Icesave Up Sh*t Creek - Expats In Trouble?

[Naam]

Iceburgs are quite dangerous. you don't believe it? go and ask the captain of the Titanic!

[JimsKnight]

Latest update!

Well my escape pod never made it. Despite being processed and on its way to the Halifax it never even arrived.

I re-checked my Icesave account and my worst fears were confirmed there was the money all back in the cage like an escaped POW caught at the swiss border!

The transaction history says:

6 Oct 08 - £35k out. PROCESSED

Then two days later

8 Oct 08 - £35k in. CORRECTION!

I guess CORRECTION is the new term for stealing money in the banking world!

So it seems they've issued BACs recalls on moneys being withdrawn even before they officially 'closed' the bank.

Well guys, I guess I'm joining the long queue for the government compensation. Much as it galls me to do.

In hindsight I should of chosen a CHAPS payment and it would of missed the recall, but at the time I figured it wasn't going under till later in the week.

Glad I only had a portion of my cash with them!

Now its the waiting game, Friday is the day when they announce the bail-out plan details.

Uncharted waters I'm in now!

[BalthazarBeefheart]

I remember a few posts on here a while back saying that anyone who took less interest from holding accounts with the larger more boring banks was in short pretty stupid. I must admit that I hold cash with some of the bigger more boring banks and have in turn looked at all these good offers from Iceland, Ireland, you name it. Only to pass them all up. My reasoning was that when it got to the end of the year, you were going to have to put an awful lot of money into one of these accounts to be worth it.

These banks are in fact now following a pattern, which is they have all at some time come at the top in a search at moneysupermarket.com for high interest rates. In which case my prediction for the next one to go has to be Anglo Irish.

They are all still up there or have been at some time, Landsbanki, B&B, HBOS, Northern Rock, Kaupthing et al.

Somehow I can see the Irish being the next to go.

Somehow I can agree! I've changed my opinion on these things over the past few days and have now decided to shy away from AIB.

Yes I think you made a wise decision there - this article helped sway me http://www.independent.ie/business/irish/a...ck-1418369.html

Cheers BB

[Naam]

UK seizes assets of Icelandic companies:

Kaupthing – among Britain's 20 largest banks – became the third financial institution to be taken over by the Icelandic government this week, after Chancellor Alistair Darling seized its UK operation on Tuesday and ruled out help through the bail-out.

Sigurdur Einarsson, the bank's chairman, said the seizure of the UK arm directly led to the collapse of the entire group. "It is very sad, unfortunate and disappointing," he said.

Meanwhile a fierce diplomatic row broke out between the UK and Iceland with Prime Minister Gordon Brown accusing Iceland of "completely unacceptable" behaviour by not recompensing UK savers in the failed Icesave bank. Mr Brown said he is freezing assets of Icelandic companies in the UK as a result.

Mr Einarsson said that Kaupthing wanted to take part in the UK government's rescue plan, but was rebuffed – the catalyst for its collapse just hours later.

"We are not Barclays, HBOS or Lloyds TSB, but I believe we are the twelfth largest bank in the UK and we were not allowed to participate in the rescue plan. We asked and the answer we got was a firm no," he said.

He added that a "significant number" of Kaupthing's 30,000 shareholders were British investors, whose stakes were wiped out when the Icelandic government put the bank into receivership yesterday.

The bank's high-profile investor clients have included entrepreneur Robert Tchenguiz, chef Gordon Ramsay and property developers, the Candy Brothers.

Around 800 jobs are now at risk at the failed UK arm, Kaupthing, Singer and Friedlander, including workers in the Isle of Man, Surrey, Glasgow and Birmingham.

"It's an absolutely ridiculous situation," Mr Einarsson added. "I could blame the UK Chancellor, the Icelandic Chancellor or the financial regulators, but it doesn't help anyone."

Asked about Kaupthing's request to be helped under the terms of the bail-out package, a Treasury spokesman said it believed the bank was "not in a position to continue to operate".

Britain's involvement in the failure of Kaupthing descended into a diplomatic row after the Icelandic Prime Minister expressed his displeasure at the "not very friendly" attitude shown by UK authorities.

The Treasury made use of anti-terrorist laws to seize Kaupthing, Singer & Friedlander to ensure the stability of the UK financial system and to protect the interests of depositors and taxpayers.

Asked whether relations with Britain had plunged to a new low, Mr Haarde said: "For some moments this morning, yes, when I realised terrorist laws were applied against us."

However Mr Brown told BBC TV: "What happened in Iceland is completely unacceptable. I've been in touch with the Icelandic prime minister, I've said that this is effectively illegal action that they've taken." Mr Haarde insisted relations were improving since a cordial phone call with Mr Darling confirmed finance ministers from both countries would meet to discuss their differences at an IMF meeting this weekend.

Mr Haarde urged people to have confidence in the remaining Icelandic companies that employ 100,000 workers in the UK.

Earlier this week the Icelandic regulator took over two other large banks – first Landsbanki on Tuesday and then Glitnir on Wednesday.

source: http://www.telegraph.co.uk/finance/busines...Government.html

[LaoPo]

UK seizes assets of Icelandic companies:

Kaupthing – among Britain's 20 largest banks – became the third financial institution to be taken over by the Icelandic government this week, after Chancellor Alistair Darling seized its UK operation on Tuesday and ruled out help through the bail-out.

Sigurdur Einarsson, the bank's chairman, said the seizure of the UK arm directly led to the collapse of the entire group. "It is very sad, unfortunate and disappointing," he said.

Meanwhile a fierce diplomatic row broke out between the UK and Iceland with Prime Minister Gordon Brown accusing Iceland of "completely unacceptable" behaviour by not recompensing UK savers in the failed Icesave bank. Mr Brown said he is freezing assets of Icelandic companies in the UK as a result.

Mr Einarsson said that Kaupthing wanted to take part in the UK government's rescue plan, but was rebuffed – the catalyst for its collapse just hours later.

"We are not Barclays, HBOS or Lloyds TSB, but I believe we are the twelfth largest bank in the UK and we were not allowed to participate in the rescue plan. We asked and the answer we got was a firm no," he said.

He added that a "significant number" of Kaupthing's 30,000 shareholders were British investors, whose stakes were wiped out when the Icelandic government put the bank into receivership yesterday.

The bank's high-profile investor clients have included entrepreneur Robert Tchenguiz, chef Gordon Ramsay and property developers, the Candy Brothers.

Around 800 jobs are now at risk at the failed UK arm, Kaupthing, Singer and Friedlander, including workers in the Isle of Man, Surrey, Glasgow and Birmingham.

"It's an absolutely ridiculous situation," Mr Einarsson added. "I could blame the UK Chancellor, the Icelandic Chancellor or the financial regulators, but it doesn't help anyone."

Asked about Kaupthing's request to be helped under the terms of the bail-out package, a Treasury spokesman said it believed the bank was "not in a position to continue to operate".

Britain's involvement in the failure of Kaupthing descended into a diplomatic row after the Icelandic Prime Minister expressed his displeasure at the "not very friendly" attitude shown by UK authorities.

The Treasury made use of anti-terrorist laws to seize Kaupthing, Singer & Friedlander to ensure the stability of the UK financial system and to protect the interests of depositors and taxpayers.

Asked whether relations with Britain had plunged to a new low, Mr Haarde said: "For some moments this morning, yes, when I realised terrorist laws were applied against us."

However Mr Brown told BBC TV: "What happened in Iceland is completely unacceptable. I've been in touch with the Icelandic prime minister, I've said that this is effectively illegal action that they've taken." Mr Haarde insisted relations were improving since a cordial phone call with Mr Darling confirmed finance ministers from both countries would meet to discuss their differences at an IMF meeting this weekend.

Mr Haarde urged people to have confidence in the remaining Icelandic companies that employ 100,000 workers in the UK.

Earlier this week the Icelandic regulator took over two other large banks – first Landsbanki on Tuesday and then Glitnir on Wednesday.

source: http://www.telegraph.co.uk/finance/busines...Government.html

There's something very dirty thing going on with those ICELAND banks; whether Kaupthing, Landsbanki or Glitnir.

Only a few families and Billionaires are controlling everything.

There are 2 brothers pulling some strings, Lýdur Gudmundsson and Águst Gudmundsson, in stakes they hold through Dutch Holding companies (Bakkavör Group and Exista) in Kaupthing Bank.

http://www.euroinvestor.co.uk/news/shownew...storyid=9993141

http://www.timesonline.co.uk/richlist/pers...,,47001,00.html Gudmundsson Brothers' GBP 1,2 Billion Fortune

On 10.10.2008 (!) the Gudmundsson brothers acquired (why, one could ask ?) 39.629% of total share capital of Bakkavör Group from Exista.

Now.....the funny thing is that Exista B.V. - Holland holds a major stake in Kaupthing Bank (who's assets are now seized by the British Government). An even funnier (well...funny?) thing is that Exista is also owned for a major part (47%) by....right! the Gudmundsson Brothers.

https://newsclient.omxgroup.com/cdsPublic/v...essageId=321735

http://64.233.183.104/search?q=cache:dOovm...lient=firefox-a

describing him:

"Lydur Gudmundsson - United Kingdom

Executive Chairman of Exista hf. ...

Born in 1967

Member since 2008

Vice-Chairman of Kaupthing Bank hf.

Executive Chairman of Exista hf.

Chairman of the Board of Bakkavör Group hf., and Chairman of the Board of Skipti hf. (Iceland Telecom).

Member of the Board of Directors of Sampo plc., Member of the Board of Representatives of Storebrand ASA.

Employment experience: Lýdur founded Bakkavör Group in 1986. Since that time he has, together with his brother Ágúst Gudmundsson, managed Bakkavör Group's operations and growth. In recent years, Lýdur has led the development of Exista, the international financial services group listed on the NASDAQ OMX Nordic Exchange."

with a photo of Lýdur Gudmundsson born 1967.

I have a feeling that the Gudmundsson brothers aren't feeling too happy nowadays, living in the UK...

Bakkavör Group http://www.bakkavor.is/about/directors/

Can you still follow it ? I hardly can....

LaoPo

[LaoPo]

Meet Mr. ICESAVE

Iceland Billionaire Björgólfur Guðmundsson, 67

http://en.wikipedia.org/wiki/Bj%C3%B6rg%C3...u%C3%B0mundsson

1. father of (son, LP) billionaire Björgólfur Thor Björgólfsson (or: Thor Bjorgolfsson) -who became a Billionaire before his father did - ***

2. former football player, furniture packer and law student

3. recovering alcoholic of 30 years

4. sentenced to 12 months in prison; suspended for 2 years, for bookkeeping offences, having faced around 450 charges

5. co-founded Bravo Brewery in Russia and sold it for $ 400 Million to Heineken; there is a mysterious story about this sale; see below****

6. Co-buyer of football club West Ham United.

7. # 1014 on Forbes' richest list with a fortune of $ 1,1 Billion

8. "He's the real thing" - http://www.guardian.co.uk/football/2007/se...wsstory.sport10

*** Thor Bjorgolfsson http://en.wikipedia.org/wiki/Bj%C3%B6rg%C3...6rg%C3%B3lfsson

http://www.forbes.com/lists/2007/10/07bill...fsson_229H.html 40 years - # 249 on Forbes Richest List with $ 3.5 Billion

Mr. Icesave's son, Billionaire THOR BJORGOLFSSON

BJORGOLFUR THOR BJORGOLFSSON

Icelandic, 41, worth $3.5 billion (£2.25 million)

The youngest entry on this list owns homes in Romania, Scandinavia, Spain and Turkey as well as London where he lives with his film producer girlfriend. Co-founded Bravo brewery in Russia and sold its Botchkarov brand to Heineken in 2002. Used that profit to invest in a Bulgarian telecommunications company and Icelandic pharmaceuticals company.

**** "Is Russian mafia financing Icelandic expansion abroad?"

Griffiths (Ian Griffiths (http://www.guardian.co.uk) finds the rags to riches story of three Icelanders in post-communist Russia incredible. While their competitors in St. Petersburg's mafia-ridden brewing business were being murdered or having their factories mysteriously burned down during the 1990's, Björgólfur Thor Björgólfsson, Björgólfur Guðmundsson and Magnús Thorsteinsson escaped not only unscathed out of Russia but also, they claim, with piles of money after selling their Bravo International brewery to Heineken for USD 400 million in 2002.

Returning to Iceland in 2002, the threesome purchased a controlling share in state bank Landsbanki in a controversial sale.

Griffiths points out that inflows of foreign capital into Iceland from the offshore centers Luxembourg and the Channel Islands, where Landsbanki has subsidiaries, grew substantially from 2002 to 2003. He also observes that Icelandic "predators" bought GBP 894 million worth of British companies last year, up from only GBP 26 million in 2002. Meanwhile in Iceland, Landsbanki and affiliated parties have engaged in several takeovers and acquisitions, and the Icelandic stock index, ICEX-15, has risen by almost 300 per cent.

From: http://www.icelandreview.com/icelandreview...w_0_a_id=139588

LaoPo

[LaoPo]

Update on ICESAVE:

The Netherlands and Iceland have reached an agreement about the (ca. 120/125.000) Dutch clients' deposits they had with Icesave (Landsbanki) for a total of € 1,7 Billion.

Iceland's Government has guaranteed it will pay back a maximum of € 20,887 per client; everything above that amount will be paid back by the Dutch government up to an amount of € 100.000, if necessary.

The Netherlands has agreed to submit a loan to Iceland in order to allow them to pay back the Dutch Icesave clients....

The world upside down if you ask me but at least the clients will have their money back and the interest bearing loan has to be paid back by the citizens of Iceland...in the end.

LaoPo

[Naam]

Update on ICESAVE:

The Netherlands and Iceland have reached an agreement about the (ca. 120/125.000) Dutch clients' deposits they had with Icesave (Landsbanki) for a total of € 1,7 Billion.

Iceland's Government has guaranteed it will pay back a maximum of € 20,887 per client; everything above that amount will be paid back by the Dutch government up to an amount of € 100.000, if necessary.

The Netherlands has agreed to submit a loan to Iceland in order to allow them to pay back the Dutch Icesave clients....

The world upside down if you ask me but at least the clients will have their money back and the interest bearing loan has to be paid back by the citizens of Iceland...in the end.

LaoPo

that's what i call swift and appropriate action!

[LaoPo]

Update on ICESAVE:

The Netherlands and Iceland have reached an agreement about the (ca. 120/125.000) Dutch clients' deposits they had with Icesave (Landsbanki) for a total of € 1,7 Billion.

Iceland's Government has guaranteed it will pay back a maximum of € 20,887 per client; everything above that amount will be paid back by the Dutch government up to an amount of € 100.000, if necessary.

The Netherlands has agreed to submit a loan to Iceland in order to allow them to pay back the Dutch Icesave clients....

The world upside down if you ask me but at least the clients will have their money back and the interest bearing loan has to be paid back by the citizens of Iceland...in the end.

LaoPo

that's what i call swift and appropriate action!

Yes it was.

It's now known that a Province in The Netherlands had € 5 Million invested with Lehman brothers...they're looking into the matter if there is a possibility to get some money back..

It's also known that about 12 Dutch councils (villages/small cities) had € 58 Million invested in ICESAVE.

The UK has a bigger problem as there are some 300,000 people who had money stashed with ICESAVE and about 100 councils for an amount of GBP 842,5 (€ 1,070 Million).

I find it absurd that councils were/are allowed to 'play' with communal/tax money outside their own country.

If private people/investors do that it's their own risk but councils....?

Note: those private investors should applaud their own governments for paying them back (with money from OTHER taxpayers !). Where on earth can you get your money back if you invest/stash with stupid funds/banks/insurers etc. -just to get a bit more interest/profit- ?

LaoPo

[lannarebirth]

I find it absurd that councils were/are allowed to 'play' with communal/tax money outside their own country.

If private people/investors do that it's their own risk but councils....?

I agree. Governments both large and small, should have to eat their own cooking.

Note: those private investors should applaud their own governments for paying them back (with money from OTHER taxpayers !). Where on earth can you get your money back if you invest/stash with stupid funds/banks/insurers etc. -just to get a bit more interest/profit- ?

I wonder if they can get their government to pay them back for a Nigerian scam? A percentage of payback as a goodwill gesture perhaps, but guarteeing the deposits of a reckless foreign bank? Reeks of one world government. I'm not saying that's good or bad, only that it wasn't apparently in existance before this started.

[Alex8]

Iceburgs are quite dangerous. you don't believe it? go and ask the captain of the Titanic!

Sorry Naam, a bit off topic, I know, but iceburgs are not dangerous. If you leave them alone they will not attack, they are quite docile. No iceburg leapt out of the water and launched itself furiously at the bows of the Titanic. The Titanic was sunk but a lazy smug captain and crew.

[Naam]

Iceburgs are quite dangerous. you don't believe it? go and ask the captain of the Titanic!

Sorry Naam, a bit off topic, I know, but iceburgs are not dangerous. If you leave them alone they will not attack, they are quite docile. No iceburg leapt out of the water and launched itself furiously at the bows of the Titanic. The Titanic was sunk but a lazy smug captain and crew.

you overlooked my little leg pulling Alex which was directed at the spelling of "iceberg"

[TopDogger]

With all these banking crises, I'm in the fortunate (?) situation of not having to worry about anything because I have no money...

8 years ago I was a sterling millionaire (for a short period).

Funny how things can change so much - I'm still happy with life though

When did you arrive in Thailand, around 8yrs ago?

[lazygourmet]

Thomas L. Friedman inI.H.T. today.

[LaoPo]

Thomas L. Friedman inI.H.T. today.

Lazy journalist, this Mr. Friedman, as he just reports about the UK side of the story (and not the Dutch one) and he doesn't even mention the crooky few families from Iceland who caused this debacle:

http://www.thaivisa.com/forum/Icesave-Sht-...86#entry2267786 and following posts.

Lazy and lousy journalist.

LaoPo

[LaoPo]

Thomas L. Friedman inI.H.T. today.

Lazy journalist, this Mr. Friedman, as he just reports about the UK side of the story (and not the Dutch one) and he doesn't even mention the crooky few families from Iceland who caused this debacle:

http://www.thaivisa.com/forum/Icesave-Sht-...86#entry2267786 and following posts.

Lazy and lousy journalist.

LaoPo

Only hours later I realized the article was written by the Thomas Friedman, journalist/columnist of the New York Times and Pulitzer Prize winner.

I'm even more disappointed that a great visionaire and intellectual like him wrote such an article without surfacing any deeper insight as to WHO was responsible for the Iceland Banking crisis; as if he had obligations to write it but didn't have the time and power to do so.

He just used the crisis on Iceland as a hop to talk about globalization.

LaoPo

[endure]

Note: those private investors should applaud their own governments for paying them back (with money from OTHER taxpayers !). Where on earth can you get your money back if you invest/stash with stupid funds/banks/insurers etc. -just to get a bit more interest/profit- ?

Why should they applaud anyone? They're covered by the Financial Services Compensation Scheme of which Icesave and Kaupthing Edge were members. Why shouldn't they put their money into accounts which, as far as they were aware, were no different to any other bank account in the UK?

[LaoPo]

Note: those private investors should applaud their own governments for paying them back (with money from OTHER taxpayers !). Where on earth can you get your money back if you invest/stash with stupid funds/banks/insurers etc. -just to get a bit more interest/profit- ?

Why should they applaud anyone? They're covered by the Financial Services Compensation Scheme of which Icesave and Kaupthing Edge were members. Why shouldn't they put their money into accounts which, as far as they were aware, were no different to any other bank account in the UK?

1. for getting their money back. If one is so greedy to stash cash on a foreign bank account, promising a little more interest than local country banks, one should applaud their governments for promising to pay them back (above the first € 20K which is to be collected by the saver on Iceland.... - don't know about the UK though).

2. I don't know about the UK, but in The Netherlands the (government) guaranteed sum was raised from € 20,000 up to a maximum of € 100,000 just before the ICESAVE collapse.

3. ICESAVE was granted a permission to work on Dutch soil by the Central Bank in May 2008 under the condition that a MAXIMUM of € 500 Million was to be ''taken'' from the -savings- market. That amount was reached in 2 weeks after which they should have stopped. They didn't stop and even refused to take steps to stop advertising and they continued to do so deep into late September, early October.

In this 5 month period: May>>>October they lured 110/120,000 people in Holland.....all eager to get that little more in interest. That's why I wrote they should applaud their governments.

Many people are lucky that the government raised the guaranteed sum from € 20 to € 100k.

LaoPo

[endure]

Note: those private investors should applaud their own governments for paying them back (with money from OTHER taxpayers !). Where on earth can you get your money back if you invest/stash with stupid funds/banks/insurers etc. -just to get a bit more interest/profit- ?

Why should they applaud anyone? They're covered by the Financial Services Compensation Scheme of which Icesave and Kaupthing Edge were members. Why shouldn't they put their money into accounts which, as far as they were aware, were no different to any other bank account in the UK?

1. for getting their money back. If one is so greedy to stash cash on a foreign bank account, promising a little more interest than local country banks, one should applaud their governments for promising to pay them back (above the first € 20K which is to be collected by the saver on Iceland.... - don't know about the UK though).

They weren't foreign banks. They were banks licensed to operate in the UK and were part of the UK FSCS guarantee scheme in the same way that all British banks are. They were sufficiently well regarded that several UK local council treasury departments (run by finance professionals) put money into them and the UK government recommended that public bodies put their money into them. With these recommendations why should the ordinary man in the street not believe them to be safe? As usual it's the 20-20 hindsighters saying 'we told you so'.

[LaoPo]

Note: those private investors should applaud their own governments for paying them back (with money from OTHER taxpayers !). Where on earth can you get your money back if you invest/stash with stupid funds/banks/insurers etc. -just to get a bit more interest/profit- ?

Why should they applaud anyone? They're covered by the Financial Services Compensation Scheme of which Icesave and Kaupthing Edge were members. Why shouldn't they put their money into accounts which, as far as they were aware, were no different to any other bank account in the UK?

1. for getting their money back. If one is so greedy to stash cash on a foreign bank account, promising a little more interest than local country banks, one should applaud their governments for promising to pay them back (above the first € 20K which is to be collected by the saver on Iceland.... - don't know about the UK though).

They weren't foreign banks. They were banks licensed to operate in the UK and were part of the UK FSCS guarantee scheme in the same way that all British banks are. They were sufficiently well regarded that several UK local council treasury departments (run by finance professionals) put money into them and the UK government recommended that public bodies put their money into them. With these recommendations why should the ordinary man in the street not believe them to be safe? As usual it's the 20-20 hindsighters saying 'we told you so'.

Well, they were and still are foreign banks (now nationalized by Iceland***) WITH a UK and/or Dutch banking license. The deposited money left the country straight away to Iceland and was re-invested (or not...what do we know ?).

But yes, I agree they were allowed to operate with an A rating (given by whom ?...Moody's - Fitch - Standard & Poor's ? ALL Private Credit Rating agencies in the US who are ALSO responsible of over-rating the subprime toxic loans) by the Central Banks in London and Amsterdam.

But, if someone has to take responsibility it's also the Central Banks who should have taken their guard role more serious. Instead they took Iceland's Central Bank calming words (in the period July-September) for granted.

And about the councils: it's the same greed as with private investors, instead old fashioned banking with local A, AA or triple AAA banks; small minded financial bookkeepers who tried to impress their superiors and playing with community money.

You mentioned "run by financial professionals"; I'm sorry but disagree here with you. If they were so professional they would never have invested MORE than the Central Bank would have guaranteed !

Maybe you are unaware of it, but especially councils and other public entities (like a nuclear powerplant in Holland or a Province which invested € 100 Million (!) with ICESAVE) can also invest/deposit their surplus money with the Central Bank in either London or Amsterdam....maybe for a smaller interest but SAFE and FULLY GUARANTEED!

So, I do not consider those people finance professionals. I call them risky investors, risking community money....a lot of it.

*** Iceland is now to be saved itself by the IMF, Japan and a consortium of Scandinavian banks; if not, the country will slide into a severe depression. Iceland businesses and private people cannot even have access to foreign money anymore; they can't pay or receive money. It's a disaster. But, that's aside.

LaoPo

[henryalleman]

I was warned on Saturday that Icelands banks had really gone in over their head on the borrowing and mortages side of things.

So heeding this I pulled about nearly 50,000 Euros out.

It was 'processed' on the Monday (yesterday).

I gets a phone call at 1000 hrs today telling me the 'news' bombshell:

http://business.timesonline.co.uk/tol/busi...icle4898553.ece

I check Icesaves website which confirms everyones worst fears:

http://www.icesave.co.uk/

My moneys not even hit the otherside yet and I'm fearing it might be in a limbostate somewhere.

My Icesave account transaction history, reassuringly says its been 'processed'

What about the other expats out there? I would think that they'd be having kittens if they are relying on interest from this type of account!

Anyone affected by this in LOS / TV

When a bank offers you a 9% intrest rate on your savings should ring some bel. In belgium Kaupting bank has 20 000 clients who's money is blocked. Belgians PM whent to Iceland to necogiate about it, and the Luxemburg government garantee its to 50 000 Euro. But nobody can tell when the money will be available again.

[lannarebirth]

I see you can get 7.5% in Cambodia at present.

[Naam]

I see you can get 7.5% in Cambodia at present.

the best rates are available in Zimbabwe

[LaoPo]

I see you can get 7.5% in Cambodia at present.

Maybe you and I should talk to the Cambodian government and help them to sell the 7.5% interest offer to Western European countries. I'm convinced (and I mean that) there are still hundreds of thousands of -greedy- people willing to put their money into 7.5% countries....

If that's wise is another thing....

The positive thing is LRB and I will make a lot of money, collecting commission....every investor who puts more than $/€ 100K receives a return ticket for a 1-week holiday to Cambodia....

LaoPo

[JimsKnight]

I was warned on Saturday that Icelands banks had really gone in over their head on the borrowing and mortages side of things.

So heeding this I pulled about nearly 50,000 Euros out.

It was 'processed' on the Monday (yesterday).

I gets a phone call at 1000 hrs today telling me the 'news' bombshell:

http://business.timesonline.co.uk/tol/busi...icle4898553.ece

I check Icesaves website which confirms everyones worst fears:

http://www.icesave.co.uk/

My moneys not even hit the otherside yet and I'm fearing it might be in a limbostate somewhere.

My Icesave account transaction history, reassuringly says its been 'processed'

What about the other expats out there? I would think that they'd be having kittens if they are relying on interest from this type of account!

Anyone affected by this in LOS / TV

When a bank offers you a 9% intrest rate on your savings should ring some bel. In belgium Kaupting bank has 20 000 clients who's money is blocked. Belgians PM whent to Iceland to necogiate about it, and the Luxemburg government garantee its to 50 000 Euro. But nobody can tell when the money will be available again.

Dunno which bar you've been hearing that one from but the most I was getting from Icesave (now frozensave!) was 6.07% AND they were/are not the highest.

Birmingham and Midshires, Northern Rock etc.

So 9% is pie in the sky matey

[Deacx]

I'm over Thailand in 3 weeks time for 40 days+. Meanwhile i'm watching out for the latest announcements in the UK. There are a couple of links for the latest news about compensation if you had savings in Icesave

www.moneysavingexpert.com/savings/safe-savings#iceland

www.hm-treasury.gov.uk/landsbanki.htm

://fscs.org.uk/consumer/

put http at the front of these urls!

The Kaupthing edge bank now part of ING say depositors should have full control of their accounts again by today, ie making transfers, Bacs & Chaps

The FSCS say there will be announcements this week (probably not much) about how we apply for money compensation.

Until I hear this result I presume they will write to our registered address. No good to me if I'm not in the UK!

How safe are the PC's to do internet banking in Thailand right now? I don't think I will be using the cafe's

Anybody in the same boat as me?

Deac

[LaoPo]

.....always those Brits.....

Britain has devastated our economy, Iceland complains

By Nigel Morris and Martin Hickman

Wednesday, 29 October 2008

An Icelandic minister launched an extraordinary diplomatic attack on the British Government as she issued a direct plea to MPs to help rebuild shattered relations between the two countries. In a letter seen by The Independent, the Foreign Minister Ingibjorg Solrun Gisladottir condemned Britain's use of anti-terror laws to freeze the assets of Iceland's crisis-hit banks and protested that the language used by British ministers had caused "devastation" in her country.

Ms Solrun Gisladottir even accused the Government of provoking attacks on Icelanders visiting Britain by stoking hostility towards her country. "Icelanders as a nation have been tarred with the same brush and are suffering real abuse in some cases," she said.

Relations between London and Reykjavik have become so strained that Iceland's Prime Minister, Geir Haarde, is threatening to sue the Government for resorting to anti-terror legislation. Iceland's Kaupthing Bank has instructed a law firm to investigate the seizure of its UK subsidiary, Kaupthing Singer and Friedlander (KSF).

Iceland's key interest rate was raised yesterday by a huge 6 per cent to a record 18 per cent in a bid to meet the requirements of a £1.28bn rescue loan by the IMF. When the scale of Iceland's crisis emerged, Gordon Brown condemned the behaviour of its government as "totally unacceptable". Officials from both sides have sought a solution but Ms Gisladottir's letter confirms the gulf between the countries.

Abandoning diplomatic niceties, she said: "We are doing our best to sort out the situation in talks with the UK Treasury. But we have been shocked by the measures taken by the UK Government. It has been very difficult for Icelanders to understand how anti-terrorist legislation can be used by a close ally and friendly neighbour. It makes no sense to see an Icelandic company listed next to al-Qa'ida and the Taliban on the Treasury website."

She said Mr Brown's actions had made business between the two countries "extremely difficult", adding: "It is my hope that we will be able to rebuild the very positive and long-standing relations between the UK and Iceland."

The Labour MP Austin Mitchell, who chairs the all-party British-Icelandic parliamentary group, urged David Miliband, the Foreign Secretary, to resolve the impasse. "Our government has been heavy-handed and abrupt in dealing with the Icelandic problem," he said. "We should have helped but we bullied and made the problem worse." The Icelandic government said that Britain had "set a tone that is difficult to get away from".

The Foreign Office insisted there were still strong ties between the two Nato allies but said anti-terror laws could be invoked when Britain faced a "threat to its financial security". The Chancellor, Alastair Darling, ordered the seizure of Icelandic assets after he became worried by emergency loans made to the island's banking system by Iceland and Sweden's central banks.

On 7 October, the Financial Services Authority seized Heritable, an offshoot of the Landsbanki bank. A day later it took control of Kaupthing, Singer and Friedlander and Landsbanki's assets in the UK. Mr Darling claimed the move was necessary to protect British depositors. He told the BBC that the Icelandic government had "told me they have no intention of honouring their obligations" – but Reykjavik has strenuously disputed this claim.

Kaupthing's case could involve a £2bn High Court damages claim against Mr Brown and Mr Darling for misfeasance in public office. Richard Beresford, a partner at Grundberg Mocatta Rakison, the firm of solicitors representing Kaupthing in the UK, said the main thrust of the lender's case was that Britain wrongly applied legislation introduced to nationalise Northern Rock to seize KSF's assets. He said this was only allowed under the Banking (Special Provisions) Act if there had been a "systemic" risk to Britain's banking system.

-The INDEPENDENT/Business

LaoPo

[neil324]

.....always those Brits.....

Britain has devastated our economy, Iceland complains

By Nigel Morris and Martin Hickman

Wednesday, 29 October 2008

An Icelandic minister launched an extraordinary diplomatic attack on the British Government as she issued a direct plea to MPs to help rebuild shattered relations between the two countries. In a letter seen by The Independent, the Foreign Minister Ingibjorg Solrun Gisladottir condemned Britain's use of anti-terror laws to freeze the assets of Iceland's crisis-hit banks and protested that the language used by British ministers had caused "devastation" in her country.

Ms Solrun Gisladottir even accused the Government of provoking attacks on Icelanders visiting Britain by stoking hostility towards her country. "Icelanders as a nation have been tarred with the same brush and are suffering real abuse in some cases," she said.

Relations between London and Reykjavik have become so strained that Iceland's Prime Minister, Geir Haarde, is threatening to sue the Government for resorting to anti-terror legislation. Iceland's Kaupthing Bank has instructed a law firm to investigate the seizure of its UK subsidiary, Kaupthing Singer and Friedlander (KSF).

Iceland's key interest rate was raised yesterday by a huge 6 per cent to a record 18 per cent in a bid to meet the requirements of a £1.28bn rescue loan by the IMF. When the scale of Iceland's crisis emerged, Gordon Brown condemned the behaviour of its government as "totally unacceptable". Officials from both sides have sought a solution but Ms Gisladottir's letter confirms the gulf between the countries.

Abandoning diplomatic niceties, she said: "We are doing our best to sort out the situation in talks with the UK Treasury. But we have been shocked by the measures taken by the UK Government. It has been very difficult for Icelanders to understand how anti-terrorist legislation can be used by a close ally and friendly neighbour. It makes no sense to see an Icelandic company listed next to al-Qa'ida and the Taliban on the Treasury website."

She said Mr Brown's actions had made business between the two countries "extremely difficult", adding: "It is my hope that we will be able to rebuild the very positive and long-standing relations between the UK and Iceland."

The Labour MP Austin Mitchell, who chairs the all-party British-Icelandic parliamentary group, urged David Miliband, the Foreign Secretary, to resolve the impasse. "Our government has been heavy-handed and abrupt in dealing with the Icelandic problem," he said. "We should have helped but we bullied and made the problem worse." The Icelandic government said that Britain had "set a tone that is difficult to get away from".

The Foreign Office insisted there were still strong ties between the two Nato allies but said anti-terror laws could be invoked when Britain faced a "threat to its financial security". The Chancellor, Alastair Darling, ordered the seizure of Icelandic assets after he became worried by emergency loans made to the island's banking system by Iceland and Sweden's central banks.

On 7 October, the Financial Services Authority seized Heritable, an offshoot of the Landsbanki bank. A day later it took control of Kaupthing, Singer and Friedlander and Landsbanki's assets in the UK. Mr Darling claimed the move was necessary to protect British depositors. He told the BBC that the Icelandic government had "told me they have no intention of honouring their obligations" – but Reykjavik has strenuously disputed this claim.

Kaupthing's case could involve a £2bn High Court damages claim against Mr Brown and Mr Darling for misfeasance in public office. Richard Beresford, a partner at Grundberg Mocatta Rakison, the firm of solicitors representing Kaupthing in the UK, said the main thrust of the lender's case was that Britain wrongly applied legislation introduced to nationalise Northern Rock to seize KSF's assets. He said this was only allowed under the Banking (Special Provisions) Act if there had been a "systemic" risk to Britain's banking system.

-The INDEPENDENT/Business

LaoPo

Tough isn't it. Some of the comments out of the Icelandic PM it was plain to see they would have run of with all the money from Kaupthing edge to. No fan of Gordon Brown but he done the right thing.

[TBWG]

Hi

Credit where credit is due ... I took heed of all the warnings and withdrew all of my cash out of Icesave prior to the closure, fortunately I had an instant access account so was able to do so.

However, I left the odd hundred quid in there to make sure the account was active to get any interest accrued but not paid.

Well I am no fan of the Labour Party and Gordon Brown but the way they have organized and guaranteed the payout of the accounts has worked speedily and efficiently, shame they cannot run the country on the same basis!

This must be a great relief to all those who had money locked into fixed term investments.

Final word of warning the revenue must now have access to all the interest history of customers so if you have been a naughty boy and not declared it on you tax return expect a darn good spanking from the tax inspector!!!

TBWG