Icesave-please help/advice!!!!

2latenow

ds1980 wrote: »

there has watch this space!

Hm... Iceland PM seems to be saying that current suspension of deposits/withdrawls @ icesave is due to the UK FSA ?

Interesting live coverage of Iceland PM press conference -- poor guy has a whole country to look after and all the reporters keep asking about is Icesave UK !!!

~Chameleon~

The Icelandic PM is speaking live now. He says that Icesave will hopefully continue to operate as normal

Moneygoes2money

edwinac wrote: »

There are savings accounts and then there are savings accounts. Some are secure and some are not.

Depositing one's life savings in a tin-pot bank located on a tiny, far-away island, was tempting fate.

The Icelandic banking disaster was depressingly predictable. There were a host of indicators - particularly the collapsing krona - that the shrewd investor should have recognised as posing a serious threat to his savings.

If full compensation is not forthcoming, this will be an expensive lesson for many.

The Great British Building Society is where my money stays, as we descend into the worst financial crisis since the 14th Century collapse of the Lombardic banking system.

How insensitive and smug you are.

MrTGB

Am I correct in assuming that any interest due will not be paid and it is only the capital that was originally deposited that will eventually be returned?

boombap

I've got savings with Icesave and I'm a bit concerned but not too much really. The worst thing for people to do is panic - I'm sure everything will work itself out.

edwinac_2

Browntrout wrote: »

I do not think the FCSC has ever failed to compensate...

No doubt, but what matters to savers is the length of time before we get our compensation.

With an imploding economy, plummeting Treasury receipts and soaring budget deficits, the government has every reason to delay the payouts.

And the longer it holds on to our compensation - and in the case of BCCI it wouldn't cough up for a decade - the more inflation gnaws away at its real value, diluting its purchasing power to almost nothing.

Since this is cash removed from the money supply, the Government might even see it as a convenient counter-balance to its hyperinflationary "liquidity injections".

Savers could be in for a very long wait for their money....

vishy01234

I am really hoping that we will be able to continue earning interest on our Icesave ISA's and that some kind of scheme can be set up whereby we will be able to transfer our ISAs to another bank, with the bank receiving the ISA claiming the compensation from the FSCS ... otherwise, puling your ISA out and keeping it in a tax free wrapper will become a nightmare.

hyposmurf

Is it possible that the bank will be taken over by the goverment and the savings continue to operate as normal once they have set this up in place?

EagerLearner

hyposmurf that was exactly what I was thinking - perhaps we won't need to claim compensation - ie: will IceSave be like Northern Rock now, nationalised and continuing to trade as normal, with government backing?

vishy01234

edwinac wrote: »

No doubt, but what matters to savers is the length of time before we get our compensation.

With an imploding economy, plummeting Treasury receipts and soaring budget deficits, the government has every reason to delay the payouts.

And the longer it holds on to our compensation - and in this case of BCCI it wouldn't cough up for a decade - the more inflation gnaws away at its real value, diluting its purchasing power to almost nothing.

Since this is cash removed from the money supply, the Government might even see it as a convenient counter-balance to its hyperinflationary "liquidity injections".

Savers could be in for a very long wait for their money....

Who is this idiot? I cannot stand smug, gloating individuals like you ... your last two posts are nothing short of a disgrace. Stop making people feel so bad - you might think it's funny laughing at other people's pain (you quite clearly haven't been affected so see fit to mock those that have).