Icesave-please help/advice!!!!

denisiw

Nick_C wrote: »

Unfortunately, if the guarantee is being paid for by "The Government" then we will all lose out. If HMG is itself going to pay the first £16,170 to every depositor, then that is nearly 5 billion pounds, or £80 for every man, woman, and child in the country.

If Darling can find a way of protecting Icesave depositors without it costing the taxpayer anything, then fantastic. But I don't see why I should have to pay to people who made a risky decision for an extra half a percent.

What a crass comment.

I saved money with Icesave because I took the guarantee of remuneration in the event of failure at face value. I wouldn't call that a "risky decision". How was I, and countless others, to know that the Icelandic government would renege on this.

Denis

northern5

Nick_C wrote: »

Unfortunately, if the guarantee is being paid for by "The Government" then we will all lose out. If HMG is itself going to pay the first £16,170 to every depositor, then that is nearly 5 billion pounds, or £80 for every man, woman, and child in the country.

If Darling can find a way of protecting Icesave depositors without it costing the taxpayer anything, then fantastic. But I don't see why I should have to pay to people who made a risky decision for an extra half a percent.

Here they come! The "I don't see why I should pay" bunch.

All I'm going to say is that I don't believe it'll be anywhere near 5 billion. Lets say there are 300 000 savers( though some reports say 200k), a lot of people like me don't have £17k in icesave, some on here only have £3k .... my point is its not going to be 300 000 x 20 0000 euros..

northern5

Oooh ... BoE interest rate just dropped 0.5%!

jb5

I haven't read the thread in it's entirety, not through laziness but because until an official announcement was made, any comments (even if meant well) would be speculative at best.

Given some of the comments quoted towards the end of this thread, it also seems that there were (still are!) a number of malicious people gloating and accusing IceSave customers of greed etc. causing even more stress!

The financial crises, it seems to me, was not caused by customers with, in global financial terms, "small" deposits looking for the best rates (that is not to say that an individuals savings are trivial or unimportant).
Rather, it seems to me, it is more due to the fact that a number of (all?) financial institutions got (were allowed to get) greedy, and certain individuals made very large bonuses packaging up "toxic loans" etc. and selling them on (along with their associated risk).
It would also appear that consciously or not, "they" felt safe doing this as the banking system would not / could not be allowed to fail.

At some point I would like to see the government take steps to ensure that such reckless abandon is not allowed to happen again. (Unfortunately, as we now live in a global economy, it would take a GLOBAL action in this regard to be successful. Any unilateral action would cause the banking institutions to up sticks and move. So I'm not holding my breath on this one!) Also, it would be nice if, once the dust settles, the tax payer is recompensed by those individuals / institutions that made so much money and "caused" the problems we now face.

Another reason for avoiding the thread (& other similar threads) yesterday is that there is a danger that otherwise "sound" financial institutions can be "broken" by rumours and scaremongering. In this climate it seems that a rumour alone can lead to a run on a bank and its collapse.

I agree that spreading your risk is prudent, but then it always was!
I still (and will continue to) use all banks available in the UK.
I think that having instant access "emergency" funds available in two separate financial institutions is also advisable, it always was! (Maybe three accounts now?)
However, if people decide that the British arms of foreign owned banks (or any other banks) are no-longer acceptable, then we are likely to see those institutions struggle and fail, NOT because they are a problem, but because people PERCEIVE there to be a problem - it becomes a self-fulfiling prophecy.

I am glad that the government has stepped in, confidence needs to be restored before the current situation will improve.
I think that people need to try and remain calm, mitigate any risks ( <£50 [<£45?] per financial institution, if possible, is a good idea), but writing off a particular bank because of rumour is going to worsen the situation.

For the record, my partner and I have our ISA funds in IceSave, also (ironically) my second "emergency" fund {when my definition of emergency meant that a particular web-site might be down for a day!} was also with IceSave (last transaction was yesterday 07-Oct £100 INTO my IceSave account!). I also hold accounts with ICICI & KE.

PintoPotts

Let's not dwell on the stupid "why should I pay comments", anyone that idiotic should go and get a life.

Anyone know if Darling has made his statement yet?

Pssst

Post your comments here on the Ice news website so that they can read our true feelings..

http://www.icenews.is/index.php/2008/10/07/iceland-economic-update-full-analysis/

Okie

Nick_C wrote: »

Unfortunately, if the guarantee is being paid for by "The Government" then we will all lose out. If HMG is itself going to pay the first £16,170 to every depositor, then that is nearly 5 billion pounds, or £80 for every man, woman, and child in the country.

If Darling can find a way of protecting Icesave depositors without it costing the taxpayer anything, then fantastic. But I don't see why I should have to pay to people who made a risky decision for an extra half a percent.

and where would this end? how about we stop paying out for A&E services if the person injured themselves doing something risky? Or maybe no more coast guard or mountain rescue services?

we were given guarantees on our money when we took out these products. If there were no guarantees, then this would have been risky, but the guarantees were there and they're the same as any other european bank

what a ridiculous post

christine666

Can anyone HELP please - I'm another worried ICESAVE saver . When I heard about Icesave's trouble on Monday pm I transfered my money out straight away via CHAPS. On Tuesday (7th) morning I checked my Icesave account and the money seemed to have been processed and the balance reflected this. I then heard about it being nationalised and that the website stopping all deposits and withdrawals. Will the transfer still go through? I checked my bankaccount this morning to see if the money has been received but it still hasn't arrived. Where has it gone? CHAPS transfers are supposed to be same day transfer. The money is not in my Icesave account. What can I do? I can't call anyone - none of the icesave number works. Please help. Please.

thanks
a very worried mum.

Okie

christine666 wrote: »

Can anyone HELP please - I'm another worried ICESAVE saver . When I heard about Icesave's trouble on Monday pm I transfered my money out straight away via CHAPS. On Tuesday (7th) morning I checked my Icesave account and the money seemed to have been processed and the balance reflected this. I then heard about it being nationalised and that the website stopping all deposits and withdrawals. Will the transfer still go through? I checked my bankaccount this morning to see if the money has been received but it still hasn't arrived. Where has it gone? CHAPS transfers are supposed to be same day transfer. The money is not in my Icesave account. What can I do? I can't call anyone - none of the icesave number works. Please help. Please.

thanks
a very worried mum.

As someone who works very closely with an organisation that processes most of the UK's cheques and credits for banks, I say don't worry! One of three things will happen:

1) the money will appear back in your icesave account shortly
2) the money will appear in your UK account shortly
3) the money is 'frozen' in the system and will be unwound once Landsbanki's future becomes clearer in the next couple of days

the credit clearing system is based on the idea that everything has to reconcile back to zero. The most basic concept in this process is that money cannot simply 'disappear' and there are huge numbers of checks and balances in place to ensure this. If your money doesn't appear soon then it's in a holding account used by whatever clearing company icesave use, and will eventually be rolled back to icesave.

This happened to Northern Rock customers when the govt 'nationalised' them and it sorted itself out v. quickly. The govt will stay pay out if icesave claim to have 'lost' your money

northern5

The chances are that it was stopped by IceSave. They will reimburse your account .... most importantly there is an update from the treasury. We have our savings and ISA status protected.


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