German Kaupthing customers to get all their money back - from Kaupthing's assets

Posted 17/04/2009 - 22:04 by julianm

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2009-04-17 (All day)

Kaupthing depositors in Germany are to get all their money back because the parent bank has enough assets to repay them. I've just received an email from the German action group confirming this:

"17 April 2009 - All Kaupthing Edge deposits in Germany to be repaid Kaupthing Edge depositors will receive a letter from the Bank outlining the payment procedure. Customers will have the opportunity to change their contact and account details. Thereafter, the balance of deposits as it was when Kaupthing Edge Germany was placed into moratorium will be repaid."

Iceland had been recently planning to repay 80% of deposits sometime after April, but now it looks like they are getting 100% back.