing that other loans won't be forthcoming without a prior arrangement with the UK. From our KSFIOM DAG viewpoint, the Icelandic/ UK relationship being normalised should unlock many doors. It should be the catalyst to release funds,cut deals and hopefully return 100% of our deposits.

Meanwhile the fight goes on and all our efforts will continue down every avenue until justice has been done.


Inbound funds to KSF IOM on 6th Oct

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 07/11/2008 - 14:41

I have a substantial deposit caught in this mess, most in a company account so won't even get the 50k DCS if it comes to that. Blissfully unaware that I even had money in an Icelandic Bank (it was always Singer and Friedlander in my mind) I transfered a further €20k to my account on 3 Oct. I have an advice saying that it was with a correspondent bank in France on the 6th ready for onward payment which would have been to KSF UK and then into KSF IOM.

It appears that after weeks of these funds being "lost in space" KSF IOM have now found this money and happily credited it to my KSF IOM account. I thought that I read somewhere that all inward and outward payments were stopped by the UK Govt on 6 October for the Icelandic Banks? Is this correct? On this basis how in the hell can they decided not to process everyone's withdrawls from the 6th but still accept my deposit on the 6th (or 7th or 8th whenever it passed via France to KSF UK and then KSF IOM)? Any thoughts?


Derby residents united.

  • Colin M Phipps
  • 18/10/08 31/05/09
  • unspecified
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  • Fri, 07/11/2008 - 14:29

assuming that we enter the lost case scenario of no cash back, other than the charitable compensation. I would like to meet up with other Derbyshire building society depositors who, like me were ill advised, about IOM banking and the icelandic connection. i propose that we seek joint representation against the derbyshire building society. who know's we may get legal aid as we have been criminally robbed.


former derbyshire customer

  • edelweiss
  • 22/10/08 31/05/09
  • a depositor
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  • Sat, 08/11/2008 - 19:50

to colin M Phipps
I was also a derbyshire depositer who was passed over to KSFIOM.In my ignorance I thought this was
German bank.So thought there pretty solid. How wrong I was.I fully endorse your remarks.I feel the derbyshire gave us very
bad advice.I am with you all the way in exploring possible redress.


Colin M Phipps

  • caledonia
  • 14/10/08 30/09/09
  • a depositor
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  • Fri, 07/11/2008 - 14:42

We are in this through having been, we feel, totally misled by Derbyshire. So please, in the event of somebody taking action against them, we are up for a fight. Don't know how to email you direct, so please remember our name.


misled by Derbyshire...

  • IceCrusher
  • 14/10/08 25/10/11
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  • Sat, 08/11/2008 - 06:15

I happen to know that Derbyshire MP Mark Todd is very interested in this angle; he also asked a couple of pertinent questions of Lord Turner during the TSC meeting. I would collect any Derbyshire documents you might have in case we go down this route.
You might like to take a look at this clip of John Cleese in a Kaupthing advertisement, note the background music - subliminal misrepresentation at work?

IceCrusher

http://uk.youtube.com/watch?v=RKOnYjwNUKg&feature=related


Guarded

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Sat, 08/11/2008 - 06:25

I would be very careful of anything that Mr Todd says or does as his feelings towards us are not what they appear to be. I have seen emails from him that are anything but kind to our position and, in fact, are factually incorrect. He has a duty to represent his constituents but beyond that I really wouldn't place too much hope in his public stance.


MT heads-up...

  • IceCrusher
  • 14/10/08 25/10/11
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  • Sun, 09/11/2008 - 15:05

Thanks for the 'heads-up' diver; I have not seen any adverse emails from Mr Todd, quite the opposite in fact, but that's the advantage of having a large group like this, we can watch each others backs!

Ice


I still feel optimistic!

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Fri, 07/11/2008 - 11:48

Perhaps it is because it is my birthday today and I need to be cheerful even tohugh I have a six figure loss, but I still believe we will see an acceptable solution.

I think we are going through a phased process
1. Lots of finger pointing, blaming, name calling etc, primarily between Iceldand and UK but with IOM also involved - this phase is probably over.
2. Recognising there is a problem - this is where we are now. Iceland, IOM, IMF even UK acknowledge there are some real issues about countries, institutions and individuals which cannot be ignored.
3. Start to find solutions - this is going on. We hear the right noises about IMF loans, other countries joining in, even UK has made noises about helping on certain conditions and IOM is starting to think of solutions, which can help it keep its credibility as a financial centre alive. The uncertainty is how long this process will take, but my gut tells me the postponing of the IMF Board approval of the Icelandic loan is significant and perhaps next week we might see some signs of the solution. Perhaps the IOM actions yesterday was part of this as well. There is one big bit of missing information - we do not know what the balance sheets of all the institutions involved looked like at the time of administration. As a consequence, we are all speculating on the size of loss and/or support needed - maybe we might be surprised on this once the dust settles around the politics.
4. Solution is presented and implemented. And yes there may be some pain to depositors, but maybe not.

Of course, all of this might be naive optimism, but why not as we approach the weekend.


IMF deal

  • homeless
  • 18/10/08 01/01/16
  • a depositor
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  • Fri, 07/11/2008 - 12:10

Iceland Premier Geir Haarde told Icelandic radio that a meeting of the board of the IMF to consider the Icelandic application for a $2 billion loan had been postponed until 10 November from this week in order to give Iceland more time to finalise other loans which are to be part of the IMF deal. He then went on to add that Britain and the Netherlands wanted to make the loan conditional on settlement of refunds for depositers of the failed Landsbanki's Icesave bank.

Haarde does not think this is right but what I am wondering is where is there any mention that it should also be conditional upon Iceland honouring its obligations under parental guarantees by Kaupthing hf. I thought the UK was supposed to be representing the IOM, and thereby ourselves, in discussions with Iceland.

Have we any evidence that they have helped us anywhere in any way as at this point in time ?


IMF Board approval Postponed?

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Fri, 07/11/2008 - 11:57

Is this definite?

and Happy Birthday!


Put back to Monday 10th

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 12:02

Not sure if it's definite but the Reuters report claims it has been put back to Monday 10th.


Letters to MP"s

  • homeless
  • 18/10/08 01/01/16
  • a depositor
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  • Fri, 07/11/2008 - 11:02

I have written letters to 23 MP's, Labour, Conservative and Lib Dem. I have received only 2 replies, 1 of which was very short and the other promising to write again. 5 have not been deliverable albeit I sent them to the correct e-mail addresses as supplied. Anyone else experiencing similar problems ? It won't stop me trying !


Commons 'debate' last night

  • Anonymous
  • Offline
  • Fri, 07/11/2008 - 03:33

Want to know where we all stand with Her Majestys Government? Ian Pearsons prepared garbage spelt it out. Again. We are way way out in the cold folk and any thoughts that HM bl**dy G will try to quietly right their wrong are now up in flames.

We better start facing a few home truths. We are not going to get our money back 100%. It aint gonna happen. We will continue to be fobbed off and little glimmers of light will be kept burning in the distance to try and keep us quiet but the Governments words are the actual truisms.

Read it. Tell me where it says that the Government acknowledge what has happened and are working to sort things out:-

http://www.publications.parliament.uk/pa/cm/cmtoday/cmdebate/22.htm

No. I couldnt find it either. Just rubbish that i didnt HAVE to have an account in the IOM (If i was a Deryshire customer I think i'd be contemplating libel action).

The real crunch time was lat night at 18:19. That was when the 'finishing line' was crossed. Now the British Government will start to pay the real cost of their actions; they may have pranced over the finishing line as the 'winners' but we know they cheated and I for one am not going down quietly.

The money has gone. My life and that of a loving family has gone. It all went on the 8th od Oct 2008. With nothing else to lose I now advocate direct action; it wont get me my money back but it will make me feel a little less 'empty' inside. Some will view this as 'what is the point?', 'it wont help' etc etc.... I dont care anymore, there IS no point and i dont give a damn if it helps keep the mythical distant light glimmering or not.

Direct action; chaining to Embassy railing, abusive heckling UK Government officials wherever and however, eggs, flour and eventually hunger strike. If i end up being locked up or deported, fine (God i hope i get deported, free flight back to the UK then every moment outside incarceration i'll make sure i'm a bloody nuisance), there IS nothing left now to lose. I dont expect anyone else to do the same but certainly the more the merrier.

Lost it? You bet!!!


direct action

  • banna
  • 15/10/08 01/03/10
  • a depositor
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  • Fri, 07/11/2008 - 12:10

Mat,
I understand your pent up rage and sometimes share it late at night when the rest of the world seems quiet and that day's action doesn't seem to have got us anywhere. And then I realise that somewhere in Japan - or Hong Kong- or Australia -or somewhre another member of our band of brothers is waking up and is ready to pick up arms again and continue the battle.
The time for direct action might come and if so I'll be there- and so will many others including my 87 year old mother in law who will happily chain herself to the railings in her wheelchair. But that moment has not yet come, there's still time and ammo in our locker to keep up the battle. I know that as time goes on we shall learn more of what really happened on the days just before and just after October 8th and that info will provide us with more ammo.The positions and action taken by the FSA and the Treasury will not for ever be hidden from us and I am convinced that when we get some light in there we shall discover enough legally and morally unjustifiable actions to ensure that we get our money back.
In the meantime we keep battering away at MP's, FSA, Treasury, and anybody else involved and let Diver and Expat work at their targets too.
I also suggest that if we ever have to resort to direct action it needs to planned and organised offline. More people than we depositors read these words.


my heartfelt sympathies

  • barbarajee
  • 11/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 12:07

i so agree with your comments. i do not think we will get paid out. and i too am angry and appalled at how we have been let down by the system. we are taking a private action against our ifa, but for those who do not have this option and have lost their life savings, my heart breaks for your position.

our lives have been spoilt by others, we are the innocent victims of others greed and governments have decided what we can or can not have of our own money. they can all go to hell as far as i am concerned,

i am afraid all the hard work from peopleon this site will count for nothinbg. the uk government could not care less about us. it will all just fade away and we are powerless.

i pray i am wrong.


My rights

  • Alex
  • 13/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 10:55

Dear Mr. Darling,
I'm not a UK Residents and I'm not UK citizen. I've put my money ( in fact, my salary) in IoM (KS&F) because at that time , in 2001, when I started, the banking system in my own country wasn't secure (now, after joining EU is much more safer). So, Mr. Darling, who gave you the right to take my money? I don't remember to allow you to play with it, and, more than that, I've never met you and you've never met me! It is not so simple to "wash your hands", as you think, so, please, be so kind and fix your mistake. Look what you've done to your citizens! Is it right to put down people over 60's, who don't have time(physically) to start over again???


DEMAND AN INDENDANT INQUIRY, WE WANT OUR MONEY BACK

  • NOT darling
  • 06/11/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 05:18

Mat, I know how you feel and these weeks have been like a living nightmare for everyone. I think that Gordon Brown's injustice to us all has been hard to stomach and listen to and Alistair Darling's flippent approach to our plight has been astonishing. Alistair Darling's comments about the IOM were insulting not only to every hard working resident in the IOM but to every law abiding depositor in KSF IOM. The Ministers in the Isle of Man who have worked on our behalf have made our UK Labour Goverment look apalling and I think that everyone should now demand through their MP's, through David Cameron and through every avenue possible that an Independent Inquiry is held into how IOM KSF depositors ended up in this position.

Alistair Darling's apalling performance and evasive tactics before the TSC on Monday leaves no doubt that there is a lot that the Governement wants to hide and a full public inquiry is the only way we're ever going to be able to get at the truth, and hopefully then get our money back.

That all said, the thought of Alistair Darling sipping his hot cocoa (or is it pink gin) clad in silk pyjamas ready for a good night's sleep, makes me sick to my stomach.


Is this good news??

  • Anonymous
  • Offline
  • Thu, 06/11/2008 - 21:30

This could be really good news. If i understood it!!!

http://www.ksfiomdepositors.org/node/1305

Anyone know what this means?


RE - Is this good news?? - post weds on what I thought

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 04:04

My views on what it could mean are on this post a couple of days ago --

http://www.ksfiomdepositors.org/node/1237#comment-15098


Citywire- Run it down. What does this mean ?

  • Anonymous
  • Offline
  • Thu, 06/11/2008 - 21:35

The Manx government’s chief minister Tony Brown has set up a committee that will develop a plan to either restructure KSF IoM for sale or run it down in an ‘orderly’ fashion to avoid liquidation.

What does this mean, "run it down" ?


Kaupthing hf Resolution Committee

  • Fred
  • 13/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 15:28

Following is the reply to an e-mail I sent to the Kaupthing hf Resolution Committee. It is a boilerplate response. A German steering group has been formed to represent the German branch depositors. Perhaps the IOM group should also participate. Any comments?

Thank you for your email concerning your interest in Kaupthing banki hf (“the Bank”).

As detailed in our press release published on Oct 28th, it is the intention of the Resolution Committee of the Bank, assisted by the UK limited liability partnership of Deloitte & Touche ("Deloitte"), to establish an informal committee of creditors representing a broad cross section of financial institutions, international deposit holders and other creditors.

We regret that you are at present unable to access your funds. We assure you that we are working very hard to resolve the situation and would therefore ask that you continue to be patient. We will contact you as soon as we have further information in relation to your deposit. We also hope to update the website, www.kaupthing.com/Creditorinformation

with further information relevant to depositors very shortly.

We understand that a steering group consisting of depositors of Kaupthing Bank Niederlassung Deutschland has been formed. Should you wish to participate in this group, please use the following web link:

http://kaupthingedge.foren-city.de/

If we receive information regarding depositor steering groups in other jurisdictions, we will issue a notification on the Kaupthing creditor information web site (www.kaupthing.com/Creditorinformation ) accordingly.

For and on behalf of:

The Resolution Committee of the Bank


Who to bank with?

  • Anonymous
  • Offline
  • Wed, 05/11/2008 - 21:17

Assuming (and it is a VERY big assumption, but the alternative is oblivion and game over) that in the next 2-3 weeks our monies are made available it raises the question of how to get it.

KSF was our only sterling account - opened to hold our savings between transfer from savings accounts on the mainland - now closed - and transfer via ozforex to Australia. (The money was there for 5 days!!! Bad bad timing but that in the past now. ho hum).

I have no idea how access to our monies will be done; i doubt if we will be able to 'logon', or ask for telegraphic transfer as before. However, it will need to be paid somewhere and (Jill Insley take note) it cannot be the Mainland - so where??? I need to open a 'current' account somewhere (bl**dy safe!!!!) to pay the money into and to act as out sterling current account...

This is currently hypothetical but has to be thought about if only to stave off early stages of clinical depression and (actually very real) hunger pains.

Mat


Banking for Anarchists

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 05/11/2008 - 22:07

Neocryptoanarchocommunistantidisestablishmentarianists have a default distrut of banks, capitalists and political parties, but need to squirrel away their nuts for cold winters. If you have £10,000 for a savings account, Bank of Scotland International (HBOS IoM subsidiary but registered in Jersey too) would fit your requirements for a current account, although what will happen if Lloyds gets its mitts on the offshore arm is anybody's guess.


accounts

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 05/11/2008 - 22:14

your comment is not quite correct viking, i work for BOS


My least favourite bank ;-) I

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 15:34

My least favourite bank ;-)

I posted this elsewhere a little while ago.

I wonder whether they [KSFIOM} are still accepting deposits?
I have just discovered that one of my banks failed to action a telephone instruction of 7 Oct, changing my "nominated account" for receiving interest. Accordingly my interest payment of 31 Oct 08 has been sent to .... KSF IOM.
Well done, Bank of Scotland (International) ... since I opened my account with you I have only given you 2 instructions, and you have got BOTH of them wrong.


Blast! Now I Need a Plan B.

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 06/11/2008 - 01:54

Well, that's what my cousin (a BOSI customer) told me, so I will now have to try a plan B. Oddly enough, however, I have been abroad for several years but none of my UK accounts -- including chequing -- has been closed. I can even transfer ISA's but can't open any new ordinary savings accounts. I was fortunate enough to receive a merger windfall of several hundred pounds from one bldg soc account -- which I promptly deposited in... KSFIoM! Kick me please; I'm as thick as a plank!


reply to blast! now I need a plan b.

  • edelweiss
  • 22/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 16:18

I can be thicker than you.Igot £3000 tax refund from inland revenue.Where did I deposit it!!!
You guessed it. Oh dear!!


Who to Bank with

  • Ally
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 05/11/2008 - 22:03

Matt

Assuming you are going to stay with an offshore bank account and want to stay in Channel Island or Isle of Man go for one of the banks that is having money pumped in to them by UK government, such as RBS or Bank of Scotland, or even Lloyds.

Otherwise HSBC is as financial secure as they come.


Offshore critic offers to help Island - Manx Radio

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 05/11/2008 - 15:11

The Isle of Man has an unlikely ally as it struggles to resolve the situation surrounding Kaupthing Singer and Friedlander.

Liberal Democrat MP Vince Cable, who last month called for the closure of offshore branches of nationalised United Kingdom banks, says he will help represent the Island.

Mr Cable was responding to a letter from Liberal Vannin party leader Peter Karran who asked him to for assistance, in the form of advice and influence.

Mr Cable says it’s an issue which has affected many of his constituents.

In his letter, the deputy leader of the Liberal Democrats offers closer links with the Liberal Vannin party.

He says he has contacted the Justice Select Committee, which shadows the UK Justice Secretary, who is negotiating with Iceland on the Isle of Man's behalf.

Mr Cable says "we will do our best to represent the concerns which you have about the conduct of the British government".

He calls Kaupthing Singer and Friedlander customers "a disparate lot" and says because of this, a number of different routes may be needed to recover their money.


Chilling News

  • Kenman
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 05/11/2008 - 15:33

I read this today in the IOMtoday.co.im/ read it for yourself!!.

CHIEF Minister Tony Brown has admitted for the first time that it may not be possible to recover the Kaupthing millions frozen in the UK.
Mr Brown made the admission in the House of Keys on Tuesday as he was quizzed about the £550 million caught up in the UK when the Gordon Brown government put Kaupthing Singer & Friedlander's London subsidiary into administration.

In reply to a question from David Cannan (Michael), he confirmed that the money was now in the hands of the UK bank's liquidator.

Asked whether the money could be recovered, Mr Brown replied: 'I suspect we will be unsuccessful but that doesn't stop us putting the argument.'

He suggested that it 'may well' not be the liquidated money that could be recovered and that the Isle of Man could seek compensation for the depositors as it was the UK Government's actions that contributed to the collapse of the Isle of Man subsidiary


Our "frozen" assets

  • homeless
  • 18/10/08 01/01/16
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 13:12

I have also read this article and my reaction is - Tony Brown has admitted that it MAY NOT be possible to recover the monies frozen in the UK. When will he KNOW one way or the other ?

The money is now in the hands of the UK bank's liquidator and ... "I suspect we will be unsuccessful" (in recovering it) .. but that doesn't stop us putting the argument". WHEN will they START putting the argument, to whom will they address the argument and what will be the substance of the argument ?

If they could not reclaim the money then the IOM COULD seek compensation for the depositors as it was the UK Government's actions that contributed to the collapse of the IOM subsidiary. The UK Government refute this and if they adhere to this line, what then ?

Undoubtedly a lot will be going on behind the scenes but when will thoughts become deeds and conjecture become reality. As someone commented before, the clock is ticking. Iceland is taking care of the Icelanders, England is taking care of the Brits (in a "selective" manner). We have some excellent people on our team pulling out all the stops to help us but we need the Governments to TALK.


Manx Radio - News Item

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 05/11/2008 - 15:26

C_South_Africa ok I see the link in the News Item section here.


MP Vince Cable ~ An Ally

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 05/11/2008 - 15:21

That is both interesting and very good news. I am sure Vince Cable would be a very capable and competent ally indeed! Do you have a link for that item please C_South_Africa ?


Vince "Soundbite"

  • Anonymous
  • Offline
  • Thu, 06/11/2008 - 21:58

Like many of you with in-flight transfers

  • Toast8
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 05/11/2008 - 13:32

I am starting to get even more concerned about the lack of disclosure. Assuming funds were transferred to the UK prior to the failure of the IOM operation and the Liquidator Provisional does not succeed in repatriating monies back to IOM this effectively makes us creditors of the UK operation (I guess). So does this mean that we would be entitled to expect resolution outside the IOM liquidation process - through UK FSA and FSC etc. In short, would or should we expect to be entitled to the UK 50k because KSF UK is being wound up. The UK Edge accounts moved to ING but as a creditor of a failed bank would be entitled to compo or must the account be held with the UK bank? Aghhh! What a mess.


expat frozen state pensions

  • adambw
  • 13/10/08 31/08/10
  • a depositor
  • Offline
  • Wed, 05/11/2008 - 03:05

go mann try this link - but sorry you won't enjoy it.
www.timesonline.co.uk/tol/money/pensions/article5079275.ece


I quit!

  • patt62
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 05/11/2008 - 05:27

Been trying to decide after the sale of my house, whether to keep a foothold in the UK and after reading the article heres the plan

Ive paid council tax for bins that I dont fill, paths I dont walk on and steetlights I dont use. Ive paid voluntary NI for hospitals Ive never used, police who can do nothing when called and uneployment benefit ive never claimed.

I have no kids so I pay for schools never used and as a single working person Ive subsidised sick days for single parents, extended maternity leave for people who never return to work and taken second line in holdays in favour of those who take priority over me for school holidays. Ive subsidised families in accommodation that theyve demanded as soon as setting foot on land and legal aid for terrorists.

I Pay tax that I dont need to if I was to cheat the system, because I play it straight, by the rules, in an honest way. Ive asked for nothing and received less than nothing.

But now, the good people, the honest people, the straight bat players are being cheated and used by the government and those who take without paying into the account. I pay my own healthcare, I save for my own retirement.

So after reading the article the answer is I quit, England, you are my home no more and you will get not a penny more from me if I can avoid paying it. Maybe scotland can do better but until then, I will be an independant island, my own tax haven and look after myself.