Icesave-please help/advice!!!!

Scooby64

As long as 1. You've got < £50K in Icesave and 2. You don't NEED access to your money now, there isn't anything to worry about.

I still doubt that the UK/EU will allow Icesave to be liquidated - part of the problem is that they refer to the bank being in Receivership when they mean Administration (meaning changes in translation)

The strength of the FSCS is if no one has to use it - otherwise people will start to ask how deep the coffers are to cover their guarantees if more banks fail). That alone will make the Govts do everything possible to rescue the bank

Scooby64

LondonDawg wrote: »

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

Err sorry no - I think you'll find all pending transactions will be reversed in the next 24 hours and your Icesave account will be re-credited

trickys77

FSCS gears up to assist Icesave's UK branch customers


In the light of the current uncertainties, the Financial Services Compensation Scheme (FSCS) is today gearing up in case it needs to assist approximately 300,000 savers at Icesave.
Icesave is the UK branch of Landsbanki Islands hf (trading here under the registered name Icesave). It is an EEA bank that is authorised by the Fj!rm!laeftirlitið (FME), the financial services regulator in Iceland. The Financial Services Authority in the UK has reported that Icesave is now expected to go into insolvency proceedings in Iceland and this would trigger an FSCS default.
Eligible savers with Icesave are protected by the Icelandic Depositors' and Investors' Guarantee Fund (IDIGF), up to a limit of the first 20,887 euros of their deposits. As an Icelandic bank Icesave is not automatically a member of the FSCS, but it opted to become a 'top-up' member. This means that eligible retail savers with Icesave's UK branch whose savings exceed the Icelandic limit would benefit from top-up compensation from the FSCS covering the amount over the Icelandic limit up to the new FSCS compensation limit for deposits of £50,000.
If the default is triggered as expected, FSCS will contact all UK savers directly with details of how to apply for compensation. Further announcements will follow and we will keep this page updated.
Please watch our website for more information.

Webpages to watch for updates:

http://www.fscs.org.uk/consumer/

http://www.tryggingarsjodur.is/News/

http://www.moneysavingexpert.com/savings/safe-savings#iceland

http://www.icesave.co.uk/

http://newsvote.bbc.co.uk/2/hi/business/default.stm

http://news.google.co.uk/news?hl=en&um=1&tab=wn&q=icesave&ie=UTF-8&scoring=n&as_drrb=q&as_qdr=h&as_mind=6&as_minm=10&as_maxd=7&as_maxm=10

P.s about time the UK governement spoke up isn't it?! Head in sand comes to mind!

only1salty

Super_Ted wrote: »

I do not wish to appear rude but ......
.
ST

Wouldn't call it rude. Patronising, self righteous, bordering on smug.

I am well educated with a good degree, have 2 children under 2 and do not have time to sit down and read every study into every savings account.

What I am after is people who have good information on latest developments, not a smug lecture on the benefits of deep research into the backgrounds of cash savings accounts which for the last 100 years have been 100% secure.

Not interested in I told you so, or being called an idiot - interested in the best way out of a catastrophic problem facing the cash flow of my young family.

I could have sat on my !!!! and claimed benefits and I wouldn't have been touched by any of this.

only1salty

Super_Ted wrote: »

And say what? Thanks for chucking all your money into foreign banks rther than in the UK banks then crying to mummy when you realised it was a REALLY BAD IDEA after the event and begging for a bailout?
.
Something like that?
.
ST

Your smug gloating at other peoples misfortune, whether through misinformed decisions or, in my case, the belief that my cash was my cash, is quite sickening.

LGG_2

And say what? Thanks for chucking all your money into foreign investment vehicles rther than in the UK banks then crying to mummy when you realised it was a REALLY BAD IDEA after the event and begging for a bailout?
.
Something like that?
.

well maybe if UK banks didnt pay out such crap intrest rates in their desire to make more money then ppl wouldnt have to look elsewhere to start with. the goverment and others have known about this crap for a long time but aslong as the economy looked good no matter how much debt there was who cares. as normal its joe bloggs who has the cheek to save abit of money that gets bitten

haziec

Scooby64 wrote: »

Err sorry no - I think you'll find all pending transactions will be reversed in the next 24 hours and your Icesave account will be re-credited

thanks Scooby 64, I asked this several posts back and got no reply, did you read or hear this somewhere?? What is your source please??
As I have been looking for some kind of "cut off" point where transactions will not be honoured. I was hoping that the 10.30am today point at which they made the announcement would be that.
Any definate info would be appreciated.
many thanks

and referring to the Guardian reporter, NO THANKS I don't want to speak to you- all I want from the press is facts not sob stories or rants!

$nake_eye$

Believe they are meeting at 5, lets hope they speak up

trickys77

Super_Ted wrote: »

And say what? Thanks for chucking all your money into foreign banks rther than in the UK banks then crying to mummy when you realised it was a REALLY BAD IDEA after the event and begging for a bailout?
.
Something like that?
.
ST

Just answering some questions would be a help in calming the current panic situation faced by 300,000 in the UK. Answers such as if iceland does goes bust, will the uk step in? Some sites say they will, some sites say they won't, the message is unclear. If we do need to claim the money back what happens to the tax free wrapper... General answers that would give many people some peice of mind.

renard_2

edwinac wrote: »

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.

Yeah, and when people like me saw the indications last week and hastily pulled out our savings to a safer haven, the press and many, many people on this website, said we were "panicking" and "scaremongers".
When does a "shrewd investor" become a panicking scaremonger?