Icelandic Depositors’ and Investors’ Guarantee Fund

  • Anonymous
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Posted: Mon, 10/11/2008 - 11:29

As regards smaller deposits, everyone here seems to be focussed on the IoM guarantee fund and applying pressure on the UK government to accept its rsponsibility for the situation.

But what about the Depositors’ and Investors’ Guarantee Fund?

On the website: http://www.tryggingarsjodur.is/QA/

the relevant paragraphs are:


Are deposits in foreign branches of Icelandic banks guaranteed by the Fund?
Yes. The Fund’s guarantees extend to all customers of Icelandic banks and their branches, both domestic and foreign, irrespective of legal address. Foreign deposits with subsidiaries of Icelandic banks are guaranteed by the guarantee funds in the countries concerned....

Where do owners of deposits in foreign branches turn if an Icelandic bank becomes insolvent?
Because of the supplemental deposit insurance that some foreign branches of Icelandic banks have with foreign guarantee funds, the Fund has concluded collaboration agreements with a large number of foreign guarantee funds. The agreements guarantee collaboration between the Icelandic Fund and its foreign counterparts in the event of a crisis. If supplemental deposit insurance exists, foreign deposit owners should turn to the guarantee fund in their home country. If such supplemental deposit insurance is not in place, they should turn to the Icelandic Depositors' and Investors' Guarantee Fund....


In the first paragraph it appears that the IoM rescue fund applies.

But in the second paragraph it is suggested that foreign deposit owners should turn to the Icelandic Depositors' and Investors' Guarantee Fund in Iceland if there is no guarantee fund in their home country.


There is no such guarantee fund in Germany, so German residents are being advised by the press and others to fill in the claim form and send it to Iceland. What is the home country: the deposit holder's country of residence? Or the country from where he originated (i.e. of his nationality)?

The Depositors’ and Investors’ Guarantee Fund website says that there is a 2-month limit for claims (on a form to be downloaded from the website) to be considered valid. One month has passed already.

So who is responsible for German residents as regards deposits with KSFIOM?

Information provided by KSFIOM on acquistion of Derbyshire talked about Kaupthing sf in Iceland guaranteeing deposits and the IoM guarantee fund was not mentioned.

So is it time for those resident in Germany and some other countries to fill in the form and send it off to the Icelandic Depositors’ and Investors’ Guarantee Fund? Rather than missing the deadline for this?

Why hasn't anyone been writing here about this option?

Can anyone make sense of whether to claim in Iceland or await the IoM guarantee fund pay-out?

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