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  #21  
Old 06.10.2008, 18:00
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"Cannot imagine that so many depositors would open accounts at Kaupthing.

As Shove stated, its clearly a no brainer. It has been set-up this way, 1200 new accounts in the first month of operation is a very good indicator of that. It's certainly keeping me & my colleagues busy Michelle
Today's news
"Trading in the shares of all Iceland's banks and financial institutions was suspended on the Nordic Exchange today ahead of a long-awaited bailout plan from the government.
The Icelandic krona fell 7% to a record low of 174 against the euro.

Prime Minister Geir Haarde had been looking at a variety of solutions including the potential merger of the main three banks: Kaupthing, ­Landsbanki and Glitnir, which was partially nationalised last week."

Marton
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  #22  
Old 06.10.2008, 18:08
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Today's news
"Trading in the shares of all Iceland's banks and financial institutions was suspended on the Nordic Exchange today ahead of a long-awaited bailout plan from the government.
The Icelandic krona fell 7% to a record low of 174 against the euro.

Prime Minister Geir Haarde had been looking at a variety of solutions including the potential merger of the main three banks: Kaupthing, *Landsbanki and Glitnir, which was partially nationalised last week."

Marton
Iceland's banks were worth many times the GDP of Iceland.

Sound like any other country that we know with a prominent banking system?
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  #23  
Old 06.10.2008, 18:12
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Iceland's banks were worth many times the GDP of Iceland.

Sound like any other country that we know with a prominent banking system?
I must think about that one...

It does demonstrate that in such circumstances the currency is adversely effected....

Marton
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  #24  
Old 06.10.2008, 18:19
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I must think about that one...

It does demonstrate that in such circumstances the currency is adversely effected....

Marton
Yeah - I'm bricking it right now. I am in the process of setting up an HSBC CHF account in the UK for my Swissies but I know that if either UBS or CS implode then the Franc is gonna take a hit anyway. Still, better to have access to them than just lose them.

On the other hand, Sterling is due another sharp decline soon I reckon. At least I have £50k per account guarantee on those savings though and I have a couple of accounts!

It's all going to be down to timing.

Scary, scary times. It's not inconcievable that Switzerland will be going back to Cuckoo Clocks (I know, Black Forest) and Chocolate.
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  #25  
Old 06.10.2008, 19:58
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...
Scary, scary times. It's not inconcievable that Switzerland will be going back to Cuckoo Clocks (I know, Black Forest) and Chocolate....
Chocolates is a cliche! Switzerland is Pharma (Roche and Novartis), Engineering (ABB, Schindler, Sulzer), Nutrition (Nestle), Med-tech (Nobel BioCare), Watches (Swatch, Rolex), Luxury Goods (Richemont, which owns Cartier), Commodities (Xstrata, Glencore), Chemicals (Ciba, Syngenta), insurance (Zurich, SwissRe), etc. And even if UBS and CS collapse, there are several private banks (e.g. J.Baer, Pictet, Sarasin, etc) signing up wealthy clientele.
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  #26  
Old 06.10.2008, 23:19
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Yeah - I'm bricking it right now. I am in the process of setting up an HSBC CHF account in the UK for my Swissies but I know that if either UBS or CS implode then the Franc is gonna take a hit anyway. Still, better to have access to them than just lose them.
Did you hear anything about why HSBC closed 14% down today?

I moved to HSBC Int. a couple of months ago. It was a pain getting all the certified copies of documents to prove our identity but they set up the account quick and then emailled our details to someone else's email account by mistake.

What about Valiant Bank? Are they exposed to the US problems as well?
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  #27  
Old 07.10.2008, 16:26
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so finally, things have been not as bad for kaupthing as for the other icelandic banks...
the government's extended half a billion euro loan to them to tide through the crisis, instead of outright nationalization...
any thoughts on how safe do the deposits with kaupthing switzerland stand now?
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  #28  
Old 07.10.2008, 16:31
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any thoughts on how safe do the deposits with kaupthing switzerland stand now?
As safe as a polar bear on top of a melting iceberg.
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  #29  
Old 07.10.2008, 16:35
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At least they can swim!

icesave.co.uk have just gone under...
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  #30  
Old 07.10.2008, 16:54
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so finally, things have been not as bad for kaupthing as for the other icelandic banks...
the government's extended half a billion euro loan to them to tide through the crisis, instead of outright nationalization...
any thoughts on how safe do the deposits with kaupthing switzerland stand now?
No change. Swiss bankers guarantee 30K. Of which 5K you will get quickly. Remaining 25K may be delayed some months.

The 4% interest rate is tempting! But if you have more than 30K there, then take it out fast!
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  #31  
Old 07.10.2008, 16:59
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What about Valiant Bank? Are they exposed to the US problems as well?
Valiant is a small regional Swiss Bank. Most probably they are not involved in the US. Nobody knows for sure. But why Valiant? What is their unique proposition?
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  #32  
Old 07.10.2008, 17:03
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Re: New Online Bank .... more %

And what about the EUR deposits with Kaupthing (with an even more tempting 5% interest)? Are these also guaranteed to some limit by the Swiss government?
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  #33  
Old 07.10.2008, 17:27
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And what about the EUR deposits with Kaupthing (with an even more tempting 5% interest)? Are these also guaranteed to some limit by the Swiss government?
Insured is max 30K per depositor within the insurance pool size of 4B. Depositor can mix and match currencies and account types.

Note: The Swiss Government only guarantees deposits in its own PostFinance facility. The above mentioned 30k is an insurance facility of the Bankers Association.
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  #34  
Old 07.10.2008, 18:28
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Re: New Online Bank .... more %

Guys. The BBC says the website of IceSave is down, they also refuse people in the UK who want to take money out of their account. UK Savers are instructed on how to get money back from 1) Iceland, for a certain amount and 2) the rest from the UK government up to the newly agreed 50k.

Now personally, I do not think it is good if a foreign bank fails, and your own government needs to jump in for a rescue.
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  #35  
Old 08.10.2008, 15:37
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My guess is that 30k at Kaupthing is safe.
Indeed.

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ING Groep NV, the biggest Dutch financial services firm, agreed to buy more than 3 billion pounds of retail deposits held by U.K. customers of two Icelandic banks for an undisclosed amount.

ING will buy 2.5 billion pounds of deposits from Kaupthing Bank hf's U.K. unit [snip]
Looks like Kaupthing is not at all desperate for cash.
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  #36  
Old 08.10.2008, 15:51
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Indeed. Looks like Kaupthing is not at all desperate for cash.
Swedish National Bank has today lent Kaupthing 8B SEK (ca CHF 800 Million)
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  #37  
Old 08.10.2008, 15:54
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As Shove stated, its clearly a no brainer. It has been set-up this way, 1200 new accounts in the first month of operation is a very good indicator of that. It's certainly keeping me & my colleagues busy

Michelle
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My guess is that 30k at Kaupthing is safe.
Indeed number 2.

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Iceland's government scrapped plans to nationalise Glitnir Bank hf, the country's no. 3 lender, and put the company into receivership under control of the state regulator.

The Financial Supervisory Authority's takeover of the bank realised that the difficulties of the bank "were much greater than previously estimated".
It's indeed clearly a no-brainer.
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  #38  
Old 08.10.2008, 16:33
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Swedish National Bank has today lent Kaupthing 8B SEK (ca CHF 800 Million)
Indeed number three.

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Sweden's central bank today said it would loan as much as 5 billion kronor to the Swedish unit of Kaupthing after the subsidiary failed to meet payment obligations and was put up for sale


That wouldn't make me feel better...
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  #39  
Old 08.10.2008, 20:34
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[quote=Shorrick Mk2;328026]
Sweden's central bank today said it would loan as much as 5 billion kronor to the Swedish unit of Kaupthing after the subsidiary failed to meet payment obligations and was put up for sale
quote]

I wonder if I should rob my piggy bank & make an offer for the subsidiary?; problem is if I offer the whole 50CHF I still could lose multi-millions.

That is a real "no-brainer"

Marton
My advice, if you have significant cash either spread it around lots of banks or buy gold. There is no guarantee that the gold price will rise but in the worst case it will never fall to zero unlike holdings in XX & XXX & XXXX. Just fill in the Xs over the next few days/weeks.

Marton
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  #40  
Old 08.10.2008, 21:08
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My guess is that 30k at Kaupthing is safe.
From today's Financial Times;
"Part of Kaupthing’s UK operations were placed in administration on Wednesday as the last big Icelandic bank teetered on the verge of collapse, forcing clients such as financier Robert Tchenguiz to sell positions"

and from the Times
"ING Direct agreed to buy the savings books of Kaupthing Edge, the UK retail arm of Iceland's largest bank.
It has also taken control of savings with Heritable Bank which has gone into receivership.
Following the transfer, savings of up to EUR100,000 (£78,000 of deposits) held with Kaupthing or Heritable will be protected by the Dutch government"

Marton
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