Icesave-please help/advice!!!!

isofa

Optimist wrote: »

Despicable the way that is phrased.

The Guardian should be giving clear and practical advice not allowing rants and further inflaming the situation

Unfortunately proving that much of our press today is just a tabloid machine.

Stick to the FT IMO.

Super_Ted_2

I do not wish to appear rude but I have to say the level of ignorance displayed in this thread is truly breath taking.
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Those pathetic posters who when faced with good, reasoned and (mostly) polite posts near the start of the thread warning of fundamental problems with the icelandic banking industry and the economy not only ignored them but shouted them down, called them scare mongers and doomsters should be ashamed. I only hope that your poor judgement has cost you more than anyone who listened to you.
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For those who argue that you were not investing then you need to take a trip back to school. You were taking present earned value and storing it, in this case as currency for future use and expecting a return. Whether you were investing in gold, crops, shares, savings accounts, ISAs etc... it was an investment. You unfortunately miscalculated the risk associated with your investment and may have lost money but just because you thought it was low risk does not make it so. Your strong belief does not counter the harsh reality not matter how much you stamp your little feet.
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If you havent worked it out by now then here's some news, we are in for some very tough times. If after over a year of financial meltdown you believed that a sparesly populated, seagull [EMAIL="!!!!"]!!!![/EMAIL] covered rock in the middle of the north atlantic (or what ever the other poster said) was the best place to keep very serious amounts of your money then you should not be allowed out on your own. Having the highest interest rates on savings (or the easiest/lowest on borrowings as demonstrated by NRK/BB) does not make somewhere automatically the best place for your money.
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The credit boom has finnished, most of the growth of the last few years has been illusiory, fueled by ever greater amounts of credit money being pushed into the economy, much through the housing market but also through leveraged buyouts, credit card debt and unsecured loans. Its over, the Ponzi scheme has run its course, not enough new debt is being created to sustain the returns further up the piramid. Froth jobs are going to disapear, mortgages will be harder to get, BANKS WILL FAIL and we should let them.
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My sympathies go to people who have lost money during this bank failure, you made some poor investment choices and are paying dearly for them I hope things turn out ok for you.
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The brickbats of the uninformed do not phase me but I would be more than happy to debate with anyone who thinks I am wrong.
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ST

HugoRune_2

Abhinav wrote: »

Hi,

I work as a reporter with the Guardian, and would like to speak to anyone who has an Icesave account - so if you want to rant a bit about the situation, do call me! at 07517451044, or mail me at [EMAIL="abhinav.ramnarayan@guardian.co.uk"]abhinav.ramnarayan@guardian.co.uk[/EMAIL]. thanks.

journalists can be such parasites

huntersc

nilrem wrote: »

Like many others here I have substantial savings in Icesave (above the guaranteed amount) and I have no intention of moving the cash away from them.

Whoops. I do hope you can afford the loss, I really do. I wonder, with most of us seeing the problems with ICE early yesterday and you telling people that there were no issues even as late as yesterday evening, I wonder, should you be giving any kind of advice on here?

This is a good example of why people should not take investment advice on these forums or off the internet.

northern5

Abhinav wrote: »

Sorry, but once again...

I have an Icesave account... RANT.

Okie

ShinyGirl wrote: »

Does anyone know about this rise in deposit compensation in the EU from 30,000 to 50,000 euro's cos the BBC is reporting that Landisbank would now pay out the first 50,000 euros and the FCSC would pick up another £50,000. I'm hoping to god this is true cos I've got £100,000 in Icesave and at best i'm looking at losing about £12,000 at wost it could be about £38,000 and that's if the Icelandic economy doesn't crumble into the atlantic first. And we were being extra cautious not putting our money into stocks and shares....

my understanding is that you would still only get £50k back. First Iceland has to pay you compensation, then the FSCS in the UK tops that compensation up to a maximum combined amount of £50k. Whether iceland pays back 20k, 30k or 50k euros, you'll still receive the same amount in total, as the FSCS will not top the amount up beyond £50k.

and remember you've not lost a penny yet...Icesave has not yet been declared bankrupt/insolvent, and the icelandic government is working v hard to avert this and instead create a solution like northern rock, where the bank remains business as usual. Fingers crossed

Moneygoes2money

csiman wrote: »

I heard that too but just what are the "minimum compensation limits"?

How large an amount is guaranteed?
At any given time, the Depositors' and Investors' Guarantee Fund guarantees a minimum of 20,887 euros (currently equivalent to just over 3 million Icelandic kr!nur).

homer_J123

Abhinav wrote: »

Sorry, but once again...

!!!!!! - honestly - scare mongering etc.

ShinyGirl

csiman wrote: »

The maximum limit is £50,000 with the first £16170 being paid by the icelandic scheme so at best you would be £50,000 down and at worst down by £66,170

I thought that too but this is a direct quote from the BBC website.


Summit
Finance ministers meeting in Luxembourg have agreed to increase the minimum value of deposits that European countries will have to guarantee from 20,000 euros to 50,000 euros ($68,250; £38,900).
At the moment in the UK, the Financial Services Compensation Scheme (FSCS) guarantees the first £50,000, but European banks operating in the UK are guaranteed by their domestic scheme. Some of them choose to top up the protection with the FSCS, so if Landsbanki were to fail, the first 50,000 euros would be paid by the Icelandic authorities and any more up to £50,000 would be paid by the FCSC, which would also handle all the paperwork.

So I live in some sort of hope.

LondonDawg

After looking at the news last night i decided to clear out my icesave account of about 10k.

Looking at the news today am not sure if this transfer will go through.
The icesave account says that the transfer has been processed, and the account balance is a matter of a few pounds.

As the bank is insolvent as of today, what would this mean for the transfer, would it still clear?