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BBC's Peston on Iceland !
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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.
I'm really struggling to cope with the enormity of what I've done. I've already eaten twenty pounds of chocolate, and made myself sick twice. I'm about to hit the brandy. Thank you for your concern
Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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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.
Sorry, edwinac - I meant to press quote, not thank. Damn that there isn't a withdraw button, seeing as you're one of the chief scaremongerers on here, when it comes to Iceland.
Rumour has it Landsbanki are raising capital to buy Glitnir? Unlikely they'd be forced, eh?Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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The doom and gloom mob should retire to their bunkers for a few years with their stockpile of tinned baked beans and leave normal people to get on with their lives!0
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Well said, pizza girl.Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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i'm no Peston fan, and i don't know if he's right about Iceland, but it's interesting that Sky's Business editor, Michael Wilson, was running the same story today, but quoting pounds instead of dollars for the banks' estimated liabilities, and Iceland's GDP
i.e. 68 billion and 6.5 billion respectively
he suggests that if there are problems, Iceland wouldn't be in any position to bale them out, most likely they would need to be broken up and the assets sold, which would obviously take time.
Sky don't appear to have this on their website, otherwise i would have posted a link
i don't have any money in these banks but i think people should be aware of what others are saying and be in a position to make up their own minds.
but i'm taking more interest these days, since I've already been caught out with over the protected limits, with money AND shares in NR and the same with B&B (and no, i didn't move it from NR to B&B
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LucyTheDwarf wrote: »Sorry, edwinac - I meant to press quote, not thank.
No problem - I've thanked you in return! Touche!
I expect you've seen Garnham's article in today's FT - more worries over the Krona.
How much more battering can Iceland sustain?
What could this mean for Icesave and Kaupthing depositors?
Speculative, of course, but would depositors' compensation be paid in GBP or ISK?
What if the Krona was worthless at the time of payout?
Worrying times, indeed.Reykjavik seeks loan to shore up its currency
Last updated: October 4 2008 03:00
Iceland was scrambling to help its banks secure access to foreign currency yesterday as investor nervousness drove the krona to new lows.
Confidence in its highly leveraged banking system has plunged since Glitnir, the third-largest bank, was nationalised on Monday after it hit liquidity problems.
Rating agencies have downgraded Iceland and the three biggest banks. The cost of insuring the bonds of the top two, Kaupthing and Landsbanki, against default has soared to new records.
The krona has fallen 13 per cent this week amid fears the state might have to bail out one of the other big banks. That would strain its finances, given that the combined assets of the three big banks is nine times Iceland's gross domestic product.
The government is likely to announce plans to boost foreign exchange reserves.
Bjorgvin Sigurdsson, the commerce and banking minister, said that the government was actively seeking "a large loan" from abroad to shore up the krona."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
Seeing as we are guaranteed £50,000, I can't see it being paid in anything but sterling :P
It's a good point though. And somewhat worrying, if you're that way inclined.Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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LucyTheDwarf wrote: »Yes, it's been talked about no end. There is more than 1 active thread about Iceland. So I find this one quite unnecessary. Cut out the scaremongering, unless you actually want a run on the Icelandic banks?
Get off the hobby horse and let those that want to be educated through the sharing of knowledge do so.0
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