General Discussions

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

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

IMPORTANT: How to post links to related News on other sites

As of 21/Oct/08 we have a searchable news archive. Site editors (and anybody else who wants to help) now have the mammoth task of find and re-posting all relevant links that were posted in forums and re-posting as a news item into the archive.

It would be appreciated if you didn't make the task even bigger than it currently is.

Please post news items using the Create new News item link near top of right side-bar.

4.833335
Your rating: None Average: 4.8 (6 votes)

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

ACISCS

  • phoebe
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 20:15

Royal Skandia is not an authorised member of scheme. Wonder if this applies to a different kind of investment vehicle?


KSF IOM

  • TheThurloSquire
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 16:41

Phoebe - I am in a similar situation to you but invested through Aegon Scottish Equitable International. I am UK resident and UK tax payer too and yet it looks like I may get nothing back.


KSF IOM

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

Phoebe we are in the same boat as you - we had a deposit of 560,000 placed by RS in IOM. We have been talking with Guardian Wealth who sold us this bond in May and they and Royal Skandia are meeting in London on Monday. We have also been told that we do not get any compensation. Apparently RS have 600 investors affected. We are hoping that they have some collective clout. We also live abroad and have worke d all our lives to save this for our pension. Have you spoken to anyone at RS?


KSF IOM

  • phoebe
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 20:49

We have been trying to pin RS down through our IFA with little success. We need to get RS to lobby the compensation scheme to sort out the illogical and unfair rules which prevent depositors through 3rd parties from being paid some compensation. With 600 investors involved there must be some influence there. RS owe us a duty to protect the funds we have invested through them (and paid hefty management charges for the privilege). Please let me know how the meeting on Monday goes.


I cannot send to your email

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:02

I cannot send to your email address for some reason?


A moment of light hearted

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

A moment of light hearted relief but Manx Radio is an alright station, almost calming with its musical choices, interlaced with news reports about our demise, very up and down, plaing "Dont go breaking my heart at the moment" Oh the irony!!!!


FSC press release

  • anna98
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:07

just found following issued today

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.

http://www.gov.im/fsc/ViewNews.gov?page=lib/news/fsc/updatekaupthings.xml


re anna's posting regarding

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:21

re anna's posting regarding dishcarge - what does this mean for us legally anyone?


re anna's posting regarding

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:21

re anna's posting regarding discarge - what does this mean for us legally anyone?


sleeplessnight: The deposits

  • Knife Edge
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 13:30

sleeplessnight: The deposits held by KSF IOM represent liabilities of KSF IOM to the depositors (i.e. they're supposed to pay them back). The parent guarantee means that Kaupthing hf (the parent in Iceland) has to pay them back if KSF IOM can't.

Before you get your hopes up however, you need to bear in mind that Kaupthing hf has been nationalised and the Icelandic state doesn't have the resources on its own to meet those types of liabilities. The Manx government has just stated (http://www.iomtoday.co.im/news/Isle-of-Man-pledges-action.4580891.jp) that it's making representations in relation to that guarantee (they need to go through the UK government to do that as foreign policy is beyond their remit).

Hence the (as far as I know, unresolved) discussion about whether the deposits have been loaned by KSF IOM to Kaupthing hf or KSF (UK) - if they've been loaned to KSF(UK) then there is also a claim there. Hope that's clear.


deposits

  • agaryh
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 14:47

from the meeting yesterday and from my previous conversations with Aiden Docherty , he stated that approx 60% of the assets were on deposit with Ksf uk , no mention was made of direct deposits with ksf iceland however he acknowledged that uk most likely would have loaned money to iceland.
he further stated that 25% of assets were in mortgages and 14% was on the iom.


IOM CHIEF MINISTER

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 12:14

If it's of interest to any one the IOM Chief Minister will be taking questions on Manx radio within the next few minutes concerning the KSF IOM Nows your chance!


SOME QUICK HIGHLIGHTS FROM IOM CHIEF MINISTER INTERVIEW TODAY

  • BobWashington
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 13:37

He was reluctant to address how the new 50 k compensation would be applied ie who'd get the old rate of 15k and who'd be eligible for the 50k. He recommended contacting the FSC for details - web address is elsewhere on this site. Said he was a politician not an expert on this issue.

He did stress that the IoM Gov was very concious of the plight of the depositors and the risk to their life savings. He said that it was 'important to do all that we can' and that they will work closely with the UK government.He stressed the IoM gov are making representations to the UK gov and that the Icelandic Gov honors its guarantees for all savers at Icelandic banks. he blamed the UK gov for precipitating the failure of KSF IoM- 'they'd only become insolvent through the actions of the UK gov.'
He referred several times to the importance of the IoM financial sector to the island.

So nothing really concrete but more 'wait and see.' However, for what it's worth I found the minister to be sincere and thought he did quite well in handling the questions but he is a politician after all.

Thanks for the heads up.


UK Government to the Rescue?

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 12:06

The UK government has been praised for its boldness and vision in dealing with the banking crisis, and for rescuing KSF (UK) depositors.

However, as the funds deposited with KSF (IOM) seem to have been lent on to KSF (UK) is it not unjust for the UK government to treat KSF (IOM) depositors differently from KSF (UK) depositors? This is particularly so if the UK government is effectively using KSF (IOM) deposits to fund the bail-out of KSF (UK) depositors: each penny used by KSF (UK) to repay KSF (UK) depositors is one penny less for the UK government to have to pay out.

Gordon Brown gets the credit and we pick up the bill!


Tax Haven, what Tax Haven?

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 11:55

The media keep referring to the IOM as a tax haven but UK banks generally do not allow non-residents to open UK savings accounts. That is the only reason I have money offshore. I pay US tax on the interest I earn there.

(Note: I just tried online with NatWest to see if their practice has changed and they will not open an account for me because I am not a UK resident. They are happy for me to continue to have a current account, of course, because they pay no interest on my deposit.)


Other Kaupthing Entities

  • Done like a Kipper
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 10/10/2008 - 09:52

Does anyone know if Kaupthing in Germany, USA, Scandinavia and other countries is still operational? If this is infact the case then do they too have a 100% parental guarantee by Kaupthing hf as I understand that this is now under the control of the Icelandic Government?


KSF IoM

  • alanmac
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 09:44

We represent a group of depositors who live in Zimbabwe and hold UK passports who opened up accounts in KSF in order to ensure the stability and protection of our capital. We relied on the International Banking System and the IOM depositors protection scheme to safeguard, not only our financial future but also to provide us with a safety net to our local political and economic conditions.

We now find that the authorities and management responsible for this financial institution are no better than their Zimbabwean counterparts - a bunch of corrupt thieves who hide behind their own convenient rules and regulations to be changed or ignored as it suites them.

We require to know what actions are being taken and when and over what period funds will be recovered and returned to us.


http://forums.moneysavingexpert.com

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 08:57

Could anyone with a login on http://forums.moneysavingexpert.com let the folk there know about this site? I've not got a login there...

Mat


posted this website address

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 12:33

Three of us have now posted this site address on http://forums.moneysavingexpert.com/showthread.html?t=1203227
(but lots of good posts still going up).
steen


Today Program

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 08:00

Did anyone hear anything on the Today program?


Today Programme Saturday

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 11/10/2008 - 17:52

Nothing today, although more indications of the spectacular growth of Kaupthing-linked retailers in the UK. I was watching Kaupthing's CDS (Credit Default Swaps) rates balloon in June but given that so many local authorities, police forces, fire brigades and charities had accounts with KSF, tended to think the storm would blow over. KSF was upfront about the CDS problem and obtained a large (£2,000m?) borrowing to ride out the CDS turbulence until January when the worst was expected to pass. It was a toss up whether or not to move my (relatively small) account, but was mesmerised by the 'irrevocable and binding guarantee'. If Kaupthing went broke, who knows? I might have ended up with one of their Hanley's toy shops in Belfast, Bridgend or Bolton.


today programme

  • anna98
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 10:20

was listening from about 7am UK time and nothing was mentioned


channel 4 news - 09/10 evening

  • anna98
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 07:47

http://www.channel4.com/news/articles/business_money/bank+crisis+the+rip...
jon snow and faisal islam talking about IOM and Guernsey offshore - pretty gloomy


the jon snow and faisal islam

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 08:55

the jon snow and faisal islam report is TERRIBLE if true - is it correct the UK Govt have siad it is a matter for IoM Govt to handle? How can UK Govt give assurance to all depositors in Icesave and Kaupthing UK and not us when we too thought Icelandic branch were the parental cover?


don't know if it's true ...

  • anna98
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 10:23

don't know if it's true ... not sure how to find out ...


IOM Website

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 06:21

Anyone managed to get past their press statement and onto the website. I am desperate to print off a statement as I have no record of how much of my money they have ?


website

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

I cant get on and am in the same position.


WEB SITE

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 11:27

According to the administrator at the meeting yesterday. Mike Simpson the administrator expects to get the web site back up soon. This is to allow depositors to access their balances but obviously not to make withdrawals. Any news will also be put onto the site. But how this news will be accessed by us was not made clear.


I have no print outs of the

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 08:41

I have no print outs of the balances on the account - when the website went down it showed my last transaction to move the balance (tuesday) as having gone out - how can we acquire the proof ahead of the meetings 28 October?


Meetings of the 28th

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Sat, 11/10/2008 - 08:01

What meetings are these?


Meetings

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Sat, 11/10/2008 - 07:58

What meetings are these?


Iceland blame UK Govt

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 05:41

Icelandic Finger Pointing

  • Singapore
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 06:05

Maybe it could work in our favor if the UK Govt 'appeared' to be part of the problem...adds weight to forcing their hand to become part of the cure...? possibly.


Yeah true....

  • Anonymous
  • Offline
  • Fri, 10/10/2008 - 06:13

Yeah true....


Channel 4

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 11:28

The way i understood the channel 4 clip to be is that IOM goverment are resposible for the compensation scheme, but as far as the Kauphing guarantee, although not mentioned, thats down to HMG to sort as IOM goverment dont handle foreign legal affairs


Kaupthing hf guarantee

  • Anonymous
  • Offline
  • Sun, 12/10/2008 - 02:18

The IoM FSC does not wish to provide anyone with a copy of the much-talked about guarantee from Kaupthing hf. Try asking them.


Anna Bruce-Lockhart @ Guardian

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 11:35

Just had following e mail reply from the e mail i sent her this morning:

Hi Maria,
Thanks for your email. I'm putting up a couple of interviews related to this on the site today and will be forwarding your correspondence to the editors at the daily Guardian.
Our thoughts are with you.
Best wishes,
Anna


Anna Bruce-Lockhart
Site editor, guardianweekly.co.uk
0044 (0) 207 713 4404

Not quite sure why she called me Maria when my name is Matt, but hell she can call me all the names under the sun as long as she helps publicise this theft and injustice


good work maria !

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 10/10/2008 - 13:07

good work maria !