Should I be worried?
Full Version: Kaupthing Edge Frozen?
I can't seem to access my account from the Kaupthing Edge website. Can anyone else?
Should I be worried?
Should I be worried?
QUOTE (huggybear @ Oct 4 2008, 10:39 AM) 
I can't seem to access my account from the Kaupthing Edge website. Can anyone else?
Should I be worried?
Should I be worried?
I just got in with no problems. Got no money in it though as I took it out a week or so ago.
QUOTE (huggybear @ Oct 4 2008, 10:39 AM)
I can't seem to access my account from the Kaupthing Edge website. Can anyone else?
Should I be worried?
Should I be worried?
I've had no problems getting in just now. What's all the fuss about ? Got money in there but less than the 35k so covered 100 % by the FSA compensation scheme.
They have made it quite clear ... no reason to panic
The past few weeks have been unusual and uncertain in the world of banking so we want to tell you about our financial stability and the security of your savings.
On Lehman and US Mortgage Market:
Due to our conservative business model, Kaupthing has minimal exposure to either Lehman or the US sub prime mortgage market.
On Glitnir:
The recent events of the Icelandic Government purchasing a 75% stake in Glitnir, a small Icelandic bank, has little impact on Kaupthing - other than the fact that we were encouraged to see the Government act quickly and decisively to strengthen and support the Icelandic financial system.
Credit Rating Agencies:
In recent months, many banks have been downgraded due to market conditions. In line with this, we have recently been downgraded by Fitch. We anticipated this downgrade and remain comfortable with the quality of our loan portfolio which is well diversified geographically and by industry sector. Kaupthing remains a profitable and very liquid bank.
On UK Financial Services Compensation Scheme (FSCS) going up to £50K:
Effective from Tuesday 7 October 2008 the UK FSCS limit will increase for bank deposits from £35,000 up to a total of £50,000 for each customer's claim. As a UK bank, we welcome this increase of the Financial Services Compensation Scheme, as it helps to give customers further peace of mind about their savings.
Your Financial Protection:
Funds deposited with Kaupthing Edge UK are deposited with Kaupthing Singer and Friedlander Ltd (KSF). KSF is Kaupthing Bank's UK subsidiary. It is a UK bank authorised and regulated by the Financial Services Authority in the UK. Deposits are covered by the UK FSCS.
The past few weeks have been unusual and uncertain in the world of banking so we want to tell you about our financial stability and the security of your savings.
On Lehman and US Mortgage Market:
Due to our conservative business model, Kaupthing has minimal exposure to either Lehman or the US sub prime mortgage market.
On Glitnir:
The recent events of the Icelandic Government purchasing a 75% stake in Glitnir, a small Icelandic bank, has little impact on Kaupthing - other than the fact that we were encouraged to see the Government act quickly and decisively to strengthen and support the Icelandic financial system.
Credit Rating Agencies:
In recent months, many banks have been downgraded due to market conditions. In line with this, we have recently been downgraded by Fitch. We anticipated this downgrade and remain comfortable with the quality of our loan portfolio which is well diversified geographically and by industry sector. Kaupthing remains a profitable and very liquid bank.
On UK Financial Services Compensation Scheme (FSCS) going up to £50K:
Effective from Tuesday 7 October 2008 the UK FSCS limit will increase for bank deposits from £35,000 up to a total of £50,000 for each customer's claim. As a UK bank, we welcome this increase of the Financial Services Compensation Scheme, as it helps to give customers further peace of mind about their savings.
Your Financial Protection:
Funds deposited with Kaupthing Edge UK are deposited with Kaupthing Singer and Friedlander Ltd (KSF). KSF is Kaupthing Bank's UK subsidiary. It is a UK bank authorised and regulated by the Financial Services Authority in the UK. Deposits are covered by the UK FSCS.
QUOTE (huggybear @ Oct 4 2008, 10:39 AM)
I can't seem to access my account from the Kaupthing Edge website. Can anyone else?
Should I be worried?
Should I be worried?
logged in as normal tonight, 11.00pm uk time, no problem. this bank is covered by uk IFSA guarantee's to the tune of £35,000, going up to £50,000 on 7th Oct. 2008. Unless you have LOADS of dosh in here, it's as safe here as anywhere else in the UK!! Hope this helps!!
Yeah, I'm leaving my money in KE. People panicking and taking their funds doesn't help. We're covered up to 50k so it's all good.
under the limit and leaving it in icesave. As governments resume Printing as normal...
QUOTE (moneyfornothing @ Oct 4 2008, 03:17 PM)
They have made it quite clear ... no reason to panic
The past few weeks have been unusual and uncertain in the world of banking so we want to tell you about our financial stability and the security of your savings.
On Lehman and US Mortgage Market:
Due to our conservative business model, Kaupthing has minimal exposure to either Lehman or the US sub prime mortgage market.
On Glitnir:
The recent events of the Icelandic Government purchasing a 75% stake in Glitnir, a small Icelandic bank, has little impact on Kaupthing - other than the fact that we were encouraged to see the Government act quickly and decisively to strengthen and support the Icelandic financial system.
Credit Rating Agencies:
In recent months, many banks have been downgraded due to market conditions. In line with this, we have recently been downgraded by Fitch. We anticipated this downgrade and remain comfortable with the quality of our loan portfolio which is well diversified geographically and by industry sector. Kaupthing remains a profitable and very liquid bank.
On UK Financial Services Compensation Scheme (FSCS) going up to £50K:
Effective from Tuesday 7 October 2008 the UK FSCS limit will increase for bank deposits from £35,000 up to a total of £50,000 for each customer's claim. As a UK bank, we welcome this increase of the Financial Services Compensation Scheme, as it helps to give customers further peace of mind about their savings.
Your Financial Protection:
Funds deposited with Kaupthing Edge UK are deposited with Kaupthing Singer and Friedlander Ltd (KSF). KSF is Kaupthing Bank's UK subsidiary. It is a UK bank authorised and regulated by the Financial Services Authority in the UK. Deposits are covered by the UK FSCS.
The past few weeks have been unusual and uncertain in the world of banking so we want to tell you about our financial stability and the security of your savings.
On Lehman and US Mortgage Market:
Due to our conservative business model, Kaupthing has minimal exposure to either Lehman or the US sub prime mortgage market.
On Glitnir:
The recent events of the Icelandic Government purchasing a 75% stake in Glitnir, a small Icelandic bank, has little impact on Kaupthing - other than the fact that we were encouraged to see the Government act quickly and decisively to strengthen and support the Icelandic financial system.
Credit Rating Agencies:
In recent months, many banks have been downgraded due to market conditions. In line with this, we have recently been downgraded by Fitch. We anticipated this downgrade and remain comfortable with the quality of our loan portfolio which is well diversified geographically and by industry sector. Kaupthing remains a profitable and very liquid bank.
On UK Financial Services Compensation Scheme (FSCS) going up to £50K:
Effective from Tuesday 7 October 2008 the UK FSCS limit will increase for bank deposits from £35,000 up to a total of £50,000 for each customer's claim. As a UK bank, we welcome this increase of the Financial Services Compensation Scheme, as it helps to give customers further peace of mind about their savings.
Your Financial Protection:
Funds deposited with Kaupthing Edge UK are deposited with Kaupthing Singer and Friedlander Ltd (KSF). KSF is Kaupthing Bank's UK subsidiary. It is a UK bank authorised and regulated by the Financial Services Authority in the UK. Deposits are covered by the UK FSCS.
Edit: Corrected further down
QUOTE (bomberbrown @ Oct 6 2008, 12:24 PM)
I wish the press would be bloody clear on this!!!
Is it still 100% on the first £2k and then 90% on the remaining 48k?
Is it still 100% on the first £2k and then 90% on the remaining 48k?
No, that was changed when NR went under.
It is now 100% of the first 35k and tomorrow will be 100% of the first 50k.
QUOTE (bobthe~ @ Oct 6 2008, 12:34 PM)
No, that was changed when NR went under.
It is now 100% of the first 35k and tomorrow will be 100% of the first 50k.
It is now 100% of the first 35k and tomorrow will be 100% of the first 50k.
Thankyou. I stand corrected. I just saw this before your post too Bob.
http://news.bbc.co.uk/1/hi/business/7482914.stm
QUOTE
Before the Northern Rock furore, 100% of the first £2,000 of deposits, then 90% of the next £33,000 were protected.
On 1 October, that was extended to all of the first £35,000 per bank per customer.
Now, from Tuesday 7 October that threshold will be raised so each saver's first £50,000 per bank is fully protected.
This only counts for a net deposit, so if you had £50,000 deposited but also had a £20,000 loan with the same bank, then only £30,000 would be compensated.
The other big potential change is a plan for access to compensation for at least some of your savings within seven days of a bank closing.
At present it would take about a month to receive compensation if a large bank closed, and longer for some other institutions.
On 1 October, that was extended to all of the first £35,000 per bank per customer.
Now, from Tuesday 7 October that threshold will be raised so each saver's first £50,000 per bank is fully protected.
This only counts for a net deposit, so if you had £50,000 deposited but also had a £20,000 loan with the same bank, then only £30,000 would be compensated.
The other big potential change is a plan for access to compensation for at least some of your savings within seven days of a bank closing.
At present it would take about a month to receive compensation if a large bank closed, and longer for some other institutions.
Took mine out when the terms and conditions changed to allow novation, the movement of my funds from UK 'branch' took the icelandic parent company. Still covered by icelandic version of FSA, but couldn't be bothered with extra hassle if they do go pop, which looks definite and 100% guaranteed.
QUOTE (Speak&Spell @ Oct 6 2008, 11:15 AM)
Yeah, I'm leaving my money in KE. People panicking and taking their funds doesn't help. We're covered up to 50k so it's all good.
Are we going to have some sort of panicky, financial collapse style post everytime someone can't access their online account? The interwebs aren't the most reliable thing ever, sometimes websites fuk up.
QUOTE (huggybear @ Oct 4 2008, 10:39 AM)
I can't seem to access my account from the Kaupthing Edge website. Can anyone else?
Should I be worried?
Should I be worried?
Yep, you should be worried - see the other thread on iceland.
As for deposit guarantee, as I remember, only the first £5000 is returnable within a reasonable time span (a week, I think) the balance could take months........or forever. Personally, I wouldn't trut depositor guarantees.
How is Iceland going to repay savers when all of its banks go pop?
QUOTE
Icesave customers hit by systems glitches
Technical glitches have prevented UK customers from withdrawing funds from Icesave - the Internet arm of Iceland's Landsbanki.
Technical glitches have prevented UK customers from withdrawing funds from Icesave - the Internet arm of Iceland's Landsbanki.
http://www.finextra.com/fullstory.asp?id=19089
The last I heard, between them the Icelandic banks held around £60 billion in overseas deposits, around six times the GDP of the country. Not sure how much of that is UK savers' cash, but lets assume 10% = £6 billion. It has been stated several times on this site that the FSA guarantee is a maximum of £4 billion in any one year, of which only £1.7 billion is intended as compensation for lost deposits. That would mean only about 30p in every £ is covered. It's really not wrth the risk for an extra 1% or whatever you are getting with Kaupthing/Icesave.
I think the treasury would let this one fall, the Icelandic government seem to be taking this stance. Get out now while you still can (CHAPS it back home today).
I think the treasury would let this one fall, the Icelandic government seem to be taking this stance. Get out now while you still can (CHAPS it back home today).
I just can't see the government letting the FSA guarantee fail as it would kill confidence in UK banking. I just can't see it happening. Certainly not for the sake of £6bn.
DrGUID #14: How is Iceland going to repay savers when all of its banks go pop?
Just make sure you've got plenty of chest freezers stood by ready to hold your STR fund.
Just make sure you've got plenty of chest freezers stood by ready to hold your STR fund.
QUOTE (pickle10 @ Oct 5 2008, 11:33 PM)
logged in as normal tonight, 11.00pm uk time, no problem. this bank is covered by uk IFSA guarantee's to the tune of £35,000, going up to £50,000 on 7th Oct. 2008. Unless you have LOADS of dosh in here, it's as safe here as anywhere else in the UK!! Hope this helps!!
DO YOU WORK FOR KAUPTHING ????
NEWBIE TALKING UP KAUPTHING BIT SUSPECT
BUT HEY IM QUIET PARANOID
QUOTE (fallingmarket @ Oct 6 2008, 05:24 PM)
DO YOU WORK FOR KAUPTHING ????
NEWBIE TALKING UP KAUPTHING BIT SUSPECT
BUT HEY IM QUIET PARANOID
NEWBIE TALKING UP KAUPTHING BIT SUSPECT
BUT HEY IM QUIET PARANOID
you can see why now
Hmm, I CHAPS my funds from K. Edge this morning, but still not reached my normal bank .......not good
QUOTE (Muskoka @ Oct 7 2008, 04:21 PM)
Hmm, I CHAPS my funds from K. Edge this morning, but still not reached my normal bank .......not good
hold tight good luck
sigh i have never felt so sick. the tension is killing me.
Did a CHAPS transfer of all bar £20 from KE at about 10:30 this morning, funds just turned up in my linked account at 17:00.
Now have too much with HSBC, but at least their share price went up today!
Now have too much with HSBC, but at least their share price went up today!
QUOTE (MrKotic @ Oct 7 2008, 05:24 PM)
Did a CHAPS transfer of all bar £20 from KE at about 10:30 this morning, funds just turned up in my linked account at 17:00.
Now have too much with HSBC, but at least their share price went up today!
Now have too much with HSBC, but at least their share price went up today!
you done the right thing its worth the extra £20
how long will kaup last?
My money arrived from K. Edge also - moved it to N. Rock for the moment - NR pays a better rate than HSBC & is supposedly 100% guaranteed
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