Friday, 24 October 2008

Smart KSF customers withdrawing millions in run up to collapse

More details on the the knock-on effects of the liquidity problems at the Icelandic banks:

Desperate KSF customers withdrawing millions in run up to collapse

DESPERATE depositors were withdrawing between £30 million and £40 million a day from their accounts in the days before the collapse of Kaupthing Singer & Friedlander.

This doesnt sound desperate... it sounds sensible considering the situation that the rest of the depositors are now in.

If today's hearing is not adjourned, KSF (IoM) will be formally wound up and the government's depositors' compensation scheme will take effect, with up to £150 million of taxpayers' money potentially being called on to pay individual depositors up to £50,000 in compensation.

The hearing was ajourned until November 27... more on this story next month.

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