Icesave-please help/advice!!!!

McElais

tim30577 wrote: »

Quite simply the facts surrounding any compensation are being discussed behind closed doors are not yet publicly available.

There is in fact some publicly available information but whether the information is enshrined in law (i.e. law that wasn’t revoked by Icelandic parliament yesterday), and to what extent it will operate in such an unprecedented crisis, who knows. The following document is published by the Icelandic Depositors and Investors Guarantee Fund (found via 2 clicks starting at the regulatory info on the Icesave website):

http://www.curioweb.is/webs/tryggingasjodur.is/modules/files/file_group_26/DIGF%20Information.pdf

Taken at face value, it seems to answer many of the questions people (including myself) are asking. Some particular parts make interesting reading:

Contrary to what I’ve heard reported in the media today it suggests that the Fund (i.e. the Icelandic compensation fund) is obliged to pay out if a bank is put into receivership. No mention of the necessity for liquidation.

Also payment from the Icelandic scheme “shall be made” 3 months from the date of receivership.

Another interesting quote: “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 Depositors’ and Investors’ Guarantee Fund claims up to EUR 20,887 shall be paid in full, and any amount in excess of that shall be paid in equal proportions. If a deposit account is a joint account, the share owned by each claimant shall apply to the calculation of the payment. “

Most encouragingly of all given he fears that the poor Icelanders will not be able to afford to pay up:

“The Fund 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 may borrow funds in order to compensate losses suffered by claimants.”

If the Icelanders land their hefty loan from the Russians (no doubt in return for siting Russian radars and missile shields there to offset the U.S. one in Poland!) then we all might just get our money after all. Perhaps in Rubles!

I’m not saying the above document is reliable (what is at the moment?) but its better than the speculation that’s flying around at the moment.

Helpfully, the document also states:
If you have further questions on the Icelandic deposit guarantee scheme, please contact: Jonas Thordarson, jonas.thordarson@sedlabanki.is

Who’d have Jonas’ job just now!

Okie

nilrem wrote: »

I am that person, and I do not know why you picked me out even sending me a PM trying to make me feel bad, as other people said similar things at the time, as an Icesave customer I wrote what I believed was the position at the time, if you care to look through the threads you will find that earlier today I did admit that I was wrong.

It may bring you some comfort to know that my wife and myself have considerable savings with Icesave much of which we stand to lose, this represents my saving from over 30years work which we were living on now I am retired, it may also give you some comfort to know that I have spent the whole day thoroughly depressed and will probably remain so for quite some time.

I have replied to the PM you sent me, I wonder if you PM'd all the other people who were positive about Icesave or wether you picked on me only for some reason?

ignore the negative posts and pms if you can. I'm frankly shocked by the level of unpleasantness being directed towards icesave customers by some posters on this board, and the bizarre pleasure this situation seems to be giving them. I cant think of another recent crisis affecting ordinary people that has generated such contemptuous commentary by the internet community.

you did nothing wrong, none of us icesave customers did anything wrong. I firmly believe that we'll recover our money

john5001

We will be compensated because:-

If anyone, including people with large deposits ( I have 20k ) invested lose out, the ramifications for mistrust, and fear will last for many years.

Damage to the economy and long term rebuilding of trust in investment institutions for a long time to come.

Publicity would be too damaging.

[Deleted User]

john5001 wrote: »

We will be compensated because:-

If anyone, including people with large deposits ( I have 20k ) invested lose out, the ramifications for mistrust, and fear will last for many years.

Damage to the economy and long term rebuilding of trust in investment institutions for a long time to come.

Publicity would be too damaging.

I hope your right, today has been just awful, feel sick with worry.

john5001

Listening to the radio now, a question was posed in the Lords that UK could pay compensation in full and claim back from Iceland.

Quote back:

Situation in Iceland is changing too quickly for a decision. A bit hopeful

Zanshin

Paul_O'Kshields wrote: »

Go to bed, folks.

Good advice which I'm about to follow.

It's been quite a day with a mixture of emotions.... angry, sad, confused, depressed and..... well now just numb.

I just feel drained at the moment but there is nothing we can do but wait.

Still it’s interesting how our Government encourages us to save so for the last 4 years I’ve been saving what I could instead of living it up. Now I find that all my savings would have been safer in my William Hills Account.

Oh well looks like that’s 4 years wasted.................. never again.

nilrem_2

Zammo wrote: »

So how do you feel about the "irresponsible" reporting now that you've lost your savings?

Perhaps if you had conducted 5 minutes of research yourself instead of jumping to conclusions and giving out terrible advice in this thread your money would be safe now.

I just hope nobody actually listened to you.

Thank you very much for your helpful and personal comment, I do hope you feel better for making it, you will be delighted to know that I have had a very depressing day worrying about our savings I hope this will bring you so comfort and BTW thanks for singling me out a the main 'villain'.

Are you going to trawl through all the other posts now and find anyone else who posted something positive and make them feel guilty?

FWIW the part of my post you quoted was my response to the media after Icesave had a temporary fault for a short time and came back and seemed working fine later!
Thanks again I hope you feel better now that you have made me feel a lot worse.

nilrem_2

funk_punk wrote: »

I hope your right, today has been just awful, feel sick with worry.

Yes same here too.:o

john5001

I think, unless you need your money quickly, prepare to take a hit on the interest earned which is better than share investment.

Treasury is talking to Icelandic government now, Quote " if over 50k it will be up to the Iclandic government to make it up "

Lets hope the other nordic countries help.

john5001

Going to bed but this is hopeful

http://www.fscs.org.uk/consumer/