Icesave - next move?

Money_Grabber13579

Both these banks updated their websites today, Icesave's liquid assets have increased to 8.0bn up from 7.8bn, so that's a good sign. I also read somewhere else that Kaupthing state that they have enough liquid assets to keep them going for at least 360 days. Also good news. So in my opinion, these 2 banks are as safe as any other bank in these times, so I'm putting more money in!

Nobles

bamcra wrote: »

I would be very interested, to say the least, to know the details of this promise. As an Icelander who follows Icelandic news every day, I presume the 50k is not coming from Iceland.
As far as I know, Iceland will pay £15.840 (20.000 euros), the rest will have to come from Britain (in the case of IceSave). There has been no mention of £50k in the Icelandic news as far as I know.

Please tell us more of this promise.

My understanding is that it would be increased to 50K along with UK banks. Whether this means half from Iceland and half from the UK scheme was not specified. This is what I was told by the customer service dept. so it is not "official"
Northern Rock is withdrawing some saving schemes because it has too much money coming in (see BBC news website) The irony of this makes me smile!

jp01_2

isofa wrote: »

I'm staying calm.

Read: http://forums.moneysavingexpert.com/showthread.html?t=1188535

(except jp01s post - he's a spammer)

so sharing others view and advice is spam is it?
Did I recommend another financial institute?

Another dictionary required.

Sparky29

You are covered to £35k the same as UK banks

http://www.icesave.co.uk/financial-protection.html says:

financial protection

If we cannot pay any amount we owe you on your savings accounts, you will be able to claim compensation. The maximum compensation is limited to 100% of the first £35,000 of your total deposits held with us (the same as every FSA regulated bank and building society in the UK). In the unlikely event of a claim, any compensation is payable within three months.

The compensation itself is provided by two schemes (sometimes referred to as a passport scheme) – the end result being that the total amount protected is the same as if your savings were only protected by the UK Financial Services Compensation Scheme. The protection works as follows:

• The first level of protection is provided under the Icelandic Depositors’ and Investors’ Guarantee Fund (www.tryggingarsjodur.is). The maximum protection under this scheme is 100% of the first €20,887 (or the sterling equivalent) of your total deposits held with us.
• The second level of protection is provided by the UK Financial Services Compensation Scheme (www.fscs.org.uk). This scheme tops-up your protection so that the protection under both schemes, is equal to 100% of the first £35,000 of your total deposits held with us.
• Under EU law compensation for any losses incurred due to the failure of a bank should be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme.

I'm just about to open an ISA with them and I'm not worried. No safer or riskier than a UK bank. They are probably in better shape than some other financial institutions.



How does the failure of Lehman Brothers impact Icesave/Landsbanki?
We have no significant exposure to Lehman Brothers and there will be no significant impact to profit.

Are Icesave/Landsbanki involved in the US mortgage market?
We have no direct or indirect exposure to the US mortgage market.

http://www.icesave.co.uk/important-information.html

Paul_Herring

so sharing others view and advice is spam is it?

No.

But that wasn't what you were doing. What you were doing was though, apparently. So much so the website you were spamming managed to make it to the naughty word filter.

e.g.: http://forums.moneysavingexpert.com/showpost.html?p=14586205&postcount=11

edwinac_2

"Monsieur, I detest what you say, but I will defend to the death your right to say it." -- Voltaire..

isofa

jp01 wrote: »

so sharing others view and advice is spam is it?
Did I recommend another financial institute? Another dictionary required.

Really, what happened these posts I referred to? They were reported by many users, and removed by admin for breaching the forum T+Cs, you read those I assume before you cross posted all over the forums? Dictionary anyone?