loginandtonic Posted April 20, 2009 Share Posted April 20, 2009 Does anyone know anything anywhere? The news is clueless. LOST MOST OF IT 19 mar http://news.bbc.co.uk/1/hi/uk_politics/7946287.stm WILL GET ALMOST ALL OF IT 20 apr http://news.bbc.co.uk/1/hi/uk_politics/8007464.stm Quote Link to comment Share on other sites More sharing options...
MRMX9 Posted April 20, 2009 Share Posted April 20, 2009 Depends on the bank and the council - the report today is talking solely about money invested in Heritable Bank (the UK subsidiary of the Icelandic bank Landsbankii). This bank is subject to UK administration under Ernst and Young - most of the assets and liabilities (i.e. to councils etc) are held in the UK. This money is therefore more likely to come back to councils - as it is in the UK. Same applies to Kaupthing Singer Friedlander. Its the money invested with Icelandic parent banks (e.g. Landsbankii, Glitnir and Kaupthing) that will almost certainly be lost (100%?). So the reports are not inconsistent! Quote Link to comment Share on other sites More sharing options...
huw Posted April 20, 2009 Share Posted April 20, 2009 Depends on the bank and the council - the report today is talking solely about money invested in Heritable Bank (the UK subsidiary of the Icelandic bank Landsbankii). This bank is subject to UK administration under Ernst and Young - most of the assets and liabilities (i.e. to councils etc) are held in the UK. This money is therefore more likely to come back to councils - as it is in the UK. Same applies to Kaupthing Singer Friedlander. Its the money invested with Icelandic parent banks (e.g. Landsbankii, Glitnir and Kaupthing) that will almost certainly be lost (100%?). So the reports are not inconsistent! Surely these banks will ultimately be broken up and the assets distributed to creditors? They can't stay in the Icelandic equivalent of Chapter 11 forever. There has to be some value that can be returned. Quote Link to comment Share on other sites More sharing options...
MRMX9 Posted April 20, 2009 Share Posted April 20, 2009 Surely these banks will ultimately be broken up and the assets distributed to creditors? They can't stay in the Icelandic equivalent of Chapter 11 forever.There has to be some value that can be returned. Possibly - but they have a lot of creditors all over the world (including IMF) to pay back too! Quote Link to comment Share on other sites More sharing options...
Mr Nice Posted April 20, 2009 Share Posted April 20, 2009 Surely these banks will ultimately be broken up and the assets distributed to creditors? They can't stay in the Icelandic equivalent of Chapter 11 forever.There has to be some value that can be returned. Im not sure that's true. the trouble was that they found themselves totally insolvent, with their assets turning out to be worthless. even if there does end up being some value to their assets, there are many people in line to get a crack at them before the average bank user. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted April 21, 2009 Author Share Posted April 21, 2009 anyway, my point was the papers don't know what they're on about, most of us can take a better guess than that bunch, I may my licence money and get monkeys even though it's not peanuts Quote Link to comment Share on other sites More sharing options...
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