Mutley Posted October 9, 2008 Share Posted October 9, 2008 I wonder if there will be any investigation into KS&F? Only 2 days ago they made a statement saying all was well when they obviously knew it wasn't. Surely the Directors would be accountable for deceiving customers? Is there a John Wright in the house? The whole thing started to fall to pieces on Tuesday when the Icelandic government told Alistair Darling that they had no intention of meeting their UK obligations under the depositors protection scheme, which then led to the UK Govt taking control of Landsbanki and Kaupthing subsidiaries in the UK, which in turn led to a technical default yesterday of the main Kaupthing bank in Iceland which has led to the position of KS&F over here. The issue with Kaupthing, which was caused by the actions of the UK Government only really emerged yesterday morning and the Directors of KS&F IOM held a meeting yesterday afternoon and it was decided to wind it up, as technically (and in reality) it's liabilities vastly outnumber it assets and the directors cannot continue the business. If anything the Directors have had the rug pulled from underneath them, rather like the UK directors of Lehman suddenly having no money to continue operations. According to some of the people on the moneysupermarket.com forum KS&F (see below) management must have been aware of what was going on. From personal experience of being part of "the management", they always know more than they would ever admit to and will do anything to protect themselves from criticism or legal pursuit. "Not strictly a reply, but fellow sufferers, here is a very worrying tale. I tried to move a large sum by chaps, instruction sent Sunday 5 Oct for action Monday 6 Oct first thing. Showed as leaving my account Monday, £20 fee debited, but after various emails I had it confirmed to me that the money was only actually "released" at 7.23am on Tues 7 by "Singer and Friedlander in London". I have an email from one of the Edge team confirming this. Given the money did not arrive in my UK Nationwide account I pushed to find out more, and even had the Kaupthing Edge team read out to me the "MT103" screen which, I was told, confirms the money having gone into the CHAPS clearing system, but alas, nothing has ever arrived at Nationwide in the UK as of yet. I pushed for more information, and was told that the Edge IoM team use HSBC as correspondent bank to do their chaps, as does Nationwide in the UK. The Nationwide CHAPS team were very helpful in contacting HSBC to "look" for the chaps, given HSBC was supposed to be clearing for both sides, but according to HSBC a chaps for this amount never existed in the system. Hugely worrying, because I think this shows that the KSF IoM could not even get the short term funding (or have enough deposits) needed to transact these withdraws as early as Monday morning - i.e. its deposit base had already headed back to the parent in Iceland, or evaported last week." Link to comment Share on other sites More sharing options...
Slim Posted October 9, 2008 Share Posted October 9, 2008 But B4ambi Jersey has a deposit base of £100bn do you think by any stretch of the imagination that a government worth tuppence hapenny is ever going to come good on it? I read your post a few back and I have great sympathy for your position BUT you can't assume that your money would be safe if it was in Jersey. They cannot afford to back anything, they have less money than we do in reserve. Jerseys proposed guarantee is for local savers only. Not a great message to send to your non resident customers is it? Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 9, 2008 Share Posted October 9, 2008 But B4ambi Jersey has a deposit base of £100bn do you think by any stretch of the imagination that a government worth tuppence hapenny is ever going to come good on it? I read your post a few back and I have great sympathy for your position BUT you can't assume that your money would be safe if it was in Jersey. They cannot afford to back anything, they have less money than we do in reserve. Jerseys proposed guarantee is for local savers only. Not a great message to send to your non resident customers is it? I missed that . Agreed - kicking all your expat account holders in the balls is not the way to do it. Have they taken lessons from the Iceland parliament? Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 The DOW finishes down over 670 points....the UK freezes assets of Icelandic companies....this is set to run and run. I am not prone to panic Mr Mainwaring but how does this downward spiral be halted.... Link to comment Share on other sites More sharing options...
ccm Posted October 9, 2008 Share Posted October 9, 2008 It's at times like this we need to smile ...maybe a song would cheers up investors .... ....Kaupthing ..... ...der der ...deerrr der .....der der ... ...you made my heart sink ..... ...you took EVERYTHING..... ....Kaupthing ...... A little play on words there but hopefully may bring the odd smile to an otherwise sullenly-looking face Link to comment Share on other sites More sharing options...
b4mbi Posted October 9, 2008 Share Posted October 9, 2008 Jersey have backed their local depositors 100% in case of bank failure... IoM politicians where are you? But B4ambi Jersey has a deposit base of £100bn do you think by any stretch of the imagination that a government worth tuppence hapenny is ever going to come good on it? I read your post a few back and I have great sympathy for your position BUT you can't assume that your money would be safe if it was in Jersey. They cannot afford to back anything, they have less money than we do in reserve. cheers sultan. It's only trying to create political pressure for the IoM to look after it's own. If Jersey politicians can say it (regardless of whether they can make good), UK can do it, it is politically very embarassing for the IoM position not to do anything more than £50k for its local residents... think me, like everyone else with cash there is clutching at straws at the moment... Link to comment Share on other sites More sharing options...
Mutley Posted October 9, 2008 Share Posted October 9, 2008 Answer me this... If you have money in a HSBC branch in IOM and HSBC goes the way of KS&F which scheme are you "covered" by? Would it be the UK scheme as that's where the parent is or would it be the IOM scheme? Link to comment Share on other sites More sharing options...
molly Posted October 9, 2008 Share Posted October 9, 2008 It's at times like this we need to smile ...maybe a song would cheers up investors .... ....Kaupthing ..... ...der der ...deerrr der .....der der ... ...you made my heart sink ..... ...you took EVERYTHING..... ....Kaupthing ...... A little play on words there but hopefully may bring the odd smile to an otherwise sullenly-looking face That fucking hilarious. i shall show my mother who has potentially lost her entire lifes savings. Link to comment Share on other sites More sharing options...
kevster Posted October 9, 2008 Share Posted October 9, 2008 Answer me this... If you have money in a HSBC branch in IOM and HSBC goes the way of KS&F which scheme are you "covered" by? Would it be the UK scheme as that's where the parent is or would it be the IOM scheme? If your account is with the IoM branch - you are covered by the IoM scheme. Link to comment Share on other sites More sharing options...
GD4ELI Posted October 9, 2008 Share Posted October 9, 2008 After reading through http://www.moneysupermarket.com/community/...spx?PageIndex=1 I don't think anyone who is non-resident and has half a brain cell functioning will invest one penny in an IOM institution. I have accounts on the Island, I've made every financial mistake it's possible to make but so far I have never lost money due to a banking failure. If the Isle of Man Bank collapses they'll all be on the first boat. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 9, 2008 Share Posted October 9, 2008 If the Isle of Man Bank collapses they'll all be on the first boat. If the Isle of Man Bank collapses then we will all have bigger things to worry about then just our lost savings...... Link to comment Share on other sites More sharing options...
kevster Posted October 9, 2008 Share Posted October 9, 2008 If the Isle of Man Bank collapses they'll all be on the first boat. The Isle of Man Bank is just Nat West in a local suit. And Nat West is a sub division of Royal Bank of Scotland. Link to comment Share on other sites More sharing options...
GD4ELI Posted October 9, 2008 Share Posted October 9, 2008 If the Isle of Man Bank collapses they'll all be on the first boat. The Isle of Man Bank is just Nat West in a local suit. And Nat West is a sub division of Royal Bank of Scotland. But they are not sending all the dosh to the UK at the end of play each day. Link to comment Share on other sites More sharing options...
pongo Posted October 9, 2008 Share Posted October 9, 2008 Wondering if anyone can advise - we have also invested a large part of our life savings in Isle of Man KSF, but we have done so through a Skandia (isle of man) life insurance policy or 'wrap'. According to Skandia, this means that we are not able to claim as depositers under the Isle of Man compensation scheme even though we have lost everything. We will simply have to hope that Skandia can recover some of our cash when KSF assets are sold off. Does anyone know if we have any come-back on this? http://www.moneysupermarket.com/community/...px?PageIndex=10 Link to comment Share on other sites More sharing options...
GD4ELI Posted October 9, 2008 Share Posted October 9, 2008 If the Isle of Man Bank collapses then we will all have bigger things to worry about then just our lost savings...... Such as where to string up the MHK's and similar droids. Link to comment Share on other sites More sharing options...
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