How much have we lost

  • Anonymous
  • unspecified
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Posted: Fri, 10/10/2008 - 02:14

So we can get a better idea of how much money in involved, please state how much you had with Kaupthing Singer & Friedlander when they collapsed. This is give us (and any interested authorities) an idea of how much we are talking about.

It does not have to be an exact figure, but as near as you are willing to state online. Perhaps best not to state the exact true amount for security reasons.

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I have 320K in KSF IoM. It

  • rallison
  • 12/10/08 31/05/09
  • unspecified
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  • Tue, 14/10/2008 - 00:34

I have 320K in KSF IoM. It is my entire life savings, and my only means of support when I retire (which now may have to be at 65!). As an international school teacher who has worked abroad for my entire career, I have no UK teachers' pension, and am not even entitled to UK state pension. If the worst happens, my means of support after retirement will be begging off UK social security.

Thanks for this site, it is very useful.


I've lost 180K+. Proceeds of

  • petenorwich
  • 12/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 21:46

I've lost 180K+. Proceeds of a house sale and savings from the last 10 years. This is a great site, thanks to all of you for putting so much work into it, and helping all of us.


I've Lost

  • Relentless Posse
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 14/10/2008 - 05:53

Yes thanks to those who put this site up- great work


Too much - about 140k

  • john78
  • 12/10/08 31/05/09
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  • Mon, 13/10/2008 - 20:00

Savings built up over quite a few years. At the start of the year sold a UK flat and put the proceeds into a zero risk option?! or until about a week ago - I thought so. Totally disgusted. Money was due to be injected into a further house purchase in late spring '09. KSF IOM looked a decent option for instant access combined with good rates...we know the rest.


275K USD

  • rapata
  • 13/10/08 03/08/09
  • a depositor
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  • Mon, 13/10/2008 - 19:09

I spent the last ten years accumulating these funds for my retirement I am too old to work anymore! I retired three months ago looking forward to a relative worry free retirement now am looking at trying to find some type of work to help my wife and I through this crisis.
I have banked at KSF for over 14 years with no problems.


how much lost

  • amar
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 21:17

Been trying to log on all day! Like most of you my life savings, nest egg for the kids etc etc perhaps, but lets not give up hope, gone up in smoke. We must stick together, get as much publicity as possible, and not let this incompetent local government ruin us all. I'm in for £500k and have felt numb for a few days. Who knows how I will feel when it all sinks in. I will contribute to the expenses as well


You have NOT lost anything yet!!

  • heliton
  • 12/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 09:07

RE: KSF IoM has approx £840m of deposits. These are backed by the following assets:

15% deposits/investments with other IoM based financial institutions.
25% secured loans.
60% inter-group balance held with KSF UK.

The general understanding, (as per previous correspondence), is (and it was also stated by the speakers at the creditors meeting) that if KSF IoM could get back the inter-group balance from KSF UK then there would simply be no issue. The bank would once again be solvent and would have the ability to repay all depositors. The bank (or rather the liquidator) is currently working on calling back in the deposits/investments made with other IoM institutions. I'm also told the bank is recalling the secured loans although this won't of course happen overnight - those with the secured loans will need to refinance them via another provider before they can be repaid back to KSF IoM. The only real issue is the inter-group balance (around £500m) sat with KSF UK. This asset is of course ringfenced by the UK Government when they froze the assets of KSF UK.

OUR COMMENTS: I read the report from the creditors meeting over the weekend and reached the same conclusion as you. In fact I saw it as good news that the inter-company loan was with KSF UK , but I feel certain that in KSF UK a similar amount or more is subject to a larger inter company loan to Kaupthing kf in Iceland.

I think nothing will happen until the Treasury/FSA have a report back from the delegation that is working to assertain the position of the Iceland Govt. which is of course the lender of last resort..

I am sure that the government will get to this issue and handle it fairly it is just that other matters are more pressing at this momentous time for the worlds banking system.

I am equally sure that the key item on this agenda is the recapitalisation of Iceland as a country and that will be something of a political football because of the NATO bases and the initial offer of finance by Russia. ( Remember it was mostly Russians who sponsored the initial growth of the Icelandic investors) That will not be something for the British govt. but a US/EU consortium deal which will take time.

I really can't envisage the IOM Govt suing the British Govt .....there is so much more at stake in that relationship.

There were already good noises from Iceland over the weekend and some of the operations not transfered to ING were releasing funds to small business customers from this morning. I am also told that the seized funds are £1m greater that the uncovered liabilities so they will quickly be release once the position of Iceland as an ultimate guarantor is clearer.

I am still VERY confident you will be protected albeit it will take a little while.

The underlaying problem is like building a property. You cant build the chimney pots until the rest is done. I am afraid that the recapitalization of the UK and US banks is very much the foundation stage and there is a lot to be worked through - with a whole host of sub-contractors- before they will sort the KSF IoM chimney.

Regards, Tony


WeE HAVE NOT LOST THATS WHY WE FIGHT

  • expat
  • 10/10/08 31/05/09
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  • Tue, 14/10/2008 - 06:07

Thank you tony, that is correct you have not lost yet, why on earth do you think some of are working almost 24 hour days to get to the mopney? There is and always has been a hope, there a risk of loss of course, but thinking you have already lost is not the way, well not for me.

Tony if you have skills sets we can use, banking knowledge law etc, would you make yourself known? You can use this site to get a messgae to me or hopper maybe or bblair.


has all come to pass expat?

  • insameboat
  • 12/10/08 31/05/09
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  • Tue, 14/10/2008 - 06:33

You mentioned in several postings over the weekend that you expct certain things to happen re the high level negotiations taking place at the time and now. Is the news that you were privy to at the time out now or can we expect more "breaking news" (that you know may be in the pipeline.)


The work has just

  • Relentless Posse
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 14/10/2008 - 05:58

I think the work has just started with all banks.
The Ministers now wake up when they see also their Bank share price plummet


Hi Tony Thanks for the

  • martinfei
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 09:59

Hi Tony

Thanks for the potentially good news. It may prevent a few people from jumping out of the nearest window!

This is obviously going to take a long time to resolve but at least there appears to be light at the end of the tunnel ---- Lets just hope it is not an oncoming train


NOT lost everything yet

  • webrooster
  • 12/10/08 31/05/09
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  • Mon, 13/10/2008 - 09:42

Thanks for this comment, Tony. It certainly gives one fresh hope!


How much lost

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 09:32

I have £62,500 - £60,000 in the Kaupthing Edge one year fixed and £2,500 accrued interest on my Platinum Instant Access - oh yeah - and another £45 in that account I'd forgotten about


how mauch have I lost

  • davemeredithlondon
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 09:38

I might have lost 100,000 plus one years interest (about 6,5000)


In Agreement

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Mon, 13/10/2008 - 09:25

Hello Heliton,
I agree with your assesment.
There is a very big political football game being played.
This will take some time.
I also think that we should be keeping ourselves very visible to the IoM Gov.


How much have we lost

  • alec
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 08:58

£ 240,000. Life savings. Only transferred 29 September. They did not even allocate it to the acount so I do not know whether I will even qualify for depositor protection ! UK citizen and resident with 5 year old son to feed.


Not just the loss

  • skintinKL
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 08:09

As a consultant, I need to use suppliers around the region (Asia Pacific) to do stuff from me. I used my KSF currency account (in my personal name) as a destiation for my clients to pay me. So not only have I lost 100k but I still need to pay my suppliers. No idea what happens to the money 'in flight' from my acount by TT to these people as there was about 25k 'in transit' when the system shut down. they will still want paying


560K

  • Lostinspace
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 08:09

And absolutely devastated by it. Called the bank last Monday. "Hilary" I think it was told me that to move the cash immediately out of my 32 Day account would cost me 32K! I thought she must be joking, but anyway even if I had gone for it, I'm pretty sure the rest would have disappeared or got lost like so much of the KSF transfer money.


Amount lost

  • wood
  • 12/10/08 30/05/13
  • a depositor
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  • Mon, 13/10/2008 - 07:51

200,000GBP in a combination of Instant Access Tracker and one-year bonds. Just found this site a day ago so trying to read all and catch up. Live in UAE.


Lost around £30,000

  • bluesand
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 07:33

in a company account.


Broken Dreams

  • Aussie Col
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 07:24

£92k between us.

For my partner, it represents nearly everything she has ever saved plus her father's entire estate that she received finally in May. Last year we had to cope with his sudden death, this year with the realisation that everything he worked for has disappeared! For me it represents many years hard working in an unpleasant stressful business environment in the Middle East with the future, now shattered, in mind.

Two years ago we moved to Australia where we should soon be granted Permanent Residence. Until then, we are not liable to tax on income outside Australia: hence keeping the funds offshore. Nothing clever or greedy, just in a plain old interest bearing bank account opened with the highly rated Derbyshire: low return, negligible risk, instant access, how boringly conservative. Actually, low return, extreme risk, no access!

Plan was that once Australia confimed our future here and we became liable for tax on world-wide income, (a not unreasonable quid pro quo), we would bring the funds onshore and quite probably use them to buy or build a house.

Hopefully, this loss won't break us but suddenly we have virtually no liquid assets, (and little confidence in other increasingly iliquid assets), and cash flow will be a problem. From being content with my very modest, but hard won, financial means I now at nearly 51, find that, having at last found where we want to settle, we are no longer the kind of people who can aspire to owning their own home!


Have lost £240k

  • swissloss
  • 13/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 07:04

This was from selling a flat in Putney to buy a flat in Wandsworth - due to complete next month.

It looks increasingly likely we'll have to pull out of this. If anyone thinks our situation does not affect the UK, they should think again!


amount lost

  • paulcuthbert
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 06:58

I am currently living in australia and am hoping I have not lost £400,000.
This is life savings, sale of property etc and cant imagine just saying good bye to that amount of cash !!
lets hope some thing good comes out of the talks regarding parental guarantee !!


Over 46,000 GBP . Not as much

  • sajdxb
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 02:42

Over 46,000 GBP . Not as much as a lot of people but too hard earned to disappear into a black hole. Sorry I haven't contributed anything to the site but I do appreciate all the information that has been available here.


losses

  • nr8209
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 23:32

It would appear from this forum I am in a "better Off" position as I am "only" out 30,500GBP which hopefully should be covered by DCS. However the question is when this will be returned to me. This was part of my funds for a retirement home back in the UK (living in US for 13 years so far). We are now in the position of a flat/bedsit rather than the semi we dreamed of. I have been so disillusioned with offshore accounts I have arranged for my remaining funds to be transferred to a UK cheque a/c with no interest until this all shakes out. My marriage is also suffering because of this.

Any ideas if/when funds will be returned and what proportion we will get.


Amount lost

  • Anonymous
  • Offline
  • Sun, 12/10/2008 - 17:33

£55,000, originally invested with the Derbyshire.


Amount lost

  • big b
  • 12/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 17:18

62,000 GBP which was originally a Derbyshire Base Rate Tracker Account.
Just moved back to the UK after 23 years, what a welcome...


how much lost

  • jingleed
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 17:03

thanks for the site all those involved

i have a base rate tracker opened with the derbyshire while i lived in uk. didn't take much notice of the takeover as i now live in asia on a very small local salary.
current paper value just over 34,000 pounds sterling.

is it all gone?


£370k invested in a one month

  • laserblues2
  • 12/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 16:39

£370k invested in a one month rolling term deposit account


Amount lost

  • Klaus
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 16:28

$US300,000.
Judging by the several informed postings, that loss may turn out to be less even though I'm not a British citizen (Canadian, retirement age, currently in the Philippines, ending a job in Laos).
Obviously, a topic specifically related to hard news on this would be useful.
I thought the response by the Icelandic government to the terrorist-based action taken by the UK government (freezing assets) was interesting. Somebody grabbing 300k overnight from me and collective a whole lot more from lots of other folks might as well be a terrorist.


Amount lost

  • johnmhale
  • 12/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 15:57

I had two accounts with KSF, totalling GBP220000. The first was originally established with the Derbyshire, and the second was opened when KSF offered very generous interest rates earlier this year.


Amount lost

  • TCA
  • 12/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 15:12

Around £30,000


140K+

  • cupcake
  • 10/10/08 12/06/09
  • a depositor
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  • Sun, 12/10/2008 - 13:09

I will be retiring shortly, and i have no pensions plans. these were my savings. I never wanted to risk investing in shares and lived frugally so that I could have a nice nest egg. Now all that appears to have gone.


Amount Lost £196,000

  • Andy Ish
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 12:39

I have lost £50,000 in the 1 Year Fixed and I have lost £146,000 in the Instant Access account. I am based in Dubai. Anyone near here wants to hold hands or create a sub group let me know. Initially email me through this site and I will respond.

Regards

Andy


Dubai Art

  • Art
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 06:50

Also based here in central Bur Dubai where I work and live. Had a little over 90,000 in instant access saving account. A sub group might be a good idea


UAE

  • Grouch
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 05:34

Andy,

Sorry to hear you are also one of the people affected by this terrible episode. I am living in Al Ain but travelling into Dubai several times a week to do business. Be good to discuss.

Regards

Chris


Dubai Andy

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 12:42

We are also based in the UAE and I have seen at least two other people (Sami and David) who are here. How can we make contact?


Can you email me initially on *****

  • Andy Ish
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 12:47

EDITED by ng

Please don't post your email address. All users now have a "safe" contact form. I'll be putting further info up shortly, but basically click on the username of the poster, then click on the "contact" tab.

----- original post ---
Can you email me initially on (removed)

I will come back to you with my Gmail and Mobile number after. Just do not want to use my good email on this website, so this is my spam mail which I give out.


Another poll for "Amount lost" - impact

  • ng
  • 11/10/08 31/12/20
  • a depositor
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  • Sun, 12/10/2008 - 12:34

I want to add another poll to show the impact on you of the loss. I'm not sure what the headings should be... I am thinking something like:

  • I've lost everything, my life is ruined.
  • I'm not sure if I can survive financially.
  • It's a huge financial blow.
  • I'll get over it in a year or so.
  • Not a problem really, I have more.

I think 5 groups would be a good number, but the words and "levels" of impact need some thought. Input please?


http://www.ksfiomdepositors.com/cms/?q=comment/reply/20/1036#com

  • Klaus
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 16:30

unneccessary


Pole

  • Lostalot
  • 12/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 15:44

The proposed poles on % of wealth lost and impact are very good ideas for information. Thanks ng


Or how about by proportion of total assets?

  • ng
  • 11/10/08 31/12/20
  • a depositor
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  • Sun, 12/10/2008 - 13:10

Maybe an alternative (or even a third poll, but I think that would be too many) ...

Amount lost as % of total assets
* less than 10%
* 10-25%
... etc ...
* 100%
* more than 100%

It's actually possible to be more than 100% if your net assets are negative. Would this approach just be too confusing for most people?


Thumbs up!

  • carlosherbane
  • 11/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 13:01

These 5 groups sound great to me.


good idea

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 12:48

It's a good idea, will give some indication of the actual scale of this in real terms / real lives


amount lost

  • kvk29
  • 12/10/08 31/05/09
  • unspecified
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  • Sun, 12/10/2008 - 12:30

Myself and my partner have lost £21000. I know that's it a small amont relative to many others on this site. I really feel for all of you. What a nightmare!


How much lost? as poll / graphical view

  • ng
  • 11/10/08 31/12/20
  • a depositor
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  • Sun, 12/10/2008 - 12:24

The poll is here.

You will need to "vote" - the information in this thread here won't carry over automatically.


270,000 Euros

  • expat_belgium
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 12:05

Company Account - Lost 270,000 Euros, all gone in the space of a week.

devastated. Not certain if I will ever see it again.


GBP 56,000

  • montefino
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 12/10/2008 - 11:55

Compared with many others it is not a huge amount and hopefully eventually covered or mostly covered by the protection scheme. But like so many other people this represents years of savings and, as a retired couple living in Europe, the interest on this account was a vital part of our small income.


US Dollars 290,000 lost

  • markH
  • 12/10/08 n/a (free)
  • a depositor
  • Offline
  • Sun, 12/10/2008 - 10:23

Life savings of US dollars 290,000 in the Kaupthing Edge US Dollar account.


DCS Threshold

  • DXB
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 12/10/2008 - 10:09

The good news for those of you who have deposited less than GBP50,000 is that you should (eventually) get all your money back under the IoM Depositors' Compensation Scheme. Those of us who have deposits over GBP50,000 face an agonising wait...