Icesave-please help/advice!!!!

sarerb18

Online account locked.

Stormy

bazaarboy wrote: »

I agree that we're all responsible for our actions, but the FSA has been negligent in permitting Landsbanki / Icesave to venture in, collect £5Bn, and claim to offer "protection" - how could they guarantee this protection??

Agree 100%, if I had been told that these "protection" schemes offered by Icesave were worthless, no one in their right mind would have put their savings there!

dandandan_3

"we put money in a bank not a risky share scheme"

Are they not one and the same nowadays?

I think if the first £16k doesn't materialise then the circumstances which contribute to that happening clearly are a sign of much, much bigger problems with the world economy as a whole and, although it's a lot, I think in the grand scheme of things there's going to be a hell of a lot worse to worry about. We're talking about Iceland going bankrupt AND the Nordic pack not being able to compensate as according to their agreement.

"The Fund in Iceland is pre-funded and post-funded if needed, as is the general setup across Europe. If the total assets of the Fund prove insufficient, the Fund will borrow funds in order to compensate losses suffered by claimants." This seems to suggest that in Iceland and Europe, as in the UK, banks will call upon other banks and money funds to recapitalise the fund should monies fall shot for compensation.

I've savings w/ Icesave, as I think most posting here have, and took the decision in invest / save with them as the compensation structure seemed comprehensive enough, and, more to the point, an entire country's economy collapsing to the point where I'd lose a penny seemed like a fairytale.

It seems like Wonderland is collapsing and no amount of wisdom from a crack-toting caterpillar could have advised us better.

vishy01234

bazaarboy wrote: »

Here's an interesting fact: Iceland's population is... 300,000 (July 2007 estimate)
Hmm - thats how many Brits stand to potentially lose savings.
How on Earth has such a tiny country gotten into so much financial debt? I agree that we're all responsible for our actions, but the FSA has been negligent in permitting Landsbanki / Icesave to venture in, collect £5Bn, and claim to offer "protection" - how could they guarantee this protection??

I completely agree ... and they were even allowed by the FSA to offer UK ISA products.

Optimist

bazaarboy wrote: »

Here's an interesting fact: Iceland's population is... 300,000 (July 2007 estimate)
Hmm - thats how many Brits stand to potentially lose savings.
How on Earth has such a tiny country gotten into so much financial debt? I agree that we're all responsible for our actions, but the FSA has been negligent in permitting Landsbanki / Icesave to venture in, collect £5Bn, and claim to offer "protection" - how could they guarantee this protection??

Ah now your talking about the FSA that wonderful institution put in place by Gordon himself. They thought a phone call to Northern Rock asking is everything was well was sufficient in their overseer role !

terricfan

Has this already been posted?

Administrators move in.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4897712.ece

Jamie_A_G

Scooby64 wrote: »

I can't see the EU allowing a government to default - the consequences would be too horrible to contemplate for Europe, the Political System and the World Economy

The only issue is that 1stly they aren't in the EU and 2ndly, how can you force the country to pay if it does not have the funds to bail eveyone out!

Scooby64

wonky123 wrote: »

To all you dead clever financial historians - well done you!

I'm completely f**cked!! Excuse the language but I really could cry! I'm sorry, I'm not great with money, I'm obviously gullible as haven't considered the seagull v inhabitant population to decide whether I wanted an instant access safe savings account rather than a risky investment plan. I've found this website really handy to help me with my finances to get me on the right track. I don't have thousands of pounds which I'll need to wait for a potentially lengthy claims process. Instead I have £12k from a credit card on 0% which ends in November. I'm obviously really stupid cos I never realised there were any problems - why would they offer such high interest rates instead of dropping them? - made me think they were safer than anyone else. I just feel sick. Please please please someone buy them out, I promise never to try & be clever again & follow any money making ideas I read on websites, but I couldn't afford to pay the go to rate on that amount of cash next month

DON'T PANIC (yet)

Despite how knowlegeable many posters think they are, they are just guessing, and hold on to the fact that as of now, Icesave is not being liquidated, nor is Iceland defaulting on any guarantees.

That MAY change, but there is a lot that has to happen before the picture is clear and there are many options available to the government.

I know it's easy to say, but try not to get too upset until we know the full picture, but be prepared for a few stiff drinks because my guess is that may not be until early next week

Okie

bazaarboy wrote: »

Here's an interesting fact: Iceland's population is... 300,000 (July 2007 estimate)
Hmm - thats how many Brits stand to potentially lose savings.
How on Earth has such a tiny country gotten into so much financial debt? I agree that we're all responsible for our actions, but the FSA has been negligent in permitting Landsbanki / Icesave to venture in, collect £5Bn, and claim to offer "protection" - how could they guarantee this protection??

excellent point Bazaarboy, no-one flew over to iceland to take out these icesave products. Icesave was permitted by the FSA to operate within the UK, and the FSA has an obligation to do its job and regulate companies that operate in our market. Why on earth didn't the FSA take action one, two, three weeks ago (or even six months ago) to suspend Icesave in the UK, given the scary gap between Icelandic GDP per annum and total british savings!

i cannot see british people losing one penny from the icesave collapse, because for the UK govt to allow this would be political suicide for GB, AD and the whole FSA.

bazster

wonky123 wrote: »

To all you dead clever financial historians - well done you!

I'm completely f**cked!! Excuse the language but I really could cry! I'm sorry, I'm not great with money, I'm obviously gullible as haven't considered the seagull v inhabitant population to decide whether I wanted an instant access safe savings account rather than a risky investment plan. I've found this website really handy to help me with my finances to get me on the right track. I don't have thousands of pounds which I'll need to wait for a potentially lengthy claims process. Instead I have £12k from a credit card on 0% which ends in November. I'm obviously really stupid cos I never realised there were any problems - why would they offer such high interest rates instead of dropping them? - made me think they were safer than anyone else. I just feel sick. Please please please someone buy them out, I promise never to try & be clever again & follow any money making ideas I read on websites, but I couldn't afford to pay the go to rate on that amount of cash next month

Tough break, hope it works out for you. If this Russkie loan to Iceland goes through we'll probably finish up wondering what all the fuss was about.