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Icesave- Martin is wrong.
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silentfox
Posts: 100 Forumite
Iceland Economy, Banks Are `Sound,' Central Bank
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azU5WUqUr9Bg
02 April 2008
Iceland Bank Default Swaps Rise Amid `Unscrupulous' Speculating
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=arSACxBR9m6A
31 March 2008
How safe are your savings?
http://www.channel4.com/player/v2/player.jsp?showId=11311
Video report
03 March 2008
There is a thread already running on the forum for this item.
Also today (02 April 2008) on the BBC working lunch program it was confirmed by the FSCS that authorities in Iceland would have to take the lead in arranging compensation and there could well be a delay. I don’t have the link but the program appears on the BBC website http://news.bbc.co.uk/1/hi/programmes/working_lunch/ after 4pm.
If you watch it the important bit is right at the end of the program.
Finally I was going to open an Icesave ISA account but after the channel4 program I changed my mind, so I told my existing ISA provider not to transfer money to Icesave, I also tried to inform Icesave, but all emails went unanswered and calling is a joke. I have never EVER got through on 0845 605 6050, if want to try be my guest. I did nearly 10 days later get an email telling me I should tell my existing ISA provider (which I had) not to make the transfer.
However on 25 March 2008 (a further 2 weeks later), I received a letter from Icesave telling me they were still trying to transfer my ISA from my current provider and that the provider was refusing to play ball!!
So of course I tried calling Icesave ......no joy 5 days on!!
Tried emailing ...no joy!!!
If after all the info above you still want to take the risk then so be it, in my opinion Martin is wrong on this occasion to even suggest Icesave. Simply stating that the Icelandic government will cover any money is not enough, how will they pay for it, I doubt they can.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azU5WUqUr9Bg
02 April 2008
Iceland Bank Default Swaps Rise Amid `Unscrupulous' Speculating
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=arSACxBR9m6A
31 March 2008
How safe are your savings?
http://www.channel4.com/player/v2/player.jsp?showId=11311
Video report
03 March 2008
There is a thread already running on the forum for this item.
Also today (02 April 2008) on the BBC working lunch program it was confirmed by the FSCS that authorities in Iceland would have to take the lead in arranging compensation and there could well be a delay. I don’t have the link but the program appears on the BBC website http://news.bbc.co.uk/1/hi/programmes/working_lunch/ after 4pm.
If you watch it the important bit is right at the end of the program.
Finally I was going to open an Icesave ISA account but after the channel4 program I changed my mind, so I told my existing ISA provider not to transfer money to Icesave, I also tried to inform Icesave, but all emails went unanswered and calling is a joke. I have never EVER got through on 0845 605 6050, if want to try be my guest. I did nearly 10 days later get an email telling me I should tell my existing ISA provider (which I had) not to make the transfer.
However on 25 March 2008 (a further 2 weeks later), I received a letter from Icesave telling me they were still trying to transfer my ISA from my current provider and that the provider was refusing to play ball!!
So of course I tried calling Icesave ......no joy 5 days on!!
Tried emailing ...no joy!!!
If after all the info above you still want to take the risk then so be it, in my opinion Martin is wrong on this occasion to even suggest Icesave. Simply stating that the Icelandic government will cover any money is not enough, how will they pay for it, I doubt they can.
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Comments
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It seems you follow the hype, you can have your own opinons, granted.
However don't write in huge writting how you must be correct and a man who went to LSE and hosts a free message board for us less financially savvy people to discuss the best ways to make the most of their savings.
Do not believe the entrie hype produced by Channel 4, the fact that icesave are not linked to the American Sub-prime lending and have a 70% liquidity is much better than alot of bank branches in the UK currently.
The reason for there being such long calls is because of the popularity of the Icesave ISA and it's fairly good interest rate (the best for transfers-in).
Martin is not wrong, and it doesn't mean you are either. Just don't start yet another Icesave slating threads provoked by poor news reporting and a small fraction of Financial knowledge on a 5minute TV slot.8,000 / 10,000 saved. Another 2,000 by April 2011!0 -
Your reply astounds me, what's him going to LSE got to do with anything, where do you think those fund mangagers and CEO of investment banks went, playschool!!
No doubt Martin provides a fantastic service for free on this website, that's not in question.
You might consider yourself less savvy, but I'm sure you would consider the chairman of treasury select committee slightly more savvy then you, also those clever people at the ratings agencies who incorrectly gave the AAA ratings to securities, even they have downgraded the Icelandic banks, that’s not hype that’s fact!!
So if you don’t understand it then say so, people on here will help, but don’t accuse others who are trying, to be following the hype.
It is very unlikely the Icelandic banks will go under although the financial community has a different view on just how safe they are.
My point is that this forum, as you yourself say, is for less financial savvy people, so a recommendation from Martin carries weight, as most will follow blindly without question and to be honest on most occasions he is right, but after what happened to Northern Rock would it not make more sense to reduce your risk, considering there might only be 0.25% between a bank that is fully covered by the FSCS system or one that is partially covered, there is no honour in supporting banks for the sake of it, they are not football teams.
Also in light of the information from the FSCS (BBC Working Lunch) that it would be Icelandic authorities that would have to coordinate the compensation and in doing so it would cause a delay, you should surely consider this. Everything on my post is a fact, I am not saying that Icesave going under is a fact, but if you know the dog might bite why stick your hand in it’s mouth.0 -
Finally I was going to open an Icesave ISA account but after the channel4 program I changed my mind,
Anyone who bases their final decision on a channel four programme, is less than financially savvy himself ! They are well renowned for their less than transparent, inaccurate hype without any substance !0 -
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Martin Re - free Forum
Is it really free? What a lovely man. Is there really nothing in it for him?0 -
The MSE posts a here
http://forums.moneysavingexpert.com/showthread.html?t=777309&page=5.
It's running to nearly 100 posts on the subject of foreign banks, and the Icelandic ones in particular. Has all sorts of information ideas, and theorys, as well as links to relevant articles in context.
If you've decided that you don't want to invest in ICESAVE then don't.
If you can contribute to the debate with something more meaningful than links to external sites, and a recount on you're particular experience, i'm sure we would all be intrested in hearing you're views.0 -
, but I'm sure you would consider the chairman of treasury select committee slightly more savvy then you, also those clever people at the ratings agencies who incorrectly gave the AAA ratings to securities, even they have downgraded the Icelandic banks, that’s not hype that’s fact!!
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The remit of the Treasury Committee, as determined by the House of Commons, is to examine the expenditure, administration and policy of HM Treasury, HM Revenue & Customs, and associated public bodies, including the Bank of England and the Financial Services Authority.
They have no power, no authority, and no real knowledge, they meet once a week. It's like saying that a school's pta social commitee has any influence and knowledge over the running of the school. John Mcfall it's chairman is an ex-school teacher who knows rather less about finance than many people on this site, as he demonstrates whenever he is interviewed. If he was any good he'd be a minister. Good in relative terms. Obvioulsy people who are really good at this level of finance, tend to work in it, and earn thousnds of times more at it, than Mr McFall.
The ratings agencies have been uniformly discredited, and are going to get sued, over sub prime, so they are changing ratings all over the shop. to try and shore up their defence.0 -
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silentfox,
why have you suddenly resorted to posting on this forum about Icelandic banks, after 15 months of nothing, and with only a couple of posts before that?
It does seem a mite strange ...Imprudent granting of credit is bound to prove just as ruinous to a bank as to any other merchant.
(Ludwig von Mises)0
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