News

  • ng
  • 11/10/08 31/12/20
  • a depositor
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Posted: Tue, 21/10/2008 - 12:35

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Tax Ploy

  • Anonymous
  • Offline
  • Thu, 11/12/2008 - 08:56

well here we have the reason Folks! All about Tax Evasion.... Dirty Tricks!

http://www.timesonline.co.uk/tol/money/tax/article5321356.ec see Link

TRY THIS ONE!

http://www.timesonline.co.uk/tol/money/tax/article5321356.ece


Tax ploy - preplanned

  • darrmont
  • 15/10/08 31/05/09
  • not a depositor
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  • Thu, 11/12/2008 - 09:43

I read this article this morning and thought, likely story. When did a government review ever start to come up with likely outcomes within a week !!!

Ever since Alastair Darling came out with his "take a long look at tax havens" comment, I felt very much that they were involved in a preplanned attack on offshore deposits and investment but then that is to be expected from their little socialist mindsets.


Irresponsibility

  • Nixi
  • 20/10/08 31/05/09
  • a depositor
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  • Sat, 15/11/2008 - 18:24

How is it that George Osborne's comments that the government's borrowing policy could lead to a run on the pound are "irresponsible" but Alistair Darling's comment that “The Icelandic Government...have me told me yesterday they have no intention of honouring their obligations” is not..

Double standards or what??


Mr Darling fired the starting gun in the Run.

  • librasaver
  • 12/10/08 n/a (free)
  • a depositor
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  • Sun, 16/11/2008 - 21:10

Look at the Pound /Euro rate up to 6/9/07- average about Eur1.47 to the pound, and then 220 days later on 21/4/2008 about Eur 1.22 to the pound. Effective devaluation of greater than 17%, and that 6 months before Mr Osbourne's comment.
I think Mr Osbourne excercised incredible restraint in not highlighting Messrs Darling& Brown's folly earlier!!! No sense in them accusing Osbourne of staring a Run when they have already won the race!!!


EuroV Pound

  • Anonymous
  • Offline
  • Thu, 11/12/2008 - 09:12

Give it time!!!

We will be Euro soon.... part of the Big Plan for the United States of Europe/ United Kingdom we will just be a small state..... fading fast its all about money and Power! ask Neil Kinnock!


The Fortunes of the Euro will follow Greece and the PIGS

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 11/12/2008 - 10:18

Apart from holiday money, yours truly avoids the Euro assiduously (along with the Zimbabwean Dollar, and Icelandic Krona). Have a look at the underlying economic strength, deficits and debt/gdp ratio of the PIGS (Portugal, Italy, Greece and Spain) and you may agree that the troubles facing the Euro are an Absolute Shocker. For the professional doomster view, see http://blogs.telegraph.co.uk/ambrose_evanspritchard/blog/2008/12/10/gree...


A run on the pound

  • gazfuk
  • 12/10/08 31/05/09
  • unspecified
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  • Sat, 15/11/2008 - 18:56

A run on the pound is a very bad thing for the country and for everyone who lives in it. The comments about the intentions of the Icelandic Government re bank deposits are not at nearly so important to the country, though the reactions of the UK Govt have left us high and dry for the moment.


The Pound

  • dclf1947
  • 10/10/08 31/08/09
  • a depositor
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  • Thu, 11/12/2008 - 11:08

I live in the Philippines. When I came here just over 3 years AGO i GOT 105 PHP to the pound now it is 71. Yet the dollar and Euro to the PHP are at a similar level to that of 3 years ago. I find it amazing to think that the HMG are proud of their "saving of the economy" when it reality it is going down fast, I think the average person does not realise it yet and have been taken in by the spin but very soon the prices of imported goods are going to rise drastically.


So that will be nearly

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Thu, 11/12/2008 - 12:00

So that will be nearly everything then. Cars, electronic goods, oil, gas ......


New Labour is Always Right

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Sat, 15/11/2008 - 18:33

Because whatever New Labour does is always Right for 'hard working famililes', Right for Europe, Right for the Galaxy and Right for Gordon. New Labour; it's the Right -- or at least the vacuous rhetoric -- wot counts!.


Gordon 's gonna Save the WORLD!

  • Anonymous
  • Offline
  • Thu, 11/12/2008 - 09:15

JESUS i'm Off!


letter to the Times

  • Nixi
  • 20/10/08 31/05/09
  • a depositor
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  • Sat, 15/11/2008 - 18:51

I have written to the Times to air the question..


More political progress

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Fri, 14/11/2008 - 13:37

http://uk.reuters.com/article/gc06/idUKTRE4AD3GT20081114

Watch for Icelandic Gov news conference this afternoon.


Dodot analysis.....

  • Ashoker
  • 12/10/08 31/05/09
  • not prepared to answer
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  • Fri, 14/11/2008 - 15:07

Hi Dodot,

Many thanks for the info. Your logic seems very rational and well considered to me. I have always felt too that the issue of IMF approval is central to resolving the current stalemate. Might we know what your professional background is?


Dodot analysis

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Fri, 14/11/2008 - 16:06

I am an accountant! Forgive me, but marginally better than being a banker. Please don't let my profession give you false hope of my competence to draw conclusions. But I do have a lot of faith in the quiet men of PwC and EY.


dodot would you think this is

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 14/11/2008 - 13:42

dodot would you think this is the beginning iof the political solution?


Political solution

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Fri, 14/11/2008 - 13:54

I think it is what we have been hoping for. Icelandic Gov acknowledges it guarantee liability to UK, Dutch and German savers. Those Governments then agree to become part of the IMF led rescue package which enables Icelandic Gov to finance those liabilities. UK unfreezes assets. Then all the administration and liquidation processes can start to work themselves out.

We will not know precisely where we stand until we get to see the balance sheets of KSF UK and IOM, but if indicators are true then there must be a chance of fairly near 100% asset cover to meet depositor liabilities.

It might be too late today for all the dominoes to fall publically, but who knows.

I hope my optimism is not blinding my logic.


Icelandic resistance melts

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Thu, 13/11/2008 - 14:18

From Daily news
13/11/2008 | 12:42

Iceland to Strive for Agreement on Icesave

Icelandic authorities have decided to strive for reaching agreements with British and Dutch authorities in the next few days on how Icesave account holders in these countries, who suffered financial damages when Iceland’s Landsbanki went bankrupt, should be compensated.

According to Morgunbladid, leaders of the Icelandic government believe concluding the Icesave dispute is the only way to have the board of the International Monetary Fund (IMF) accept Iceland’s request for an emergency loan.

Landsbanki's headquarters in Reykjavík. Copyright: Icelandic Photo Agency.

Icelandic authorities have allegedly been under considerable pressure from European Union member states and EU institutions to reach an agreement with Britain and the Netherlands. Apparently, all 27 EU member states share the opinion that Iceland should not receive assistance from the IMF before the Icesave dispute has been settled.

Yesterday, President of the European Commission José Manuel Barroso said in a press conference that Icelandic authorities had to reach agreements with these countries before the EU would consider granting them a loan.

The EU member states disagree with Iceland’s legal argumentations, reasoning that the union’s Deposit Guarantee Schemes Directive must be honored, according to which deposits worth up to EUR 20,887 (USD 26,113) should be secured by the state in which the bank in question is headquartered. Although Iceland is not in the EU, the directive also applies to EEA countries.

The Icesave deposits were the responsibility of Iceland’s Landsbanki, which has now been nationalized, but not the responsibility of foreign daughter companies. According to the EU directive, the Icelandic state should therefore compensate account holders.

Icelandic tax payers may therefore suffer a debt burden of up to ISK 600 billion (USD 4.4 billion, EUR 3.5 billion). However, the EU member states have indicated that if Iceland is prepared to agree to the demands of British and Dutch authorities, they will make sure that the terms of the agreements will not prove too inflictive for Icelandic tax payers.


Hospital confident of 7.5 m - E&Y and FSC claim/dialogue/legal

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 13/11/2008 - 12:19

This is interesting because this hospital has had dialogue with FSC and registered a claim with E&Y.

PWC must be doing the same for us.

....................................................................

South Manchester Reporter

We'll get our money back

13/11/2008

HOSPITAL bosses who have £7.5m – mostly charitable donations – frozen as part of the Icelandic cash crisis say they are confident they will get their money back eventually.

Manchester’s Christie hospital is now registered as a creditor of the Icelandic bank Kaupthing Singer and Friedlander with Ernst and Young, who are managing the institution’s bankruptcy.

And managers of the internationally-renowned cancer unit are also set to submit more evidence to the UK’s Financial Services Compensation Scheme (FSCS) in the hope they will be able to help in the recovery of their cash – most of it which was made up of charity donations from the public.

Christie chiefs say they are confident they will be able to recover the money, but in the meantime it is business as usual and they are pushing ahead with plans to expand, with a new research centre and two new satellite treatment units in Oldham and Salford.

A spokesman for The Christie said: "We are continuing our dialogue with the Financial Services Compensation Scheme (FSCS) about our claim for compensation. This involves work by our legal advisers in discussion with the FSCS legal team.

"In addition to this we have registered as a creditor with the Kaupthing Singer and Friedlander bank’s administrators, Ernst and Young, to confirm our claim for the return of our money.

"We are very grateful for the continued support from everyone, especially our fundraisers. These processes take some time, which can be frustrating when we are all keen to move forward, knowing we will have these funds available.

"It is business as usual for The Christie as we continue to treat patients, raise funds and progress with plans to build our new £17million radiotherapy centres in Oldham and Salford and £35million patient treatment centre on our site."

The hospital invested £7.5m of its £40m savings with the Icelandic bank Kaupthing, Singer and Friedlander in May and July this year and is now unable to withdraw the funds.

As well as placing all new funds with the Treasury, the hospital is also moving the remainder of its savings out of HBOS, Barclays and Bank of Ireland and into a secure government account to safeguard its money.

The Museum of Science and Industry (MOSI) was also hit by the failure of Kaupthing, Singer and Friedlander bank – to the cost of £900,000.

The University of Manchester University and Manchester Met also have £15m invested in Heritable Bank, a British subsidiary of a failed the Icelandic bank.


Glimmer of hope?

  • Yoda
  • 21/10/08 31/05/09
  • unspecified
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  • Thu, 13/11/2008 - 12:35

That would be great wouldnt it?
At least its a glimmer of hope that stuff is going on behind the scenes.


IMF Loan Withheld!

  • Jas III
  • 14/10/08 31/05/09
  • unspecified
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  • Wed, 12/11/2008 - 10:07

Seems our every hope is being thwarted or dashed to pieces.

A report in the FT says that the IMF has withheld official backing for the USD2.1bln loan provision to Iceland. Suspicions are that the delay in approval is caused by disputes over the compensation for Icesave customers in other countries. Help from Norway and Sweden has also been promised although it's contingent on the IMF package and stabilisation plans being in place.


IMF/ICELAND no loan until UK relationship sorted out

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Thu, 06/11/2008 - 13:16

THIS IS WHAT IT ALL ABOUT. And our hopes rest with the resolution of the UK/Iceland dispute.

"Icelandic Daily News 06/11/2008 | 11:26

No IMF Loan until Iceland-Britain Dispute is Solved?

Some European Union member states are said to be of the opinion that Iceland should not be granted a loan from the International Monetary Fund (IMF) until an agreement with Britain in regards to the deposits of Icelandic banks has been reached.

These same EU member states allegedly also believe that Iceland should not be granted a loan from the union’s emergency fund until the dispute surrounding the deposit accounts has been solved, Fréttabladid reports.

Icelandic Committee Members of Parliament of the European Free Trade Association (EFTA) Countries (CMP) said they had been given a clear message in that regard from EU officials during a meeting in Brussels earlier this week.

“I believe that extortion is involved,” said MP for the Left-Greens Árni Thór Sigurdsson, who is on the CMP. “[EU officials] said that a loan from the IMF would not happen unless we reached an agreement with Britain. They have influence in the fund and can set terms like that, which is known as extortion.”

Katrín Júlíusdóttir, an MP for the Social Democrats and chairman for the Icelandic division of the CMP, said Iceland’s representatives on the CMP had pointed out that Iceland intended to respect laws and regulations but that they disagreed with Britain on the interpretation of some legal issues.

Júlíusdóttir said Iceland’s representatives in the committee had also pointed out that there should not be a connection between international financial aid and a dispute on insurance for deposits.

British authorities have offered a loan to the Icelandic state so that Icelandic authorities can honor their obligations to Landsbanki account holders in the UK. However, a prerequisite for such a loan is an agreement with the IMF.

According to Fréttabladid, British Chancellor of the Exchequer Alistair Darling emphasized that a loan to Iceland would not be granted otherwise in an interview with the Dow Jones news agency on Monday.

Icelandic banks Landsbanki and Kaupthing, both of which have now been nationalized, accepted deposits through their subsidiaries in some European countries, primarily in the UK and the Netherlands. Landsbanki’s Icesave is an example of such a subsidiary".


Apparentley IMF loan $2.1 Billion just been granted to Iceland

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 17:06

Apparentley the IMF loan has just been granted to Iceland according to the Herald Tribune. As yet I cannot find what conditions have been atached to the loan.

The decision by the IMF's executive board Wednesday on the two-year loan means Iceland gets access immediately to $833 million. The approval also clears the way for Iceland to receive help from other Nordic nations who have indicated a willingness to provide loans.

Link to News

http://www.ksfiomdepositors.org/node/1303


interesting isn't it, peace

  • expat
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 14/11/2008 - 13:44

interesting isn't it, peace breaks out between IoM and Uk, the Icelandic finacial position begins to see daylight, .................................


That is surely a

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 14/11/2008 - 14:37

That is surely a manifestation of all the work that's been going on behind closed doors between Governments. Frustrating is it is for everyone involved here [and I suspect for a few Governments and Banks] this was never going to be a subject that would be resolved under a Media spotlight, with daily updates in the newspapers.

I have no doubt that the timely formation of our DAG, and the dynamic efforts of the IOM and London Teams, and the barrage of emails sent by the DAG to all and sundry, have all helped to move things along.

But the wheels of Governments grind slowly, and realistically there was never going to be a 7-day resolution leading to "Oops, sorry folks, here's your money."

I remain comfortable that sensible adults are addressing solutions to a multi-national problem, and that our circumstances are firmly on the agenda. But then I can afford the waiting-time: I know there are others who cannot.


It is amusing that they are

  • frog
  • 10/10/08 13/09/09
  • a depositor
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  • Thu, 06/11/2008 - 13:54

It is amusing that they are accusing the IMF of extortion, when they are bank robbers :)

The key thing here is that even if they do what the IMF want, they will only compensate to their agreed minimum, not make good the whole amount. This is only important for the UK government to sort out the paynemts for UK Icesave depositors

These sort of items are a bit distracting as we aren't interested in compensation, just getting our money back. The Icelandic government picked up Kaupthing hf and therefore the debts - which had a parental guarentee to Kaupthing IOM which may or may not have any value, but as the Iceland exposure may only be around £10M (unless they grabbed a huge amount between Oct 1 and 6) is not too relevent.

What is relevent is the cash in the UK and the loan book.


I am all out of sympathy

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 14:02

For Iceland


Radio 4 now

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Thu, 06/11/2008 - 12:38

radio 4 now


What is the programme called

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 14:00

I have tried Radio 4 without sucess what is the programme called please?


Advisers attack life office support on offshore bonds

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 11:03

see NEWS item for LINK

partly reads.......

Premier Wealth Management has criticised offshore bond providers for not adequately supporting advisers as debate continues to rage over providers' disclosure of compensation arrangements covering offshore bonds.

Managing director Adrian Shandley claims that the level of support provided by life offices to IFAs has been "absolutely abysmal" and says the relationship between the two industry sectors is likely to be damaged by recent events.
He says: "These companies need to remember that they will need to get business from IFAs in the future and the way they are behaving and their lack of support will not be forgotten quickly."

Shandley has also warned that the Isle of Man risks losing credibility as a leading offshore jurisdiction unless the local government ensures that money is returned to individuals who have invested in Kaupthing Singer & Friedlander Isle of Man.

He says: "If the Isle of Man does not pull its finger out and get this money back to people, it is going to suffer badly for a long time to come." .......... continues.........


Read the latest statement released by Bassetlaw Council about th

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 10:55

see NEWS item for LINK

part of it reads......

................IT'S 'business as usual' at Bassetlaw Council despite the £8 million invested in the Icelandic banks crash still 'missing'.

The council's deputy leader Terry Yates and director of resources Neil Taylor have issued a joint statement claiming that most of the £8 million will be recovered.

And residents have been re-assured that the council is being proactive in trying to get the council tax payers' money back and added that no-one at the council will be held to account for the loss.

The statement will be placed on the council's website in the hope that it will alleviate residents' fears that the money will be lost forever.

Here is the un-edited statement in full:

"All the 123 councils (almost a third of all authorities in England) affected by the Icelandic bank situation have not lost the money, it is at risk.

Ernst and Young administrators for two of the English subsidiaries Kaupthing, Singer and Friedlander and Heritable, have said that in broad terms, they considered that, the book value of the assets of each of these banks appeared to be of the same order of size as the liabilities.

So once the assets are sold, it is expected that the investments will be repaid. If Ernst and Young had given a different message Bassetlaw would have reacted differently.

Bassetlaw has £3 million invested with the Landesbanki and £2m with the Glitner bank. These are mainland Icelandic banks and this matter is being dealt with by national Government ministers and the treasury.

continues ...

interesting bit about representation of Creditors and expectation of full repayment


Hospice boss wants more help from MPs as financial crisis goes o

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 10:28

see NEWS menu (above) for link

BOSSES at a Hampshire children’s hospice have accused the Government of dragging its feet in helping them recover money caught up in the Icelandic banking crisis.

Naomi House at Sutton Scotney near Winchester had £5.7m – 37 per cent of its assets – in the failed Kaupthing Singer and Friedlander Bank.

Hospice chiefs now say the Government should have done more to warn investors about the looming crisis in Iceland. It has warned that services could suffer if the cash is not recovered soon.

The charity is also upset that it could wait until Christmas to discover how much of its money can be retrieved.

Naomi House chairman Professor Khalid Aziz said: “Naomi House acted responsibly, simply doing what was advised to be prudent.

It now appears that the powers that be knew that problems existed and they chose to remain silent and not to advise us on the impending disaster.

“Now it seems our children may suffer. It is unbelievable that a small charity like Naomi House is to be considered alongside local authorities as professional investors.

“Since Kaupthing Singer and Friedlander Bank was placed in administration at the beginning of October, Naomi House has approached the Government, the Prime Minister, the Treasury and the Secretary of State for Health and the Charity Commission to secure reassurances that the funds would be returned in full.

“All attempts have failed, not one of them has replied giving us any confidence at all.”

Labour Party deputy leader Harriet Harman visited Winchester four weeks ago and was quizzed on the matter.

Appearing on the radio show Any Questions she said charities like Naomi House “would not be left on their own”.

However, the hospice is now warning that some services could be affected.

It includes the ‘hospice at home service’, which operates in Winchester and Basingstoke.

It involves staff caring for children in their homes if their usual carer has to leave at short notice.

One parent affected is Steve Burnage from Southampton, whose two-year-old son, Sam, visits Naomi House.

Mr Burnage said: “Naomi House gives us a lifeline.

“We simply cannot imagine losing the support the hospice gives us.”


Re Sally Magnusson on Radio2 for few mins.

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Fri, 31/10/2008 - 14:09

Jeremy Vine spoke to Sally Magnusson ( whose father Magnus Magnusson was of course from Iceland) about the application of the anti-terrorist laws in UK against Iceland - saying everyone there was "hopping mad" about it and how Landsbanki had been on list with Al Keida (?), D R of Congo, Sudan, Zimbabwe and others. She lost money in Iceland bank too.


BBC radio 2 - Jeremy Vine - NOW - on Iceland

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Fri, 31/10/2008 - 13:51

Iceland crash on radio 2 at the moment. ( listen on line)


not happy litening

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 09:43

This does not make happy listening.
It looks more and more like a hit on the off shore industry.


Its over for the Germans

  • Anonymous
  • Offline
  • Thu, 30/10/2008 - 16:37

Hi all,

after we had been informed about your sister- forum (thx for it), I check also your news.
But now (since 2 h) it looks like the story is over (at least for us).
Since our gouvernment did not make the same effort, like the Austrian one (they got all of the money back), we are on the Fund now. http://fme.is/?PageID=581&NewsID=355
Sorry, that I have nothing better to tell.

Regards
Gaelic

http://kaupthingedge.foren-city.de


RE. re. a darling - thanks for link - fantastic!

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Thu, 30/10/2008 - 14:29

Mike - thanks for posting the link - am listening/watching it now!


Re - a darling - very interesting - wish I had heard that.

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Thu, 30/10/2008 - 11:39

Wish we could have seen/heard that statement from Darling on BBC Parliament this morning refering to "Off Island" etc


Re - a darling - very interesting - wish I had heard that.

  • Mike
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 30/10/2008 - 14:11

You can still watch

http://www.parliamentlive.tv/Main/VideoPlayer.aspx?meetingId=2596&rel=ok

Click on “Watch from the start” and wait for approx 47 minutes and you see/hear that statement from Darling on BBC Parliament this morning referring to "Off Island" etc


Darling on Treasury Questions This Morning

  • harrini1
  • 15/10/08 31/05/09
  • not a depositor
  • Offline
  • Thu, 30/10/2008 - 12:00

Darlings response was to a question posed by Vince Cable, who asked how long the FSA had been in dialogue with Kaupthing prior to its collapse.
Darling did mention that HMG was in discussions with Iceland PM et al to seek assurances that all deposits both UK and international would be honoured but he stated that no such assurances had been forthcoming. I think he mentioned that the IMF were also trying to obtain similar assurances as part of its negotiations.

Someone else (not sure who - cons MP) asked about the use of anti terror legislation to seize assets and wether that was appropriate. Darling responded that it was, in order to protect the interests of UK savers...


To Creditors Kaupthing Resolution Committee

  • C_south_africa
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 28/10/2008 - 18:21

(Siorry... didn't realise there was already comment on this news item - this has already been posted)

Please see just posted interesting News item for link...
http://www.abnnewswire.net/press/en/58606/Kaupthing_Bank_(STO:KAUP)_To_Whom_It_May_Concern.html

Kaupthing Bank (STO:KAUP) To Whom It May Concern
from the Resolution Committee

part of the Resolution committee statement ( as per Asia Business News) says as follows.......

The Resolution Committee of the Bank are pleased to announce the appointment of the UK limited liability partnership of Deloitte & Touche LLP ("Deloitte") to assist with the communication and consultation with all remaining creditors of the Bank, including creditors of its international branches.

It is the Resolution Committee's intention to provide regular update information to all creditors of the Bank through the website www.kaupthing.com/creditorinformation. Deloitte will be assisting the Bank's Resolution Committee to set up an informal committee of creditors representing a broad cross section of financial institutions, international deposit holders, and other creditors. Subject to the creditors' committee members entering into strict confidentiality undertakings, the Resolution Committee, with the assistance of Deloitte, intend to consult with the creditors' committee on plans for realising the assets of the Bank and making payments to creditors. In this regard, direct contact will be made with known creditors of the Bank as soon as possible over the course of the next few days.

Those creditors of the Bank wishing to register their interest in this regard are invited to contact the Bank through the following email address: creditorcontact(?)kaupthing [dot] com

For and on behalf of

The Resolution Committee of the Bank


creditorcontact@kaupthing.com

  • merlin
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 06/11/2008 - 08:43

Cannot get through to the above. Help


Help!

  • Peasant
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 16:46

I found that http://www.kaupthing.com/Creditorinformation/Information-for-creditors** works better than http://www.kaupthing.com/creditorinformation

It is entirely possible that they meant creditor [dot] contact(?)kaupthing [dot] com for the email address not creditorcontact(?)kaupthing [dot] com. Always assuming you intended to email them


a darling

  • Anonymous
  • Offline
  • Thu, 30/10/2008 - 11:31

hi
did anyone see bbc parliament at 1120gmt on 30 oct? darling stated that the IMF loan to Iceland should contain some stipulation that creditors including those "off island" should be taken care of before the loan proceeds. He also stated to another MP that creditors may have to wait until Icelandic problems are solved before being reimbursed. He says talks are still ongoing with Icelandic government and he hoped that all depositors would be treated fairly.


Guardian uk

  • iching555
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 10:50

http://www.guardian.co.uk/money/2008/oct/23/savings-banks

Savers who had £840m deposited with the offshore arm of a failed Icelandic bank today called on the government to help them get their money back.

Around 10,000 people had money deposited with Kaupthing Singer & Friedlander Isle of Man (KSFIOM), a subsidiary of Iceland's biggest bank Kaupthing.

KSFIOM had its banking licence suspended and was placed in provisional liquidation on October 9 after Kaupthing was nationalised by the Icelandic government. There is a further court hearing tomorrow to decide if it will go into full liquidation.

The UK government's pledge to savers that they would not lose money as a result of the Icelandic banking crisis did not extend to customers with cash in their Isle of Man offshoots.

While customers of Icesave have been told they will get back all of their deposits, those with KSFIOM stand to lose anything above the £50,000 covered by the Isle of Man's depositor protection scheme.

Although the word offshore conjures up images of wealthy savers, many of those who held money in the bank are not well-off, as Guardian Money reported at the weekend.

An action group for savers said the only reason many of its members had offshore accounts is that they were unable to open onshore ones, for example if they were living abroad and did not have a permanent UK address.

Only 3% of the KSFIOM Action Group's 1,400 members said they had more than £1m deposited with the bank, while 29% had between £50,000 and £99,999 saved and 19% had between £100,000 and £249,999.

The group is hoping to use a special session of the Treasury Select Committee to grill the chancellor, Alistair Darling, about the assets and to urge him to return them to the Isle of Man as soon as possible, as well as asking him to help the offshore savers.

The committee recently announced it would be holding an inquiry into the causes of the current banking crisis and has asked members of the public to submit questions to be put before the chancellor.


Citywire Article

  • Sign
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 09:39

Another good article today on Citywire by Iain Martin:

"Kaupthing Isle of Man savers remain in limbo
By Iain Martin | 08:37:14 | 24 October 2008
Around 8,000 savers who put cash into Isle of Man-based Kaupthing Singer & Friedlander are still waiting for resolution over the £821 million they deposited with the Icelandic bank with delays expected in a court case on the payment of compensation.
Savers are having to wait for negotiations between the UK, Manx and Icelandic governments to conclude before getting any cash back. A court case which would decide today whether to wind up the bank and trigger compensation payouts was expected to be delayed.
The island’s parliament, the Tynwald, last night approved for £150 million to be pumped into the Manx compensation scheme so savers can be paid back quickly when the scheme kicks in. Savers will be able to recover up to £50,000 from the Isle of Man depositors’ compensation scheme but many had far more than this with the bank.
In extreme cases, some savers fear being made homeless after the bank was caught in the Icelandic banking crisis.
Nurse Dawn Richardson and her 17-year-old daughter will be made homeless by the collapse of Kaupthing. Southampton-based Richardson has been living with family since she was forced to sell her £247,000 home in February when she got divorced.
Richardson deposited her £90,000 share of the sale into Kaupthing in March with the aim of buying a home for her and her daughter in the New Year.
‘I thought this [money] will give me a new start,’ said 52-year-old Richardson, who was also retiring from the National Health Services due to ill health. ‘I will have to go to the council and beg poverty –something I’ve never imagined in my worst nightmares.’
The Isle of Man was Richardson’s first choice because of its security and she needed an offshore account for her long-term plan to retire abroad. ‘Because it was the Isle of Man I thought nothing could go wrong,' she said.
The collapse of Kaupthing has demolished engineer Les Spennett’s plan to convert a water mill in Brittany, France into a home and pay for his retirement by selling electricity back to the national grid.
Spennett was last month forced to open an offshore account with Kaupthing because he could not supply a postal address for UK or French banks after selling his £1 million London home.
‘If we don’t get the money back or the compensation, we will have to come back to the UK with no property, no job, no income,’ said Spennett, who is currently living with a friend in Northumberland. Spennett said there was little chance of selling the uninhabitable mill, which had sat on the market for two years before he bought for £100,000.
Both Richardson and Spennett feel the UK government has to take responsibility for all savers not just those with Icelandic-owned banks on the mainland like Icesave or Kaupthing Edge."

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content...


Times article

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 07:53

Times Article

  • Peasant
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 10:17

I commented on this and received the reply "Thank you for your comment. We cannot guarantee to publish all because of the high volume received."

I doubt the truth of the "high volume" part! From past experience although comments on articles in The Times may appear within a few hours, they seem to be culled out (edited!) after a few days.

Having said that still believe it's useful to keep commenting on them.


no response

  • Anonymous
  • Offline
  • Fri, 24/10/2008 - 10:25

Heh! Lucky Peasant! I wrote and received no response. You are way ahead of me.


KSFIOM HELLO!

  • Anonymous
  • Offline
  • Fri, 24/10/2008 - 10:12

Respond with our usual statement to this article.