BBC's Peston on Iceland !

amcluesent

>The site is working as normal.<

Your wealth and well being is reliant on a web-site? Hmm...risk/reward seems out of whack.

Oblivion

LucyTheDwarf wrote: »

No, they'll be too busy queueing outside banks, for the 9 o'clock opening to withdraw their cash!

Now you've really gone and done it Lucy. If that doesn't start a run, I don't know what will. How will you ever live with your conscience? :rotfl:

Dave.

Lynt_3

I've just been watching Sky News, and they were discussing Iceland's problems. Not sounding too good I must admit.
I have just opened an account with KE, and put in the £100, but for now I won't be adding any more. I will continue with Egg. Their new account offers 6.30% for one year,so I have transferred from by old Egg account to the new.
I'll re assess in a year.

Things change from moment to moment don't they. Difficult to keep up.

Oblivion

Lynt wrote: »

I've just been watching Sky News, and they were discussing Iceland's problems. Not sounding too good I must admit.
I have just opened an account with KE, and put in the £100, but for now I won't be adding any more. I will continue with Egg. Their new account offers 6.30% for one year,so I have transferred from by old Egg account to the new.
I'll re assess in a year.

Things change from moment to moment don't they. Difficult to keep up.

Difficult indeed Lyn.

Probably a good time to lock in to a fixed rate for a year, since pressure does seem to be building again on the Bank of England to lower rates soon. One pundit on TV yesterday was expecting not just a 0.25 cut but a 0.50 cut next time. Not good news for us savers if it happens.

Dave.

Lynt_3

Oblivion wrote: »

Difficult indeed Lyn.

Probably a good time to lock in to a fixed rate for a year, since pressure does seem to be building again on the Bank of England to lower rates soon. One pundit on TV yesterday was expecting not just a 0.25 cut but a 0.50 cut next time. Not good news for us savers if it happens.

Dave.

Interesting point.
I have 30k in Principality at 5.75%. I may look at a fixed rate somewhere.
On the other hand, I might not bother This whole thing is just too much for me to be honest. This site is great, but can scare the living daylights out of you too :eek: Off to lie down in a dark room

Ommmmm

bristolleedsfan

luvpump wrote: »

Highly respected Mr Peston

There was me believing that Mr Pestons Blog on BBC webpage was set up to be used as Downing Streets mouthpiece.

Richard_Cocks

The level of scaremongering is ridiculous. I had a Skipton sales rep (for want of a better word) spend ages telling me about how "risky" it was to have money in icelandic banks because I said I had my ISA for this year there.

All because they want people to deposit in their own isa which is almost a full percentage point below what Icesave offers!

People are getting told information by people who stand to profit if other banks fail. It's a ludicrous situation!

Jonbvn

Richard_Cocks wrote: »

People are getting told information by people who stand to profit if other banks fail. It's a ludicrous situation!

That's the financial industry in a nutshell. One persons loss is another's gain. Therefore everyone has a vested interest.

IT_nerd

I'm moving my money into my Icesave accounts at the moment.
Sure, on the face of it- it might not be the best idea. But I'm still going to do it, because without people like me that bank might go under, and if it does then people like me will lose out.
So I'm doing it for people like me :P

edwinac_2

According to a report in the FT, this week brought more bad news for Landsbanki, the owner of Icesave, and more worry to its depositors.

In an attempt to shore up its retail banking arm, Landsbanki has been forced to sell off the bulk of its investment operations around the world.

"Landsbanki, Iceland's second biggest bank, yesterday sold the bulk of its international operations - including London-based Landsbanki Securities - to smaller rival Straumur-Burdaras in the latest sign of unease in the Icelandic financial sector.

"The transaction will release €380m (£300m) of capital to strengthen Landsbanki's Tier 1 capital ratio - which was 8.2 per cent at the end of the second quarter.

"Landsbanki's borrowings rose to IKr1,220bn (£6.3bn) in the first half of the year from IKr775bn a year earlier after the bank expanded abroad.

"Ratings agencies Standard & Poor's and Fitch this week downgraded all of Iceland's banks.