Icesave-please help/advice!!!!

Meadows

confused1 wrote: »

Does it give great glee to some to rumour monger more fear and jitters to those already wrought with worries? Try and spread a bit of compassion around at a time like this, please.

As far as I know Kaupthing are fully included under the UK scheme, so savers would be covered for the first £50,000 if they go under.

Scooby64

barberboy wrote: »

Thanks, i dont mean to sound stupid, but basically, it would be hightly unlikely then that they would not honour this £16k? Should i be worried about this or should it just be a matter of time before we get our cash?

thanks again

No point worrying - the only practical thing you can do is realise that it could be 3 months before any payout comes through so if you need cash in the short term start making other arrangements

cs15

pessimist wrote: »

I do not think anybody can say. Its not often a country gets into financial trouble.

My view is that if you get any money back all well and good if not there is not much you can do about it.

Its not just a country, Scandinavia is supposed to honour this in the event of Iceland being unable to meet its commitments.

pessimist_3

Scooby64 wrote: »

You're definately a "glass half empty" kind of guy

They could, but not if they want to be allowed to continue to trade in Europe, and without that they'll be trying to sell fish to the seagulls, which is all they'll have left

you are assuming that governments care what happen to retail depositors.

One should not assume one way or other that the UK government will take the case of retail depositors.

We are in unusual times

barberboy

pessimist wrote: »

I do not think anybody can say. Its not often a country gets into financial trouble.

My view is that if you get any money back all well and good if not there is not much you can do about it.

If they dont pay the£16k, will our FSA compensation pay it?

cs15

No the Scandanivians should first.

[Deleted User]

barberboy wrote: »

If they dont pay the£16k, will our FSA compensation pay it?

apparently not. :mad:

darude

http://news.bbc.co.uk/1/hi/business/7657630.stm

A helpful Q&A (in text and video) from the BBC and Andrew Hagger if you don't want to search the forums for the same answers.

pessimist_3

barberboy wrote: »

If they dont pay the£16k, will our FSA compensation pay it?

My understanding is that the FSA compensation is only paid in certain specific circumstances. IF the Icelandic government puts in a solution that does not meet those requirement you may get nothing.

cs15

MSE post in April
“Icelandic banks pay into a fund which is set aside to be paid out for compensation should it be needed – the UK scheme doesn’t have this and could therefore technically take longer than the Icelandic scheme!” (Note from Martin: The UK scheme is set up to call money in if needed, rather than work on a pot of money system).
All talk of compensation schemes is purely hypothetical because they have never been used, but given the above, there is no reason to assume that the Icelandic scheme would be any more complicated or take longer.
In the extremely unlikely event that the Icelandic government wasn’t in a position to meet all claims, all the Nordic countries have an arrangement where they will step in and help any one of the participating countries that are in trouble so there is an additional layer of reassurance and cover.
If you could make it clear that Icesave customers are fully protected up to £35k the same as customers of any UK bank and that they will be paid as quickly I’d be very grateful!”

so no I dont think GB govt should or will pay, not at least offer to at first anyway.
If Iceland cant the Nordics should.
This is why a number of us felt we were not being naive to out savings in this, and playing the roulette wheel as one of the smirkers that came on here earlier suggested.