Ladies and gents - please calm down and stop adding to the hysteria

BACKFRMTHEEDGE

gax23 wrote: »

Hypothetical Situation #1: People listen to 'scaremongers' and move their savings to another bank. No banks go bust, no money is lost; no change.

Hypothetical Situation #2: People listen to the 'don't panic' brigade. Their bank goes bust and they lose their savings, if only for a few months.

I know which one I'm going for. See you on the other side :hello:

It's not actually "scaremongering" if you are telling the truth. It's just telling someone something that they don't want to hear, so they don't want others to hear it either.:rolleyes: The regular posters on this board have been in denial and have not wanted anyone to hear an alternative message IMHO.

Norman-B

gax23, I get the sick feeling that you are sat at your PC and gloating at this panic. Many of us have money in Icesave and mine was to help with my forced early retirement income.

Please resist in rubbing your hands at others misfortune.

gax23

genny wrote: »

Fact you've just lied, and here is the evidence:

Fact you posted on post 30, incorrect about KE: http://forums.moneysavingexpert.com/showpost.html?p=14767381

Fact you posted on post 34, incorrect about KE:
http://forums.moneysavingexpert.com/showpost.html?p=14767827

Fact you igored the advice and as for evidence (already given) post 40:
http://forums.moneysavingexpert.com/showpost.html?p=14768187

Fact, you suggested everyone would lose their life savings, post 60:
http://forums.moneysavingexpert.com/showpost.html?p=14768657

Fact, only by post 70 did you admit you were wrong:
http://forums.moneysavingexpert.com/showpost.html?p=14768809

Please read MSE Forum Manager's previous post and stick to the rules. You're not helping anyone.

BACKFRMTHEEDGE

Norman-B wrote: »

gax23, I get the sick feeling that you are sat at your PC and gloating at this panic. Many of us have money in Icesave and mine was to help with my forced early retirement income.

Please resist in rubbing your hands at others misfortune.

I hear you - but some of us are fed up with the regulars on this board and would like to stop the same thing happening to others....

reduceditem

theowl wrote: »

Any further savings up to the maximum £50,000 now guaranteed by the British Government would still come from the UK scheme.

.....depending on WHEN the bank went into administration (if it has). The 50K limit only started at midnight.

bazster

itsnever2lateisit? wrote: »

IIMHO Robert Pestons sensationalist journalism is the wrong style in the current climate, Evan Davies would be a safer bet in reporting FACTS rather than speculation and Pestons gloating of 'breaking news'

Peston is a complete ****, I've (politely) complained several times to the BBC about him, but of course they never reply. Agree about Evan Davies, a much safer pair of hands.

gax23

Norman-B wrote: »

gax23, I get the sick feeling that you are sat at your PC and gloating at this panic. Many of us have money in Icesave and mine was to help with my forced early retirement income.

Please resist in rubbing your hands at others misfortune.

Sorry, I think you've actually got my posts mixed up with someone else's. I'm the one who's been sticking up for those who've lost money and arguing against those who are suggesting that people should keep money in failing banks and don't seem to care that people are losing money.

It's an unthinkable situation for someone to lose their savings - especially in a situation such as yours. This is what I've been saying and defending throughout my posts, so please re-read them before you berate me. I'm on your side here.

isofa

gax23 wrote: »

And what problems has it caused? Really? So some people have moved their money to a different bank. Has this caused you a problem?

It's caused people to panic excessively. You think that is good do you?

A mass withdrawal from any bank, because of misinformation, will cause a run on the bank, and risk savers money who haven't been kept up to date.

Why would you try and influence people to withdraw from Kaupthing, if they have less than 50K - as it's a fully protected UK bank, unless you have some other motive. I say this because posting misinformation about their compensation scheme could do just that.
Where else are you going to put it, another fully protected FSCS UK bank? I'm talking of Kaupthing, not Icesave, as per before.

Misinformation is bad news all round, if you don't understand that, then I can't help you any further.

KTF

nigelF wrote: »

a £22k ISA into the same account - now I would have been worried then!

KE dont do ISAs, why are you moving it from a tax free to a tax paying account (unless you arent a tax payer at the moment)?

mikeymo_3

bazster wrote: »

It just did work. The FSCS didn't have the money to bail out the B+B depositors if the bank went truly bankrupt, so HMG lent it the money. This in turn allowed Santander to take over the deposits, something no-one would have been prepared to do if they had been required to take the toxic mortgage book also.

HMG will get much of the money back, over the years, from the mortgage book. In the meantime, the FSCS (i.e. all the other banks) will have to pay (a lot of) interest on the loan, and if there's a shortfall once all the mortgages are gone, the FSCS will have to pay that too.

So there you have it, the FSCS in action. This is how come HMG can decide to increase the limit to £50,000, even though it's a private scheme: given the size of the tottering banks, the scheme cannot work without HMG loans, so if HMG says it must cover £50,000, so be it.

OK thanks for that. So what was the mechanism? Has the FSCS, using money loaned to it by HMG, actually sent real money to anybody (Santander? B&B? the depositors?)? Or is it still a promise? I genuinely don't understand what, if any, money changed hands.

Your point is taken, I agree, that it appears that HMG and the FSCS between them seem determined to ensure that depositors don't lose out. But if bank after bank fails, or more precisely, is allowed to fail, what then? I suppose at that point money is worthless and those with a roof over their head and some land to grow food to eat are in the best position.