ICESAVE - What is covered?

DigitalJedi

vmf199 wrote: »

I went into town this morning (Tues) to set up an ISA with Natwest and filled out transfer form (to transfer from Icesave) and then when I got home this afternoon I saw the news that Icesave has gone insolvent. Is the transfer likely to go through or should I phone Natwest and cancel it?

Right now it won't go through until the dust settles.

fitnessqueen_2

vmf199 wrote: »

I went into town this morning (Tues) to set up an ISA with Natwest and filled out transfer form (to transfer from Icesave) and then when I got home this afternoon I saw the news that Icesave has gone insolvent. Is the transfer likely to go through or should I phone Natwest and cancel it?

Did the same with First Direct but they send the form out in the post so not sure whether to go ahead and complete the form or just sit tight.

LGG_2

Could someone clarify what happens if the €20k passport guarantee can't be met? Will the UK government top up any short-fall or does that only apply to money between €20k and £50k?

iceland has an agreement with other nordic countries.they will step in to help each other out. from what ive read the uk goverment doesnt have to cover any of the money that is due from the icelandic scheme

Pandapal

Got up this morning and started to get really worried about what was happening in Iceland, particuarly in relation to the government's finances, too late of course the door was already shut.

I suppose the only consolation is there are a lot less of us to sort out for compensation than if one of the UK biggies goes under (which the government won't allow I suppose).

Was trying to resist the lemming like tendency to run with the money and create a self fulfilling propechy, fat lot of good it did us all.

Pandapal

Small nest egg left to me by my dear old Mum and Dad now 'frozen' in Iceland, thanks a bundle guys.:rolleyes:

fitnessqueen_2

Pandapal wrote: »

Got up this morning and started to get really worried about what was happening in Iceland, particuarly in relation to the government's finances, too late of course the door was already shut.

I suppose the only consolation is there are a lot less of us to sort out for compensation than if one of the UK biggies goes under (which the government won't allow I suppose).

Was trying to resist the lemming like tendency to run with the money and create a self fulfilling propechy, fat lot of good it did us all.

Pandapal

Small nest egg left to me by my dear old Mum and Dad now 'frozen' in Iceland, thanks a bundle guys.:rolleyes:

Exactly what I was doing- trying not to panic and create a run on the Bank.........finally panicked this morning and it was too late. :mad:

Pandapal

I know someone who works for Kaupthing in the UK and he believes he is about to lose his job.

Let's hope the Russian Bear decides to do a good thing and lend the Icelanders some money....

Pandapal:mad:

albinicat

At the weekend, I stupidly requested via the Icesave internet banking that money be transferred from my HSBC account to my Icesave account. However, the money is still in my HSBC account. I phoned HSBC and they say they haven't any record of any pending payments. However, I'm wondering if ICesave may still try to take the money as the request was made before 9am this morning. Should I be concerned and move that money to another account where it's definitely out of reach of Icesave, or do you think they will have suspended my request?

jd84

if you login to hsbc and cancel the icesave direct debit then they won't be able to take it

Andrew64

What do you all make of this article? Is the Icelandic government thinking of doing the dirty on us?

Iceland PM warns it's 'every country for itself'

"In an interview with The Telegraph, Mr Haarde said Landsbanki's foreign operations – including Icesave – had been separated from the domestic bank and it was likely they would be sold off. He said it was "every country for itself" in the worst crisis to hit Iceland for a decade. He would not deny reports that the government officials now controlling Landsbanki would allow Icesave to fail."

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3153061/Financial-crisis-Iceland-PM-warns-its-every-country-for-itself.html

Eezageeza

So, it seems that the BBC are reporting that Icesave will probably go under and all of the savers are gearing-up to have to make claims. However, it doesn't seem to me that is at all clear. Only time will tell.

It does seem that they are allowed to freeze accounts during a take-over though, and that at least claiming won't be too difficult (just one form).

However, it's also not clear whether all of the interest will be lost from the ISAs, or whether we will be able to keep the ISA status. Any one else got any ideas?