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Icesave and Iceland government are scammers!
NumbersGuy_2
Posts: 64 Forumite
I find the behaviour of both appalling!
- Icesave MD only on Monday said the bank is is good shape and money is safe. The next day the bank is nationalised and (we now know) UK savers money would have been largely lost (except for the FSCS top up part).
- Iceland PM guarantees "100% of domestic deposits" (i.e. Icelanders), so clearly using British depositors money to guarantee them. Initially worrying as he was silent on British deposits, which we later have confirmed by Darling that Iceland plans not to pay back.
- Iceland nationalises Landsbanki instead of Kaupthing, presumably because Landsbanki was better capitalised and had all those billions of UK depositors money which he can use to prop up his economy (stealing it!).
- Doesn't put Landsbanki (Icesave) into insolvency, presumably to prevent triggering compensation claims (who knows how long they planned to keep it in limbo like this!) and also to hopefully prevent the UK government seizing UK assets so they can repatriate the money in it back to Iceland to buy Kronor.
- Tries to leave Kaupthing trading, propped up with Icesavers money, loans from Russia - perhaps aware that Kaupthing has UK presence which would be more likely to raise the eyebrows of UK government and scupper they're plans to steal depositors money.
- Plans to repatriate UK depositors money from Icesave and Kaupthing to Iceland (using those £ to buy Iceland Kronor to prop up the currency and exchange rate by creating demand).
- Iceland PM dishonestly goes on TV to say there is enough money for UK depositors to be compensated only for Darling to be told the Iceland government has no intention of paying up!
In retrospect, the Icesave ISA appears nothing but smoke and mirrors (albeit unfortunately approved by the FSA). The plan to draw in innocent savers by offering a high interest rates, with the intention the money would be sent to Iceland and likely never be seen again. The fact they were drawing in money until the very end illustrates their bad faith. Supported by a scamming government with a supposed depositors protection scheme that they refuse to honour when it is needed. They should be thrown out of the EEA. An internet site which shows numbers in an "account" and each month interest is added on, but as these are ISAs, they knew people would likely not withdraw that money for potentially a long time (lucky because apparently they didn't have it anymore).
I applaud the UK government for its actions in relation to this matter: compensating depositors, seizing assets, closing Kaupthing and looking to sue Iceland. The EEA passport scheme and FSA regulation of Icesave was clearly inadequate, but nevertheless the government has done the right thing.
I am impressed the scamming Iceland government has now been outmanoeuvred by the UK government who have seized the UK assets of Landsbanki (which Iceland planned to steal to prop up its economy) and also used the FSA to close Kaupthing and transfer accounts to ING. Thus foiling Iceland's plan. What an absolute disgrace of a government Iceland has.
(In case anyone wonders, although this is my first post, I have lurked for a while - I just signed up to post on this topic as it is so unbelievable).
- Icesave MD only on Monday said the bank is is good shape and money is safe. The next day the bank is nationalised and (we now know) UK savers money would have been largely lost (except for the FSCS top up part).
- Iceland PM guarantees "100% of domestic deposits" (i.e. Icelanders), so clearly using British depositors money to guarantee them. Initially worrying as he was silent on British deposits, which we later have confirmed by Darling that Iceland plans not to pay back.
- Iceland nationalises Landsbanki instead of Kaupthing, presumably because Landsbanki was better capitalised and had all those billions of UK depositors money which he can use to prop up his economy (stealing it!).
- Doesn't put Landsbanki (Icesave) into insolvency, presumably to prevent triggering compensation claims (who knows how long they planned to keep it in limbo like this!) and also to hopefully prevent the UK government seizing UK assets so they can repatriate the money in it back to Iceland to buy Kronor.
- Tries to leave Kaupthing trading, propped up with Icesavers money, loans from Russia - perhaps aware that Kaupthing has UK presence which would be more likely to raise the eyebrows of UK government and scupper they're plans to steal depositors money.
- Plans to repatriate UK depositors money from Icesave and Kaupthing to Iceland (using those £ to buy Iceland Kronor to prop up the currency and exchange rate by creating demand).
- Iceland PM dishonestly goes on TV to say there is enough money for UK depositors to be compensated only for Darling to be told the Iceland government has no intention of paying up!
In retrospect, the Icesave ISA appears nothing but smoke and mirrors (albeit unfortunately approved by the FSA). The plan to draw in innocent savers by offering a high interest rates, with the intention the money would be sent to Iceland and likely never be seen again. The fact they were drawing in money until the very end illustrates their bad faith. Supported by a scamming government with a supposed depositors protection scheme that they refuse to honour when it is needed. They should be thrown out of the EEA. An internet site which shows numbers in an "account" and each month interest is added on, but as these are ISAs, they knew people would likely not withdraw that money for potentially a long time (lucky because apparently they didn't have it anymore).
I applaud the UK government for its actions in relation to this matter: compensating depositors, seizing assets, closing Kaupthing and looking to sue Iceland. The EEA passport scheme and FSA regulation of Icesave was clearly inadequate, but nevertheless the government has done the right thing.
I am impressed the scamming Iceland government has now been outmanoeuvred by the UK government who have seized the UK assets of Landsbanki (which Iceland planned to steal to prop up its economy) and also used the FSA to close Kaupthing and transfer accounts to ING. Thus foiling Iceland's plan. What an absolute disgrace of a government Iceland has.
(In case anyone wonders, although this is my first post, I have lurked for a while - I just signed up to post on this topic as it is so unbelievable).
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Comments
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Agree with everything you have said.0
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Me too.
In fact the Icelandic PM released a statement saying there's enough assets in Landsbanki to cover it, it can keep running, the deposit scheme will work only if it's needed etc at the very same time as the FSA releases a statement saying Icesave has gone into default!
Get your story straight!0 -
Everybody with deposits in foreign based banks should take heed. If they go belly up you may well be faced with aggravation and delays to get your money out, Even though HMG has guaranteed Icesave it still is likely to involve form filling and delays for people. Icesave have shown that foreign banks and governments may not give a monkey's about British account holders when the manure hits the air conditioning.
We have indeed been conned by the lure of the higher interest rates. I took all my money out of foreign banks earlier in the year and was more or less ridiculed by some people on here for doing so.
It is only UK based banks that will be automatically bailed out by a takeover or governmentr action -- anywhere else and you are likely ot be confronted with uncertainty, aggravation, and a temporary freeze of your funds.
Don't risk it -- get out of foreign banks now -- please.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
George, absolutely correct! Get out of foreign banks with passport schemes now!0
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GeorgeHowell wrote: »Everybody with deposits in foreign based banks should take heed. If they go belly up you may well be faced with aggravation and delays to get your money out, Even though HMG has guaranteed Icesave it still is likely to involve form filling and delays for people. Icesave have shown that foreign banks and governments may not give a monkey's about British account holders when the manure hits the air conditioning.
We have indeed been conned by the lure of the higher interest rates. I took all my money out of foreign banks earlier in the year and was more or less ridiculed by some people on here for doing so.
It is only UK based banks that will be automatically bailed out by a takeover or governmentr action -- anywhere else and you are likely ot be confronted with uncertainty, aggravation, and a temporary freeze of your funds.
Don't risk it -- get out of foreign banks now -- please.
I would say the Santander (Spanish) owned banks are OK, at least for now...0 -
GeorgeHowell wrote: »Everybody with deposits in foreign based banks should take heed. If they go belly up you may well be faced with aggravation and delays to get your money out, Even though HMG has guaranteed Icesave it still is likely to involve form filling and delays for people. Icesave have shown that foreign banks and governments may not give a monkey's about British account holders when the manure hits the air conditioning.
We have indeed been conned by the lure of the higher interest rates. I took all my money out of foreign banks earlier in the year and was more or less ridiculed by some people on here for doing so.
It is only UK based banks that will be automatically bailed out by a takeover or governmentr action -- anywhere else and you are likely ot be confronted with uncertainty, aggravation, and a temporary freeze of your funds.
Don't risk it -- get out of foreign banks now -- please.
Yes, this is a warning to us all, we will be treated like second class citizens by any foreign bank who will put its own people first.
Darling has more or less made it clear that it's unlikely that anything over £50K will be guaranteed again. Bring it back to UK banks and keep it under £50K. That's the lesson from this.0 -
Shame on the disgraceful scamming Iceland government, Boycott Iceland!
Vodafone sucks. :mad:0 -
Yes I think Santander is safe -- I really meant foreign based banks, rather then foreign owned but with a substantial UK presence. I Would not even stay with one that is fully in the FSCS scheme because you could still be faced with aggravation and delay to get your money back, at a time when you might need it. Also with the calamity in the financial sector, let's keep our money here and try to protect UK jobs rather than overseas ones (*)
(*) I have no vested interest here -- neither I nor any immediate family are employed in the financial sectorNo-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
All we have to do is threaten to send Kerry Katona back. They won't be long caving in and giving us our money back0
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If the points in the OP are true, I want to see people going to jail over the Icesave fiasco.
We must all organise ourselves to try to serve some justice. Maybe we should sue Iceland due to the stress!
I'm proud the Government has guaranteed my savings.0
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