Timeline: Kaupthing Edge and Icesave

February 2008 KSF launches online saving account in UK called Kaupthing Edge, adding to Icesave the internet bank run by Landsbanki. April 2008 Gordon Brown tells Iceland PM Geir Haarde to seek help from IMF. August 2008 Netherlands, UK and Sweden ask Iceland how it plans to stand behind deposit guarantee scheme in event of bank collapse. Iceland government says it will take out a loan. 2 September 2008 Chancellor Alistair Darling meets Icelandic officials to resolve the guarantee issue, but concludes: 'They have not understood the seriousness of the matter'. 30 September 2008 Outflows from Icesave and Edge increase rapidly. 3 October 2008 Treasury warns Iceland about huge transfers from KSF to parent company. Latter 'knows nothing about this'. FSA hands KSF supervisory notice to hold deposits at Bank of England equal to deposits revceived from October 2. 4/5 October 2008 Discussions between both countries continue. Brown tells Haarde that KSF has broken the law with transfer of funds. 6 October 2008 After a flurry of emails, Iceland pledges to guarantee bank deposits up to maximum of €20,887. 7 October 2008 Kaupthing boss tells FSA and Central Bank of Iceland that it will provide liquidity facility of £600m. Icelandic financial watchdog tells FSA that Kaupthing has transferred £98m to KSF to arrive the next day. Icelandic parliament passes law to take control of banks . 8 October 2008 The funds do not arrive. FSA declares KSF and Icesave in default for purposes of UK deposit guarantee scheme. Treasury transfers Edge business to ING Direct .