Icesave-please help/advice!!!!

Primrose

Does anybody know for certain how the Icelandic authorities will allocate compensation - if they can afford to pay it? For example, we have four joint accounts with Icesave - the instant access account and three fixed term bonds, two of which are under the Iceland compensation limits. Will they add up the total of all accounts and allocate Icelandic compensation rules to the first £x pound in total, and then the UK FSA compensation kicks in, or is each joint account treated separately for compensation purposes? I know we've never been in this situation before so the rules have never been tested but depending on whether you have one account with them, or several separate ones it seems to me that the amount of compensation you receive from any Icelandic rules could be rather different depending on how much you hold in the account.

pessimist_3

rabbitmoon wrote: »

I'm fairly confident that the first £50k will be compensated. If Icesave arent rescued by a buyer, the first £16.5k will either come from Iceland government or the reciprocal scheme with neighbouring countries. My main concern is how long its going to take - one press article said it could take over a year, which I hope doesnt happen.

I think its highly unlikely any UK depositor will get one penny back.

Its not in the UK banking interests its not in the Icelandic governments interested.

Most likely out come is that in 10-15 years you may get your deposit back with out interest in devalued money. Because the Icelandic goverment will put the bank into something similar to the USA chapter 11 rather than admit the bank is insolvent.

silverchair

I cant log into my ICESAVE ISA. I tried on Sunday & had the same problem.
Is anyone else having difficulty? I want to print out my statement for my file.
I wish our government would say whether they are going to help us or not. Its rubbish not knowing the facts.
Like is it up to 16000 pounds which is covered or is it under that amount & then its not covered.
Im really annoyed, both my OH & myself have worked hard for our savings. We've not eaten out, gone to the theatre, gone to the pub on a friday night so that we could save for a deposit for a house & afford to have kids one day.
AND no we didnt have time to research the bank properly as I am not in that part of the industry. Most of the ICESAVE customers put their money in there with a bit of faith thinking that people would do their job properly. Just as I wouldnt expect you to know as much as your doctor when you go to see him for advice, or know as much to run a school. It is unreasonable to expect everyone to know the ins & outs of every trade & business especially if they have their own jobs to do.

hilali65

silverchair wrote: »

I cant log into my ICESAVE ISA. I tried on Sunday & had the same problem.
Is anyone else having difficulty? I want to print out my statement for my file.
I wish our government would say whether they are going to help us or not. Its rubbish not knowing the facts.
Like is it up to 16000 pounds which is covered or is it under that amount & then its not covered.
Im really annoyed, both my OH & myself have worked hard for our savings. We've not eaten out, gone to the theatre, gone to the pub on a friday night so that we could save for a deposit for a house & afford to have kids one day.
AND no we didnt have time to research the bank properly as I am not in that part of the industry. Most of the ICESAVE customers put their money in there with a bit of faith thinking that people would do their job properly. Just as I wouldnt expect you to know as much as your doctor when you go to see him for advice, or know as much to run a school. It is unreasonable to expect everyone to know the ins & outs of every trade & business especially if they have their own jobs to do.

I managed to log on many times today. The latest was about 7ish.

Primrose

I'd just like to point out that publicity about the £35,000 compensation limit only really started to filter out widely into the public domain a number of months ago and at that time a number of people will have been locked into one or two year fixed rate bonds with various institutions quite a while before that information was easily available either on this website or elsewhere. So it's unfair to castigate people for investing large sums of money before any hint of the current banking crisis started to arise.

Meadows

hilali65 wrote: »

hi, it seems that we are all in exactly the same situation. My money is also in cyber space just like you. I was wondering how are we going to prove that we haven't received the money into our accounts! what an admin nightmare this is going to end up before they can speak to poor people like us.

A lot of people have 'pending' funds, all we can hope for is that they go back into the accounts, I was told closed accounts would be re-instated!! Who knows.
I do have printout of all the account pre transfer and printouts of the transfer details!

homer_J123

dappodan1 wrote: »

We are heading into a global recession on a scale much larger than the great depression of 1929. The Far-East markets have gone through something simmilar in the 90's and have never fully recovered. At the best it will slow down to a malaise, there are going to be redundancies, job losses, house repossesions, massive turmoil in the car industry, Aviation industry, financial services etc etc.

Whats the point of cherry picking individuals out to guarantee their personal wealth. This is going to hit other individuals as hard yet they are not protected. As a taxpayer I am not happy with this. People with a level of savings that are unprotected are probably the same people that wanted the miners batton charged in the 80's.

I think it depends on what people are expecting to be covered - it is common knowledge that with any UK bank only the first £50k is covered by the FSCS and that in the 'unlikely' event of a bank going bust that is all that is covered - are/were people unaware that this was the case?

However, if you prudently had less than the £50k limit and worked within the limit to mitigate your risk and then found that the FSCS could/would not cover the £50k you do, surely, have the right and expectation that somebody somewhere might just step in an assist.

As always, those who play by the rules would end up being penalised.

The situation with Icesave and Iceland is slightly more worrying, the risk was higher in putting money into that bank on two counts, clearly the Icelandic banking model was different but more closes to home for some is that the £50k compensation scheme was clearly highlighted that the first £16k of this comes for the Icelandic govt. and given there precarious financial situ there just might be situ where the above could happen and people do, in that situ, have a right to be somewhat aggrieved.

Surely it is a bit rich and harsh to come on here and berate people who placed money with a bank that has attractive interest rates (as it happens that haven't always been the highest but I digress)?

It isn't as if people have invested in a high risk portfolio or gone and blown a wedge on a timeshare.

It is still early doors for Icesave, no one knows what will happen, we might just find that all is OK, it may not be. Lets wait and see...in the meantime...a beer is due.

LucyTheDwarf

wkt54 wrote: »

Are you watching the mother of 4 on BBC24 who has over £200,000 in Icesave.

Surely the government can't allow people to lose their lifesavings.

No, they can't, or they've no chance of being re-elected in the next decade or so... the darkest hour is possibly their only chance left to shine. Saving the UK's savings is perhaps the one thing that could stop the Tories winning the next election.

More fool her for having 200,000 eggs in one basket, mind. I'm sure she'll get them back.

Scooby64

Primrose wrote: »

Does anybody know for certain how the Icelandic authorities will allocate compensation - if they can afford to pay it? For example, we have four joint accounts with Icesave - the instant access account and three fixed term bonds, two of which are under the Iceland compensation limits. Will they add up the total of all accounts and allocate Icelandic compensation rules to the first £x pound in total, and then the UK FSA compensation kicks in, or is each joint account treated separately for compensation purposes? I know we've never been in this situation before so the rules have never been tested but depending on whether you have one account with them, or several separate ones it seems to me that the amount of compensation you receive from any Icelandic rules could be rather different depending on how much you hold in the account.

If they are ALL joint accounts - add up the total deposits & divide by 2

Iceland's scheme will pay out two lots of roughly £16k, and if that doesn't cover the total, the UK will top up with another £34K (max) each

homer_J123

Primrose wrote: »

I'd just like to point out that publicity about the £35,000 compensation limit only really started to filter out widely into the public domain a number of months ago and at that time a number of people will have been locked into one or two year fixed rate bonds with various institutions quite a while before that information was easily available either on this website or elsewhere. So it's unfair to castigate people for investing large sums of money before any hint of the current banking crisis started to arise.

that they used the passport scheme. Their website very very clearly stipulates that we were covered to £35k, the first portion by Icelands FSCS equivalant and the remainder from the UK.

Very very clear on this.