MP Replies - Graham Brady

  • Anonymous
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Posted: Tue, 28/10/2008 - 12:22

Reply from Graham Brady received : 28th October 2008

Thank you for your e.mail which has been passed on to Mr Brady for his attention. Mr Brady has received a huge number of e.mails relating to this important issue.

Office of Graham Brady MP

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Reply from David Cameron's office

  • Anonymous
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  • Tue, 28/10/2008 - 13:50

This is in response to my email on 10 Oct. Alas, it doesn't really offer a great deal of help!

"I am writing on behalf of David Cameron to thank you for your e-mail about compensation for British savers with deposits in offshore banks. I know that the coming weeks will be anxious ones for you and your husband.

The Chancellor has put in place arrangements to ensure that all retail depositors in the Icelandic banks of Landsbanki (including their “Icesave” products), Heritable, and Kaupthing Singer and Friedlander (including their “Edge products”) will receive their money in full. This is an aim which we support. However, as the Government continues its talks with the Icelandic authorities it will have to examine the knock-on effects of its actions.

As you say, the first £50,000 of deposits held in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) are protected in the event the bank is declared in default. This is the same level of protection that is normally afforded to depositors in banks based in the UK. The UK Government has agreed to act on behalf of the Isle of Man in negotiations with the Icelandic Government.

Thank you, again, for getting in contact about this difficult issue.

Yours sincerely,
Alice Sheffield
Office of David Cameron MP
House of Commons
London SW1A 0AA"


I got exactly the same

  • Anonymous
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  • Tue, 28/10/2008 - 14:16

I got exactly the same response - but without the words 'and your husband'. As I didn't mention my husband, I can assume that before sending off their stock reply, someone is scanning our emails so the response is more tailored. You can't really expect them to devise a new response to each email, especially when we're all saying pretty much the same thing.


David Camerons office

  • Anonymous
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  • Tue, 28/10/2008 - 14:06

Same reply! Infuriating ...our letters are not being read...It is if they are churning out a recorded message


reply from david camerons office

  • Anonymous
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  • Tue, 28/10/2008 - 13:55

i also e mailed david cameron and had an identical reply. i e mailed again to say that i was aware of all the points mentioned, anyone who had lost loads of money would of course be aware. and i said that i had sent david cameran an e mail to ask why he is not making more noise about the governments disgraceful behaviour.


Reply from HM treasury

  • Anonymous
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  • Tue, 28/10/2008 - 12:43

Who omit to mention the words KSF IOM

1 Horse Guards Road London SW1A 2HQ
www.hm-treasury.gov.uk
October 2008
Dear Sir/Madam
Re: Kaupthing.
Thank you for your recent letter regarding Kaupthing Singer & Friedlander. We have received a large volume of enquiries in recent days and so are not able to provide a specific response at this time. I hope the information below will answer the questions you have raised.
Kaupthing Singer & Friedlander (KSF) is a UK-based banking subsidiary of Kaupthing Bank. KSF is regulated by the FSA. On 8th October 2008 the FSA determined that KSF no longer met its threshold conditions, and was unlikely to be able to continue to meet its obligations to depositors. The FSA concluded that KSF was in default for the purposes of the Financial Services Compensation Scheme. The Treasury has used the Banking (Special Provisions) Act 2008 to ensure a resolution that preserves financial stability and provides protection and continuity for depositors.
KSF’s Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group. ING Direct is working towards achieving normal operations as for all customers as soon as possible. The transfer of the retail deposit books has been backed the HM Treasury and the Financial Services Compensation Scheme.
The remainder of Kaupthing Singer & Friedlander business has been put into administration. Any retail depositors eligible to claim under the Financial Services Compensation Scheme whose accounts have not been transferred to ING Direct will be paid out in full through the Financial Services Compensation Scheme. The Financial Services Compensation Scheme has confirmed that it is sending out compensation claim forms to eligible retail deposits that did not transfer to ING Direct.
The Government, the Bank of England and the FSA are continuing to work together to maintain the stability of the financial system in the UK. The Government’s remains committed to do what is necessary to achieve this.
I hope you find this reply helpful.


Helpful,,,,,

  • Anonymous
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  • Tue, 28/10/2008 - 13:22

Not really ................ seems to indicate that the treasury, the Bank of England and the FSA are only concerned with the stability of world banking and in particular the financial system of the UK. Where does that leave us?? They are talking behind closed doors and, it seems, ignoring us for the 2nd time.


Not really, but not relevant

  • Anonymous
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  • Tue, 28/10/2008 - 13:27

Not really, but not relevant either, it is a stock reply from someone who failed to notice three little letters - "IoM"


yes that missing the iom bit

  • Anonymous
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  • Tue, 28/10/2008 - 13:40

yes that missing the iom bit is probably the answer to a lot of things!!
again i remind you of mie simpsons statement that it might all be a big mistake!!