More Fundamental questions

  • Ormus
  • 19/10/08 31/05/09
  • unspecified
  • Offline
Posted: Sat, 25/10/2008 - 15:13

1) Presumably the best we can hope for is our money to be unfrozen, Iceland to stump up and all paid out ASAP. Correct?
2)If unfrozen, everyone - including those with a million deposited- will be OK; if not ubfrozen but Iceland stumps up then those with up to £50,000 will be OK but whay happens to those with more?
3) If neither of above, then receiver manages a sale and again we will mostly be OK (but not all) and it will take (much?) longer?
4) If we have to rely on DCS and monies from IoM Treasury already promised (£150 million), how will this be distributed? Will we all start by getting a percentage of our savings back, say 5%, so that a depositor with £1000 gets £50 and one with a million gets £50,000, i'e the limit, or will it be that everyone gets say up to £15,000 and then we all have to wait for the next dole out in x years time up to the £50,000 limit, if we have more than that in our account? If the DCS kicks in does that mean goodbye to anything over £50,000 or is there still hope that something could still be done to effect a full retrieval? Sometimes I think getting a clear view of all possibilities can let us concentrate on our best options as they remain available.

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Fundamental answers?

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 25/10/2008 - 21:40
  1. Absolutely, although in the absence of the funds being unfrozen a complete payout by Iceland on the guarantee would do equally well.

  2. Those with more than £50k will get a proportion back from the liquidator, how big a percentage depends on how much the liquidator recovers.

  3. A sale would have to return the bank to a fully normal state, with people being able to access all their money. The stumbling block is that it would not be possible to sell the entire business with massive amounts of money that are potentially not available. It would be necessary to pay another bank a lot of money to take on KSFIOM.

  4. Claiming on the DCS does not affect the ability to share in the proceeds of the liquidation, including potentially a full retrieval, but the first claim on your share is by the DCS to repay your compensation payout.