SAVERS IN KAUPTHING GERMANY TO GET MONEY BACK FROM ICELAND
It would appear that KSF savers in Germany are getting their money back via a deal between Germany and Iceland.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/id...
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Money back for Savers in Germany
As a customer of Kaupthing Germany I can only say that so far there has been a news report stating that German Kaupthing savers may get their money back within days or weeks. It was nothing definite yet. Similar to KSF savers on the IOM we have not received any direct information since accounts were frozen early in October. Myself - after years as a UK resident - find my savings split up between Kaupthing Germany and KSF. It's a bit of a nightmare because it was only in July when I opened those accounts and suddenly I was left with less than GBP 200.- on my current account. I believed in the rating and stability of the Kaupthing banks and now it seems I was double stupid.
Obviously, in order to find a solution a fair bit of politics is involved and I would hope that both the British and German government could realise that ten thousands of disappointed Kaupthing savers could have a decisive effect upon the outcome of future elections.
Even if those respective governments had to put in the money themselves it would not be lost, because - at least in Gemrany - the money would flow back straight into German banks and and help support the situation there. For KSF on the IOM it seems as if a takeover by another bank might be the best solution. Personally, I would wish for Llloyds TSB. However, the situation seems rather complicated.
I am glad that people from the help forums are on the ball. Eventually, we too may consider circling the German and Britih parliaments in protest, holding up pictures of our children. The loss of trust in bankers and politics is already severe. To have people loose their life savings in ordinary savings accounts of modern Western Europe should not let a single politician sleep peacefully.
Icesavers
From the two articles dated yesterday in Icenews it appears that a lot is happening behind the schemes for icesave customers but no mention of our own position even though the UK Govt is supposed to be representing the Isle of Man's interests. Is this an indication of the UK Treasury's indifference to our plight and the Isle of Man in general? As has been reported on this site the German Govt have been negotiating with Iceland regarding resolving the position of Kaupthing's german depositors. How come they can do this but nothing from the UK govt.
www.icenews.is
Iceland to make a deal with germany
I hope HMG takes note of this and stands firm in blocking the loan unless UK AND IOM depositors are likewise protected.
Icesave savers only..
The argument seems to be that existing protection schemes have to be honoured, nothing further, apparently.
Yes I have been thinking the
Yes I have been thinking the same. Icesave, Icesave, Icesave is all we hear. 'Don't know how to take this. Does it mean only Icesave and we have been left out or maybe it should mean when they get sorted, so will we?
But WHY no mention of us? We are a huge part of this story and KSFIOM must be included in any deal!
Icesave etc
Probably little by little; IceSave UK comprised some 320,000 depositors, goodness knows the numbers in Europe, this was really big compared to us. Maybe they get Landsbanki IceSave first, them move towards Kaupthing and finally to the annoying little haven in the Irish sea...
Icesave is good news
Whereas I agree with the general consensus regarding the fact that it all "seems" to be just about Icesave...... there are positives here. The fact that Iceland appear to be negotiating positively about its debts, is good news. The UK knowing that it can (now?) more easily negotiate with Iceland is a positive. The fact that (even if) it appears that only Icesave are being discussed does not mean that we are not. The fact that that if the UK could finally put the Icesave portion of this jigsaw puzzle to bed would be a positive because in a loan/debt way, money that would be "returned" to the UK coffers and can focus more on our issues The very fact that the entire International community is saying to Iceland "deal or no deal" and that they appear to be dealing is another big positive.
So I say therefore this news is good news, any shift in Iceland's previous position is good. It is the start to doors being unlocked (one by one).I know we all really only want to hear about our cause but there is more going on here. Kaupthing is also a very major part of the equation. We are not Internationally forgotten in all this by any means. Does anybody here honestly think (apart from our darkest nightmares) that somehow KSFIoM savers will be the only depositors in the world to lose out. I think not. It's been a very dark, rough and winding road, it will continue to be for a while but today's negotiations seem to be shedding more light on the "International" way forward and other pieces of the jigsaw should fall into place.
Icesave is good news
Yes I agree. Things seem to be calming down internationally.
Our problem needs a political as well as a financial solution so anything that indicates the politician are coming to agreement has got to be good even if KSF IoM is not specifically mentioned.
icesave
icesave was a uk branch. our bank is an iom bank. thats the difference.
Legally Binding Guarantee?
Plus, is the Parental Guarantee legally binding?
Iceland will only pay up what it has to under EU law, they are wiggling out of everything else (it would seem).
And as the IoM is not a
And as the IoM is not a member of the EU, they may well find a cop-out there too...
binding?
It is binding on the parent bank, which is still in existence and indeed is instructing solicitors in London to bring an action against the Treasury.
Elgee, thanks for the info
I am pleased to hear that it is, but we are still not sure of the true extent of its cover are we? I hardly expect the parent Kaupthing hf to hand over £840M 'as it falls due'.