Sebrof Posted October 8, 2008 Share Posted October 8, 2008 I only have this article in German http://www.tagesanzeiger.ch/wirtschaft/unt.../story/25047345 But it looks like Iceland has had it financially. The state has taken full control of the banks, is selling anything it can, the currency is almost worthless. Were the Island to get in the same shape (and this could happen) then the UK government would take over the Island's finances. You could well be doomed :-( Sounds like a great place to go for a holiday. S Link to comment Share on other sites More sharing options...
pongo Posted October 8, 2008 Share Posted October 8, 2008 On MR siteCustomers of the Isle of Man branch of the Icelandic bank Kaupthing, Singer and Friedlander have been given reassurances, after the country's second largest bank, Landsbanki, was taken over by the Icelandic government last night. A media statement issued this lunchtime says the Icelandic Central Bank has given Kaupthing a loan of 500 million Euros to "facilitate the continuation of business as usual". At the same time Iceland has received a 4 billion Euro loan from the Russian Government which, Kaupthing says, will "help stabalise the Icelandic krona and inject much needed liquidity into the country's financial system". The main message from the media release is that Kaupthing is a public company and will remain so, "with its strong leadership role in Icelandic financial markets". People with money in the local branch are being told the Isle of Man's Depositors' Compensation Scheme guarantees up to 75% of eligible protected deposits, subject to a maximum compensation payment to any one depositor of £15,000. It adds: "Deposits held with Kaupthing Singer & Friedlander in the Isle of Man are also guaranteed by Kaupthing Bank hf. To those trying to get though to the local branch, on the phone or via the website, the statement says the company's call centre is much busier than usual, due to the ongoing market turbulence. Kaupthing says it has strengthened its call centre team but there are still difficulties, and is appealing to customers to be patient and keep trying. Kaupthing British unit put in administration - REUTERS Link to comment Share on other sites More sharing options...
ai_Droid Posted October 8, 2008 Share Posted October 8, 2008 Kaupthing British unit put in administration - REUTERS Ouch. Just spotted the TV cameras outside their door. Not good. Link to comment Share on other sites More sharing options...
The Old Git Posted October 8, 2008 Share Posted October 8, 2008 More here http://news.bbc.co.uk/1/hi/business/7658725.stm Link to comment Share on other sites More sharing options...
Jimcalagon Posted October 8, 2008 Share Posted October 8, 2008 Kaupthing British unit put in administration - REUTERS Ouch. Just spotted the TV cameras outside their door. Not good. Yep -looking out the window at this now. Oh dear. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 8, 2008 Share Posted October 8, 2008 And so the panic continues....not helped by 24 hour rolling news "journalism" though.... Link to comment Share on other sites More sharing options...
bluemonday Posted October 8, 2008 Share Posted October 8, 2008 Still running the online add at http://www.manxradio.com/weather.aspx Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 8, 2008 Share Posted October 8, 2008 Nothing on their web site either...... So who's next for the chop....RBS?? Link to comment Share on other sites More sharing options...
pongo Posted October 8, 2008 Share Posted October 8, 2008 Nothing on their web site either...... So who's next for the chop....RBS?? Crazy talk. Completely different. And there was you pointing the finger at rolling news. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 8, 2008 Share Posted October 8, 2008 Nothing on their web site either...... So who's next for the chop....RBS?? Crazy talk. Completely different. And there was you pointing the finger at rolling news. Oh yes I am responsible for the downfall of the banking system....muhahahah Crazy talk indeed. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted October 8, 2008 Share Posted October 8, 2008 Nothing on their web site either...... If the shares in Iceland are suspended there's little hope really http://www.forbes.com/feeds/ap/2008/10/08/ap5524060.html Link to comment Share on other sites More sharing options...
thebees Posted October 8, 2008 Share Posted October 8, 2008 These are quite exciting (if not a tad worrying) times. Link to comment Share on other sites More sharing options...
hboy Posted October 8, 2008 Share Posted October 8, 2008 These are quite exciting (if not a tad worrying) times. If you have no assets and are paid by the government they are. Link to comment Share on other sites More sharing options...
cheeky boy Posted October 8, 2008 Share Posted October 8, 2008 Last year, a pound was worth 130 krona. Now it is 205 and it may even reach 300 krona." http://news.bbc.co.uk/2/hi/talking_point/7655309.stm That means I should be able to buy Icelandic cod for half the price of it's UK equivalent Every cloud....... Link to comment Share on other sites More sharing options...
Stu Peters Posted October 8, 2008 Share Posted October 8, 2008 And so the panic continues....not helped by 24 hour rolling news "journalism" though.... Jeez guys - if there WEREN'T hacks trying to bring you the breaking news on this and other matters, the media would be pilloried (again) for not doing their job, and the conspiracy theorists would be blaming Government for gagging us! If I had money in KSF (or any other institution 'at risk') I'm bloody sure I'd want a reporter on their doorstep. The media rarely makes the news - we just report it. Strikes me that the global problems at the moment are beyond anyone to forecast accurately - so you can be a doomsayer or spin merchant with relative impunity. Having said that, even I was surprised at the US financial expert on network TV who advised every small investor to get their money out of the stock market without delay - but hindsight may prove he was giving 'best advice' when the institutions were appealing for calm. Link to comment Share on other sites More sharing options...
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