Go Back   Forums @ The Digital Fix > Shopping and Money Forums > Finance Discussion Forum

Notices

Reply
 
Thread Tools Display Modes
Old 04-10-2008, 11:29   #1
Hot Ice
Incoherrent member
 
Hot Ice's Avatar
 
Join Date: Mar 2001
Location: Home County
Posts: 1,622
Thanks: 7
Thanked 2 Times in 2 Posts
Kaupthing Edge being investigated?

Hey folks,

My dad mentioned something to me earlier. He thought he had heard Kaupthing Edge and other Iceland banks were being investigated over their online savings accounts.
Has anyone heard anything about this? Can't seem to find anything on BBC News - just thinking about the money I have saved with them and how safe it is!

Thanks!
Hot Ice is offline   Reply With Quote
Old 04-10-2008, 11:49   #2
walrus2106
Maggot Dangler
 
walrus2106's Avatar
 
Join Date: Mar 2001
Location: On the riverbank
Posts: 784
Thanks: 0
Thanked 1 Time in 1 Post
Irish banks are being investigated after stating that they will offer 100% protection to savings, apparently it goes against EU policy
walrus2106 is offline   Reply With Quote
Old 04-10-2008, 11:57   #3
NicolaUK
Trusted User
 
NicolaUK's Avatar
 
Join Date: Mar 2001
Location: West Sussex
Posts: 31,142
Thanks: 358
Thanked 370 Times in 249 Posts
No doubt if there is problems with Icelandic banks, Norway, Sweden and Finland will help them out. If savings were lost in any European there would be a run on all banks and that would be unthinkable.
NicolaUK is offline   Reply With Quote
Old 04-10-2008, 13:18   #4
farmroad38
Ho hum...
 
farmroad38's Avatar
 
Join Date: Mar 2001
Location: Between the mountains and the sea
Posts: 4,086
Thanks: 179
Thanked 245 Times in 160 Posts
Kaupthing online savings accounts are fully covered by the Financial Services Compensation Scheme, and as such you are covered for any funds up to £35,000 (£50,000 from this Tuesday). Anyway, as Nicola said, it's unlikely that Kaupthing would be allowed to fold as the resulting financial crisis would have catastrophic effects.

Edit: Note, Kaupthing Isle of Man accounts aren't covered in the same way, but I don't have one of those so I'm not sure what their equivalent is.

Last edited by farmroad38; 04-10-2008 at 13:19.
farmroad38 is offline   Reply With Quote
Old 04-10-2008, 14:30   #5
Guest 49495
Trusted User
 
Join Date: Feb 2005
Posts: 1,512
Thanks: 1
Thanked 1 Time in 1 Post
Actually Kaupthing are double covered. Firstly the Icelandic equivalent will cover you, then any difference between their level of cover and the UK £35k (or £50k) will come under the UK system.

the only real danger is if they were to go bankrupt and you needed money fast.
Guest 49495 is offline   Reply With Quote
Old 04-10-2008, 14:33   #6
jpig
Trusted User
 
jpig's Avatar
 
Join Date: Mar 2001
Posts: 6,269
Thanks: 228
Thanked 302 Times in 81 Posts
Isle of Man accounts are protected only for 75% of the total, up to a maximum of £15,000. And even then they pay you out over a series of YEARS. It might be worth checking where some of your accounts are held, as this is not widely publicised.
jpig is offline   Reply With Quote
Old 04-10-2008, 14:59   #7
Guest 23929
Xbox - KaRW/ PSN KaRW1
 
Join Date: Oct 2002
Posts: 22,662
Thanks: 39
Thanked 154 Times in 110 Posts
There was something on the news about Iceland and its banks having more debt than national income or something. Perhaps thats what he heard. I can't remember the details because it was early.

Think this was it -

http://news.bbc.co.uk/1/hi/business/7651313.stm

Last edited by KRW; 04-10-2008 at 15:00.
Guest 23929 is offline   Reply With Quote
Old 04-10-2008, 15:54   #8
NicolaUK
Trusted User
 
NicolaUK's Avatar
 
Join Date: Mar 2001
Location: West Sussex
Posts: 31,142
Thanks: 358
Thanked 370 Times in 249 Posts
Don't panic:

http://news.bbc.co.uk/1/hi/programme...ox/7652519.stm
NicolaUK is offline   Reply With Quote
Old 04-10-2008, 16:30   #9
Hot Ice
Incoherrent member
 
Hot Ice's Avatar
 
Join Date: Mar 2001
Location: Home County
Posts: 1,622
Thanks: 7
Thanked 2 Times in 2 Posts
Cheers peoples!
Can't say I was too worried. Also after reading on the site you are FSA covered. All well and good!
Hot Ice is offline   Reply With Quote
Old 08-10-2008, 09:12   #10
Guest 49495
Trusted User
 
Join Date: Feb 2005
Posts: 1,512
Thanks: 1
Thanked 1 Time in 1 Post
Kauthphing shares have just been suspended (in Sweden).

The Icelandic governement now has no intention of honouring it's obligations with regards to savers overseas. As it stands they would be liable for the first £16k with the UK government liable for the rest up to £50k. Unfortunately that *could* mean you lose all of the first £16k, unless the Badger steps in here as he has with icesave.

Contrary to my own advice yesterday, I've just pulled my money out.
Guest 49495 is offline   Reply With Quote
Old 08-10-2008, 09:24   #11
farmroad38
Ho hum...
 
farmroad38's Avatar
 
Join Date: Mar 2001
Location: Between the mountains and the sea
Posts: 4,086
Thanks: 179
Thanked 245 Times in 160 Posts
Quote:
Originally Posted by SFletch View Post
Kauthphing shares have just been suspended (in Sweden).

The Icelandic governement now has no intention of honouring it's obligations with regards to savers overseas. As it stands they would be liable for the first £16k with the UK government liable for the rest up to £50k. Unfortunately that *could* mean you lose all of the first £16k, unless the Badger steps in here as he has with icesave.

Contrary to my own advice yesterday, I've just pulled my money out.
That's worrying, but not necessarily a problem - I believe RBS shares were suspended at one point yesterday. Worth keeping an eye on though.

However, as chris has just said, and I said in this thread earlier, Kaupthing are fully covered by the UK compensation scheme, so you shouldn't lose anything up to £50k.
farmroad38 is offline   Reply With Quote
Old 08-10-2008, 09:36   #12
Guest 49495
Trusted User
 
Join Date: Feb 2005
Posts: 1,512
Thanks: 1
Thanked 1 Time in 1 Post
Quote:
Originally Posted by farmroad38 View Post
...and I said in this thread earlier, Kaupthing are fully covered by the UK compensation scheme, so you shouldn't lose anything up to £50k.
That's what I thought. Apparently not. I read somewhere this morning, I think it was Peston's blog on the BBC that the UK covers 16-50k. If they choose not to pay the first 16 that does not affect the UK's liability for 16-50. i.e. if you have 17k, you could only get 1k back.

When I find the article I'll post a link.
Guest 49495 is offline   Reply With Quote
Old 08-10-2008, 09:38   #13
farmroad38
Ho hum...
 
farmroad38's Avatar
 
Join Date: Mar 2001
Location: Between the mountains and the sea
Posts: 4,086
Thanks: 179
Thanked 245 Times in 160 Posts
Quote:
Originally Posted by SFletch View Post
That's what I thought. Apparently not. I read somewhere this morning, I think it was Peston's blog on the BBC that the UK covers 16-50k. If they choose not to pay the first 16 that does not affect the UK's liability for 16-50. i.e. if you have 17k, you could only get 1k back.

When I find the article I'll post a link.
No, Kaupthing ARE signed up to the UK Financial Services Compensation Scheme, and as such savings are fully covered. Icesave were signed up to the Passport scheme, where the first 20K euros were covered by the Icelandic FSA (who have now reneged on that deal and said they have no intention of paying out).
farmroad38 is offline   Reply With Quote
Old 08-10-2008, 09:40   #14
Guest 49495
Trusted User
 
Join Date: Feb 2005
Posts: 1,512
Thanks: 1
Thanked 1 Time in 1 Post
Quote:
Originally Posted by farmroad38 View Post
No, Kaupthing ARE signed up to the UK Financial Services Compensation Scheme, and as such savings are fully covered. Icesave were signed up to the Passport scheme, where the first 20K euros were covered by the Icelandic FSA (who have now reneged on that deal and said they have no intention of paying out).
I stand corrected. Quote from http://news.bbc.co.uk/1/hi/business/7657630.stm


ANDREW HAGGER: The Kaupthing website is currently open for business as usual. Kaupthing Edge is a UK bank and regulated by the Financial Services Authority (FSA). This means that if the bank did fail, the first £50,000 would be covered by the UK compensation scheme rather than the split Icelandic/UK arrangement with Icesave.
Guest 49495 is offline   Reply With Quote
Old 08-10-2008, 09:16   #15
Guest 22574
Roar!
 
Guest 22574's Avatar
 
Join Date: Sep 2002
Location: London
Posts: 4,560
Thanks: 17
Thanked 4 Times in 2 Posts
They are fully covered by the UK scheme and not the 'passport' Icelandic con.
Guest 22574 is offline   Reply With Quote
Old 08-10-2008, 09:29   #16
Ste7en
Goin' Home to Satan
 
Ste7en's Avatar
 
Join Date: Oct 2002
Location: Stranded in Chihuahua
Posts: 15,238
Thanks: 1,875
Thanked 333 Times in 247 Posts
http://www.thedvdforums.com/forums/s...d.php?t=518305
__________________
My DVD Collection / My Feedback
Ste7en is offline   Reply With Quote
Old 08-10-2008, 09:31   #17
mjb1975
Blandiblub
 
mjb1975's Avatar
 
Join Date: Feb 2001
Location: Kent
Posts: 12,227
Thanks: 27
Thanked 127 Times in 96 Posts
Well, as much as I wouldn't panic if using KE as a regular savings account, I've pulled mine out as it's my stoozing pot for credit cards so I need regular access to it to make withdrawals. If they went the same way as Icesave - stopping withdrawals - I'd be faily screwed, even if I knew the balance was protected.
__________________
'Haven't you ever practiced on one of your girlfriends?'
mjb1975 is offline   Reply With Quote
Old 08-10-2008, 09:41   #18
Coolio
Trusted User
 
Join Date: Dec 2002
Location: Canada
Posts: 17,700
Thanks: 386
Thanked 250 Times in 185 Posts
ING have just taken over control of all KE accounts. Not sure whether they just use the passport scheme rather than the FSCS.

Cannot login on KE anymore Got 13k floating around in a BACS and 5k stuck in term deposits that they keep forgetting to transfer out to me

Last edited by Coolio; 08-10-2008 at 09:42.
Coolio is offline   Reply With Quote
Old 08-10-2008, 09:43   #19
farmroad38
Ho hum...
 
farmroad38's Avatar
 
Join Date: Mar 2001
Location: Between the mountains and the sea
Posts: 4,086
Thanks: 179
Thanked 245 Times in 160 Posts
Quote:
Originally Posted by Coolio View Post
ING have just taken over control of all KE accounts. Not sure whether they just use the passport scheme rather than the FSCS
Where did you get that from? I read earlier (on the FT Alphaville site) that it was rumoured ING were buying the Icesave deposit book.
farmroad38 is offline   Reply With Quote
Old 08-10-2008, 09:45   #20
Guest 49495
Trusted User
 
Join Date: Feb 2005
Posts: 1,512
Thanks: 1
Thanked 1 Time in 1 Post
Quote:
Originally Posted by Coolio View Post
Cannot login on KE anymore :...(
I can still log in. Try again, the server may just be busy.
Guest 49495 is offline   Reply With Quote
Reply

Bookmarks

Tags
Banks, Credit Crunch, Iceland, Kaupthing Edge

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Fabio Capello being investigated for Tax Fraud boonspoon Sports Forum 11 16-01-2008 17:33
Edge 10 Monitors ? Poop Computing Forum 0 28-02-2007 19:43
Edge of the City Guest 2727 Television Discussion 9 31-08-2004 18:42
Luc Besson investigated over Death Film Discussion 4 05-06-2002 09:47

All times are GMT. The time now is 11:57.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Copyright ©2000 - 2018 Poisonous Monkey Ltd. Part of The Digital Fix Network