FSA let failing bank move on High Street
January 3, 2010 by admin · Leave a Comment
By Rowena Mason
Published: 9:10PM GMT 02 Jan 2010
The revelation comes as Icelandic president Ólafur Ragnar Grímsson balked at
signing legislation, already passed by the Icelandic government, approving
reimbursement of £2.3bn to the UK government for compensating 300,000
customers of the Icesave arm of Reykjavik-based Landsbanki.
The Serious Fraud Office is now formally investigating Kaupthing under the
Fraud Act to see whether the launch of its high-interest Edge retail
accounts misled British savers. UK customers deposited £2.5bn in the
internet accounts between April 2008 and the bank‘s collapse 15 months ago.
Warning on Iceland bank’s fitness
February 4, 2009 by samsonites · Leave a Comment
The management of the Icelandic Kaupthing bank were “not fit and proper” to control a UK bank, according to a UK bank executive.
Tony Shearer, former head of investment bank Singer and Friedlander (S&F), told MPs that he warned the regulators of his concerns in April 2005. Read more
UK Treasury Facing Multi-Billion Claim Over Kaupthing Singer & Friedlander
October 31, 2008 by admin · 7 Comments
The proposed claim surrounds the transferring of the assets of KSF’s UK subsidiary. Kaupthing has instructed the international law firm Grundberg Mocatta Rakison LLP to begin a preliminary inquiry and the law firm is also considering whether it can act on behalf of KSF’s (Isle of Man) depositors.
Michael Tackley and Richard Beresford, both partners at Grundberg Mocatta Rakison LLP, and leading banking counsel John Jarvis QC attended a meeting at the bank in Reykjavik earlier this month.
Kaupthing Singer & Friedlander Isle of Man savers urge government to help return funds
Savers who had £840m deposited with the offshore arm of a failed Icelandic bank today called on the government to help them get their money back.
Around 10,000 people had money deposited with Kaupthing Singer & Friedlander Isle of Man (KSFIOM), a subsidiary of Iceland’s biggest bank Kaupthing.
ING bank accepts €10bn Dutch cash injection
October 28, 2008 by admin · Leave a Comment
ING, the Dutch savings bank which has more than a million savers in the UK, is to get a €10bn capital injection from the Netherlands authorities, the latest bank to be affected by the global credit crisis.
ING is the Netherlands’ largest listed bank, with 85m customers worldwide, and is one of the world’s top 20 financial institutions. It operates under its own name in this country, and recently took control of 180,000 accounts from failed Icelandic banks Kaupthing Singer & Friedlander and Heritable Bank.
