what happened today (14th october)

  • adrienne
  • 10/10/08 13/05/10
  • a depositor
  • Offline
Posted: Tue, 14/10/2008 - 17:37

As the servers been down, it would be great if expat, bblair, monkeyface, occams, etc could give us a brief few lines on key actions and progress? Do we need to assist with funds yet? Suggestions on what we all should be doing?

0
Your rating: None

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Guardian Money

  • grandian
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:12

You may be interested in my response to Rupert, just sent :

Rupert,

thanks for getting back to me. I am reluctant to put my name and face in the media. To be honest i am embarrassed that i put myself in this position. What i have in mind was some publicity to our cause. We have a depositors action group website that has a lot of information on and a lot of depositors stories and plight. http://www.ksfiomdepositors.netgenius.co.uk/. I am sure there are many people on this website that would be more than willing to talk to you. I will take the liberty of putting your detail on the site so that you can be contacted.

I will give you some information about myself and my thoughts on this disastrous event.

I have had an account at KSF IOM for about five years. I opened the account when working overseas in Kazakhstan. I worked there for two years then returned to the UK. I maintained my account from this initial period. I had a little over £200,000 in KSF, mostly on 6 month deposit, with about £13,000 in a current account. I have recently taken a job in Moscow so am living here at the moment.

I transferred the amount in the current account some days before the bank went into administration but although i was assured the transaction would take place it never did, up until the internet site went down. This money is my life savings. I have a 2 year old son and long time girlfriend that are depending on it. I am 43 years old and do not want to start again.

60% of the IOM bank's assets were with the UK based Bank that our friend Gordon Brown seized in panic, thus initiating the chain of events that led to the nationalisation of the Icelandic parent. The UK Government have guaranteed all deposits with the UK entity, the Icelandic Government have guaranteed all deposits held by Icelandic citizens and we depositors in the IOM have been left out in the wilderness with no support. The IOM have increased their deposit cover to £50,000 but this of course does not cover customers like myself with larger deposits. Is the UK government going to use the IOM assets to pay off all the UK depositors. Whilst i sympathise with all savers caught up in this debacle, this seems a little unfair.

Many of my fellow depositors are British and many live in the UK and pay taxes. Some are British Expats living overseas with nest eggs so that they can return to the UK and buy property once their contracts overseas finish. Others used to belong to the Derbyshire Building Society that was purchased by KSF some years ago.

Regards


Guardian Money

  • grandian
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:03

I contacted the Guardian by e-mail to draw attention to our plight. I had £200,000 in KSF IOM when it went down. Attached is the response from Rupert Jones, Deputy Editor Guardian Money. My situation unfortunately prevents me from putting myself forward personally but i urge other site members to contact Rupert so our story gets more press. Good lucjk and fingers crossed.

I was very sorry to hear about what has happened to you. I'm looking at
> this whole situation for an article due to be published on Saturday, and am
> keen to speak to 'victims' of this affair. I would obviously like to
> include your name and a few details about you eg how much you are worried
> you may have lost, roughly where you live etc. Also, if you have a photo of
> yourself that you could send us and that you would be happy for us to
> consider publishing, that would be great! Photos and some personal details
> will help bring the story to life, and hopefully add to the pressure on the
> authorities to sort this whole mess out.
> My direct line here is 020 7239 9587 or you can email me at
> rupert [dot] jones(?)guardian [dot] co [dot] uk
> Thanks, and best wishes
> Rupert Jones
> Deputy Editor, Guardian Money


lets not abuse the Tynwald

  • Thor Halland
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 18:27

Could we please abstain from attacks on the Tynwald.Thanks to their prompt action the guarantee was raised by 35 Grand. I can't see anything that they have done wrong so far.Indeed by calling an emergency session they have shown their commitment to doing something.


Nothing

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 18:41

With all due respect the bunch of shopkeepers playing politics with all our livelyhoods have done sod all to help us so far. Their innane leader has basically implied that the £50k scheme is sufficient when the scheme is potless and hundreds have lost far more. There has been no communication from them to us explaining what they've done or are doing. They can't let us see the guarantee they said they had from Kaupthing Hf. How much less could they do? They are doing a great impression of Emperor Nero at the moment (fiddling while Rome burns) so please spare them any sympathy. If we loose everything then they're going with us...no question.


If we loose everything then

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 18:49

If we loose everything then they're going with us...no question.

Agree entirely, not a threat, its a promise.


Tynwald

  • Grant
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 18:32

We need to know they are doing something.

It's taken members of this board to get questions answered from Iceland so far.

The manx governmant surely should be working harder for us all.

50k is nothing to some depositors here.


Not a Lot

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 18:04

Not a lot happened today, we are unlikely to get more than 50K. Time to grow a moustache and try and get a job at the Tynwald - they take any old muppet.


In fairness, Tynwald and

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 18:43

In fairness, Tynwald and Jersey and Guernsey ALL have the same problem ... a population the size of an average Borough Council in UK, with a very small population pool from which suitable candidates may offer themselves for election .... and then end up trying to run a country in crisis.

I don't envy them one bit.


Tynwald

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 18:42

Yeah they do take any muppet/turkey/chimp. Helps if you have been in Emmerdale for years like the current beau they have leading them!


UK adminstrators meeting

  • frozenrover
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 18:04

Thought this comment was better placed on the "what happened today" link -

The following is a link to the Guardian's site about the amount of money local councils have with Icelandic banks (plural !)

http://www.guardian.co.uk/politics/2008/oct/14/localgovernment-localgove...

Within the article it states -
"Councils have been promised by mid-November an estimate of the level of funds they can expect to get back, to help them plan their budgets.
Eaton said that discussions with the administrators had been "hugely encouraging, the administrators considered that the book value of the assets of each business appeared to be of the same order of magnitude as the liabilities, although it is too early to give exact figures."

This statement raises amongst others, three interesting points -

  1. Will PWC meet with our representatives on the Island and provide us with a similar update
  2. Where does KSFIOM's loan to the UK company rank in terms of repayment when compared to an ordinary depositor ? ie should we get our cash before the councils get it !!
  3. Should we be expecting similar timescales

KSF(IOM) money in UK

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:03

It will almost certainly be classed an an unsecured creditor - i.e. the money will get paid back to KSF(IOM) at the same time as the councils etc.


Lawyers take instructions to recover Kaupthing funds

  • webrooster
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 17:45

On the one hand this sounds

  • Toast8
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 14/10/2008 - 19:15

On the one hand this sounds promising and boy do we deserve some news any news! But we should now be concerned that unless the Manx are bailed out by a loan from say the UK or negotatiate a transfer of undertakings successfully I smell lengthy protracted litigation on the horizon. Of course PWC have to pursue this line of enquiry but surely, surely the politicians can get their acts together and the clock is ticking.