Icesave-please help/advice!!!!

bangoman_2

I decided to leave my money with Icesave (<16K) as I didn't want to break my Tax Wrapper. I had looked into alternatives to transfer if into, but that was never going to be a realistic option in a short time frame.

Was that a gamble? Yes

But for us to lose all our money (or the first 16K for other) that would mean iceland as a country woudl have to go bust, AND then the FSA would have to ignore the uk customers to which it exposed the ISA product. I personally don't see either of those happening.

But thats just my 0.02$

Okie

for all those who are worried, the FSA and the govt can no more allow 300,000 icesave customers to lose their money than the 1million + northern rock customers...it's the same ballpark in terms of deposit amounts and it's just too damaging to the reputation of the UK banking industry, the FSA and the treasury to allow it. If icesave does end up insolvent, and if iceland does not pay out the compensation required (two very big ifs), I would bet my savings that the UK govt would step in to help...or at least I would if icesave didn't have my savings

Glass_Half_Full_3

Message to all those wise voices who predicted this Iceland disaster. Well done! You were right! Putting money in anyone else's hands is always dangerous (to some degree).

Now please stop patting yourselves on the back and picture this:

There's been a nasty road traffic accident.

The drivers involved haven't being paying close enough attention (they've made mistakes) and now there's a terrible mess - blood everywhere.
A lot of people are hurting, in distress, in pain, and some of them (particularly the older ones) are not going to fully recover from this disaster.

What do you do?

Give them a lecture about driving, ask them why they are so stupid at to get into a car knowing how dangerous the roads can be? Boast about what a great driver you are?
Or do you offer them some meaningful sympathy and compassion? Some hope or even better, some helpful advice?

If you've got nothing positive to say, then have the decency to keep your self-righteous thoughts to yourself, and don't lecture them in their time of pain.

Yes - as you predicted, an accident has happened.
You've been clever (or lucky) but the other people on this forum are very worried and probably quite shocked.

Please stop scoring points about their lack of foresight and show some respect for their plight.

If you can't do that, then their name-calling is absolutely justified.

vishy01234

Woodyrocks wrote: »

Watched the BBC 6pm news in tears. Keep playing it back which is not helping. They said something about waiting 3months for reimbursement but that is no guarantee - what about those of us that have less than £16K in icesave in the first place - where do we stand??!!

And now with hbos, I just feel like I am being robbed with consent

Keep your spirits up - I know it's tough, but I am sure it will all get resolved and be ok in the end. I know it's tough, but try to imagine how it must have felt for families that suffered in tsunamis, earthquakes, those killed in Irag, or 9/11 ... then it puts everything in perspective. This is nothing compared to the pains that other people suffer. It's just part of life and the key is that we have to show strength and resolve to get through this. You and the rest of us have every reason to stay positive - we WILL get our money back.

Scooby64

JBmoney wrote: »

now thanks to this run lost the greater part of it.

You haven't yet - wait & see what happens in the next few days

Okie

JBmoney wrote: »

Somewhere up above mentioned there friend taking savings out of Icesave via CHAPS xfer. Please thank your friend from the bottom of my heart as it is people like that who break banks and, in this instance, also break me. I recently placed an inheritance with Icesave and I have now thanks to this run lost the greater part of it. Once again thanks to each and every one who panicked and caused this situation.

I'm not sure I follow your logic. The icelandic banking crisis was not caused by a run on icesave by UK customers. You have also not lost any money yet, as the bank has not yet been declared insolvent. I also failed to get my money out before the current crisis, but I do not blame others for doing so...only wish I'd been back from hols a couple of days earlier so I could have followed suit!!!

altocumulus

The minimum deposit guarantee in Iceland equals EUR 20,887. In the event that the assets of the Fund are insufficient to pay the total amount of guaranteed deposits in the bank concerned, payments shall be divided among the claimants as follows: all claims up to EUR 20,887 shall be paid in full, and any amount in excess of that shall be paid in equal proportions.


Payments from the Fund shall be made no later than three months after the date the Financial Supervisory Authority opinion was published or the date that a ruling was rendered on sending the estate of the bank into receivership, see further in Regulation no. 120/2000 on Deposit Guarantees and Investor compensation Scheme.

In cases of deposits in cross border branches, the schemes involved will cooperate fully to ensure that depositors receive compensation promptly and in the correct amount. To facilitate such cooperation, Memorandum of Understanding has been agreed on by the Icelandic Scheme and several other Deposit Schemes.

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.

No ifs and maybes about the The Icelandic Deposit Guarantee Scheme.
Iceland is legally obliged, in the same way as countries which are members to the EU, to provide the minimum deposit protection.

Rachman_2

cs15 wrote: »

so im guilty of putting my money in a BANK, recommended and mentioned on this site and many areas of the media as a best buy and allowed to do business here, not some back street outfit . i work in another industry not the finance do i need to give that up and make full time research into the viability of banks before i put money in them, otherwise its my fault and i take no responsibility?

No, but did it not for one moment dawn on you that there was a reason they were paying more interest.... if it looks too good to be true, it usually is. I don't entrust my life's savings to X, Y and Z just because some idiot in a paper or on the telly says so, it takes me too long to earn, if I am going to stick my money somewhere I am going to do my OWN diligence. That would have taken less time to do than it took to send ICESAVE the money. If it's money that's so important for you, then you DO THE DILIGENCE YOURSELF OR PAY SOMEONE ELSE TO DO IT FOR YOU AND EXPLAIN THE RISKS IF YOU DON'T THINK YOU ARE CAPABLE OF IT.

I also note that MSE came up with the usual, because I am not posting touchy feely, I must be a troll - typical.....

Seriously, I have already made the point to MSEDan, he needs to be EXTREMELY CAREFUL as to what he posts on here because people don't do their own work - I have sat there for months actually shouting at the telly when Martin's been on, willing him to take a second to explain that there are sodding obvious risks to putting your money into some of these places - but he's not - he seems to have swallowed the government guarantee line - I DO DO finance and money for a living (private equity, leveraged buyouts (using Landsbanki too), global M&A and capital markets), I don't believe these guarantees are worth ANYTHING other than the paper they are written on if they are actually called upon - they are simply to make you feel better and sleep at night and vote for them - they simply cannot work, not least because the country would be Zimbabwe like. But they (the press, the BBC and the banks and the government) don't tell you that either.... - I pulled my money from this lot (and several other banks) 6 months ago when it was clear we were heading for a a sh1tstorm (not intended to be smug, BTW), it was obvious to anyone who picked up a newspaper and read more than the cartoons.

If you have lots of money to save/invest and do/did not even do these basics, even without my background, we really are in direr straits than I feared....

samuela66

:rolleyes: Can anyone tell me when I log onto the netherlands page of Icesave it doesnt mention not being able to access your money or anything like that

cs15

Glass_Half_Full wrote: »

There's been a nasty road traffic accident.

The drivers involved haven't being paying close enough attention (they've made mistakes) .

you make some good points. But WE WERE paying attention , we followed standard web sites and best buy advice. I read what Martin wrote on here, at the time, he gave some caveats, but he said Iceland would cover this and so would Scandinavia in the event of problems, so he said on whole the outlook is ok (but caveats to cover himself). IceSave was approved here in this country and lots of best buy advice said to use them too. So I would say we were paying attention as much as most people who dont work in the financial industry would. We cant all be full time financial wizards or have time to be.