Iceland's bank shares suspended

steadysaver

Icelandic bank shares have been suspended

http://news.bbc.co.uk/2/hi/business/7654257.stm

I have cash in Icesave, and it is staying in there, before people claim I am scaremongering... just posted for information

roxorx

I'd be more inclined to agree with you on the not scaremongering if you hadn't added all the exclamation marks at the end of the thread title.

Sideways

steadysaver wrote: »

I have cash in Icesave, and it is staying in there.....

It is now

SunnySusie

Im scared. Im not really - all my money is safely tucked away in B&B shares. No foreign banks for me,

benjdr

SunnySusie wrote: »

Im scared. Im not really - all my money is safely tucked away in B&B shares. No foreign banks for me,

Many thanks for this helpful and informative contribution.

steadysaver

roxorx wrote: »

I'd be more inclined to agree with you on the not scaremongering if you hadn't added all the exclamation marks at the end of the thread title.

Cheerfully withdrawn

Bleg

I must admit that I am feeling abit uncomfortable and half wishing I had transfered my ISA funds to a British Bank. Someone please tell me I am being silly.

Bromley86

You're being silly.

In the event of a whole-scale collapse of the financial system, you'll be better off than the rest of us if you're with Icesave as there is a real, physical fund to compensate you from.

Bleg

Hmmm thanks all. Still watching things very closely

Reaper

You would have thought that suspending banking stocks would drive their currency down further, which in turn would make things worse for the banks. Particularly if you read the newspaper accounts of an imminent Icelandic economic meltdown.

But if you look at the graph (at the time of posting) it has been pretty steady since Friday. So maybe the markets aren't as sure as the media that it's all doom and gloom?

No_worries

The BBC article ends "the troubled banking sector may be too big for Iceland to be able to save"....

Let's just imagine, HYPOTHETICALLY, that a country is unable to compensate the first 20,000 Euros under the Passport Scheme. Would the FSA scheme then pick this up too or ONLY pay the balance in excess of this?

For example: £40,000 invested, Passport Scheme should pay 20,000 Euros (about £15000) leaving "outstanding" amount of £25000 for the FSA.

Would the FSA treat the £15000 as "outstanding" too, or just say 'tough', our responsibility is only the balance of money after the first £15000, regardless of whether you can get it or not.