Icesave-please help/advice!!!!

Androcles

These are in the website I attached in my post above:


Are deposits in foreign branches of Icelandic banks guaranteed by the Fund?
Yes. The Fund’s guarantees extend to all customers of Icelandic banks and their branches, both domestic and foreign, irrespective of legal address. Foreign deposits with subsidiaries of Icelandic banks are guaranteed by the guarantee funds in the countries concerned.

What does “top-up” mean?
Top-up is the English term for supplemental deposit insurance. Some foreign branches of Icelandic banks have also guaranteed deposits in their countries of business with the guarantee funds of the countries concerned. With such supplemental deposit insurance, foreign deposit owners are in a same position as other depositors in their country.

Where do owners of deposits in foreign branches turn if an Icelandic bank becomes insolvent?
Because of the supplemental deposit insurance that some foreign branches of Icelandic banks have with foreign guarantee funds, the Fund has concluded collaboration agreements with a large number of foreign guarantee funds. The agreements guarantee collaboration between the Icelandic Fund and its foreign counterparts in the event of a crisis. If supplemental deposit insurance exists, foreign deposit owners should turn to the guarantee fund in their home country. If such supplemental deposit insurance is not in place, they should turn to the Icelandic Depositors' and Investors' Guarantee Fund.

Does it cost anything to apply for reimbursement from the Icelandic Depositors' and Investors' Guarantee Fund?
No. The Fund’s service is rendered free of charge.

When is it appropriate to turn to the Icelandic Depositors' and Investors' Guarantee Fund?
Cases are only addressed by the Fund when the Financial Supervisory Authority has declared that the member company has become insolvent or when the member company has requested bankruptcy proceedings. If consumers have comments on the operations of member companies, the Financial Supervisory Authority operates an information and guidance service for consumers. The telephone number is +354 525 2755 and website https://www.fme.is

backfoot

Super_Ted wrote: »

Savings accounts are less risky, not risk free.
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The long boom may have made people complacent about risk but I promise you if we were having this discussion in 1930 or 1990 for than matter then your attitude would have been very different. As it will be in a few years time.
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ST

This and your other posts are totally innapropriate to this thread for people asking for help and advice.The other posters trolling out their vitriol can't hide their glee that they personally havn't been affected and revel in the potential misery and concern of the many.

You are all eloquent writers, knowledgeable of history and your own self importance, but quite frankly you are the beneath contempt as far as I am concerend.

Why don't you start your own thread partying over the distress rather than pouring salt in the wounds here. Better still just ............

Okie

bazaarboy wrote: »

sorry but you're not comparing like-for-like.
how re-assured can we be by a guarantee by the Icelandic government. Can they really pay £2-3bn, as part of their first-£16k obligation?
Thats like the UK govt being responsible for £600 billion in savings guarantees...

I totally agree that the icelandic govt's situation is cause for concern. However if you read the article via the link, you'll see that the media continue to describe our situation as 'unprotected' without proper reference to this legal guarantee (which is valid until the day iceland goes bankrupt). It's no more 'unprotected' than if RBS were to fail tomorrow, and the UK govt would be left scrounging around to raise the compensation money from nowhere.

just think we need to be clear what the situation is, and 'unprotected' is certainly not the right way to describe it!

Super_Ted_2

cs15 wrote: »

no, we put money in a bank not a risky share scheme, we expect our owned property back.

I'm not sure how much more clear I can be for you.
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There is nothing inherantly safe about a bank, they can and do fail leaving depositors, shareholders and other counterparties in the soup.
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Some banks are safer than others, people investing in the Icelandic banks chose less safe banks and got a higher rate of return. I agree the FSA could and should have done more to regulate the risk to the UK citizen especially after the level of deposits got so large that it was clear any failure would impact the innocent taxpayer. But eventually the buck stops with the account holder.
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Repeating that you want your owned property back does not change the fundamental objective reality which is that you gave your money to people that could not be trusted with it. Sorry.
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I hope you get your money back.
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ST

Master_G_2

ElusiveLucy wrote: »

Sorry, but I beg to differ here - When I took out my Cash ISA I wasn't told that my savings could go down as well as up, as I would have done if I had taken out a risky investment. My Cash ISA was supposed to be my "secure" savings, I have a small amount of money in stocks & shares ISAs which I am prepared to take a risk with.

Like many others on here, I have worked really hard to save the £25k I have/had with Icesave. Whatever you do, don't follow my financial choices in the future - first Equitable Life and my pension, and now Icesave and my savings :eek:

any tips for tomorrows lottery?

seriously, i have / had £3k in a cash isa with them. Not sure where i stand now. I set up a CHAPS transfer last night to be processed today. It's not reached my fd account but unable to log into my icesave account. error message saying login details incorrect. I'm hoping that its because my account is closed and the funds will be in my fd a/c tomorrow but not holding out much hope.
Easy to say but there is no point in worrying about what you cannot control. Lets wait and see what happens and take whatever action we need to when we can to make the best of a bad situation.

john5001

End of the day the amount is guaranteed either a loan fro Russia, or a loan from Scandanavian neighbours. So whats the problem except some interest is missing and you have to look elsewhere ( Ireland? ) to transfer the money.

YOU WILL GET YOU DEPOSIT AMOUNT BACK!!

nilrem_2

I am gutted TBH, I have spent the last few days supporting Icesave and I admit I was wrong, I never really thought it would come to this, if it's any consolation to anyone I shall be 'chastised' because I have a considerable amount of my savings with them and stand to lose quite a lot.

I have spent the day in deep gloom really worried and looking for any snippet of good news but as soon as I see a chink of light at the end of the tunnel I read or hear something negative and end up in despair again!

I am a little hopeful that at least Icesave is still in business even though we can't get our cash back and possibly when they sort the mess out our savings will be saved plus the comments from Icelands PM seemed to sound positive.

Super_Ted_2

backfoot wrote: »

This and your other posts are totally innapropriate to this thread for people asking for help and advice.The other posters trolling out their vitriol can't hide their glee that they personally havn't been affected and revel in the potential misery and concern of the many.

You are all eloquent writers, knowledgeable of history and your own self importance, but quite frankly you are the beneath contempt as far as I am concerend.

Why don't you start your own thread partying over the distress rather than pouring salt in the wounds here. Better still just ............

No this thread was started by a person looking for advice before the bank went kaput. The good advice they got was ridiculed and shouted down by economic illiterates and I suspect some people reading this website may have kept their money in Iceland on the strength of those posts.
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Without one sign of contrition those fools are now berrating me and others for speaking the truth.
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I am very sorry for the people who have lost money, I wish there was a magic wand to get it back for them. Unfortunately there is not.
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ST

Okie

john5001 wrote: »

End of the day the amount is guaranteed either a loan fro Russia, or a loan from Scandanavian neighbours. So whats the problem except some interest is missing and you have to look elsewhere ( Ireland? ) to transfer the money.

YOU WILL GET YOU DEPOSIT AMOUNT BACK!!

I agree that it's highly unlikely that we will lose money, although it may be a long and painful process to recover it

However, to clarify a couple of points 1) the russian loan is aimed at shoring up iceland's foreign exchange reserves to protect their national currency, not to protect icesave customers, and 2) the only source that appears to have referenced other scandinavian countries stepping in to help iceland pay out to icesave customers is an Icesave spokesperson, hardly reliable given the current situation!

TRUSt_NO_1_2

edwinac wrote: »

................ - Zeitgeist - Addendum.

It's 2 hours long (so get comfy), but another excellent Zeitgeist production

http://video.google.com/videoplay?docid=-4247259470304311618&hl=en

(Thanks again Edwinac.Did not know about this one)