Economies: UK acts on Iceland's Kaupthing
The UK Treasury has intervened in the UK subsidiary of Kaupthing Singer & Friedlander, Iceland's biggest bank.
Most Recent - This Section
Business Environment: Letter from Davos - Asia RisingEconomies: Aus Reserve declares end to recession
Economies: crisis moves - literally - from Wall Street to Mainstreet
Economies: double whammy hits tourism and travel
Economies: HK and UK Markets maintain upward trend
Most Recent - Whole Site
The Risk Professional: Green Capital Consulting GroupLegal Professional: Baker Mac lawyer guilty of money laundering and securities fraud
Sales and Marketing: shooting oneself in the foot
Business Crime: Dear Mrs Kate Dave: Yes, please. Send it now.
The Risk Professional: Is your data secure enough for the UK's ICO?
Most Recent - BankingInsuranceSecurities.Com
Sanctions: USA PATRIOT Act designation 20120522Sanctions: OFAC Update 20120515
Sanctions: OFAC update 20120508
Sanctions: OFAC Update 20120517
Sanctions: OFAC Update 20120517 - 2
A UK Treasury statement issued at 14:15 today says ""Kaupthing Singer & Friedlander (KSF) is regulated by the Financial Services Authority. The FSA has determined that Kaupthing Singer & Friedlander no longer meets its threshold conditions, and is likely to be unable to continue to meet its obligations to depositors. The FSA concluded that KSF is in default for the purposes of the Financial Services Compensation Scheme."KSF's Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK."
The full Treasury release will be available shortly at BizNewsSelect (choose tab above).
Download PDF version of this page
