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

posh*spice

mobfant wrote: »

How could you possibly have a go at the posters here or anyone else for scaremongering? The worst scaremonger of all has to be the Prime Minister of Iceland. I mean after all, he's just said

"There is a very real danger, fellow citizens, that the Icelandic economy, in the worst case, could be sucked with the banks into the whirlpool and the result could be national bankruptcy.... "

So shut up. If you don't want to move your money then fine, and who knows, everything may turn out to be ok, but people who say that Iceland is in serious trouble are not scaremongering.

Ditto - the op has no need to read the threads he/she can just move along:rolleyes:

posh*spice

Fella wrote: »

Why do you keep repeating that. Someone with £50K at Icesave is ANYTHING but fine. They may well lose the first £16k of their savings.

You can repeat the "everything is fine" mantra as much as you want, it won't make it true.

(unfortunately).

I agree some off the posters on here might as well stick their fingers in your ears and go "La la la la - I'm not listening":rolleyes:. They can't understand that the sky really is falling in.

cbobting

ironic much. lol.

StevieJ

Fella wrote: »

The best help any of us can give people is to help them be better informed.

Let's say, for example, that Icesave carries on processing withdrawals for a couple of weeks & then the Icelandic Govt goes bankrupt? All that advice that people should relax & not touch their money (that so many are dishing out) would look pretty sick.

I'm not advising anyone on what to do. What I AM saying is that blindly saying "everything is OK" is just as wrong as blindly saying "PANIC".

Telling people everything is OK when it may not be is not doing them any favours. And shouting down anyone who dares to suggest everything may not be OK (as many are doing) is wrong.

I thought that the UK compensation scheme would cover for the full 50,000 if the Iceland scheme went belly up, this was discussed at length a while ago,is this not right?

isofa

horseinhatman wrote: »

All monies could be lost

God help us.

No. No. No.

If you have over 50K in these accounts, there is a higher risk, but it's not all doom and gloom - it's just a higher risk. Landsbanki has just been nationalised so this should hopefully improve the situation. (In the UK NR and B+B were nationalised to improve situations and to protect deposits. In case you didn't know, Icesave is part of Landsbanki!)

If you have 50K or less, the risk is lower with Icesave, and no risk at all with KE - (as KE is fully protected under the FSCS)

The tiny risk with Icesave only exists if the Icelandic government ends up utterly bankrupt - and do you think this would be allowed to happen in a Western society? I'd say the odds are slim. They might not be part of Europe, but they do have interests and investments in the UK which can be sold, and friends in Scandinavia!

If in the worst case Iceland did go bankrupt, the first part of the "passport" protection would be lost (20,000 euros, not pounds - which is just under 15,500 pounds at present) but the remainder of the FSCS protection would still be there to cover the rest up to £50K (£34,500 at present), you'll lose some but not all. Obviously if you have 15,500 or less, then potentially you could lose all of that. However that's a worst case scenario and very unlikely to happen.

Fella

StevieJ wrote: »

I thought that the UK compensation scheme would cover for the full 50,000 if the Iceland scheme went belly up, this was discussed at length a while ago,is this not right?

The only official comment so far is that the FSCS covers the balance (i.e. the approx £34K if you have £50K).

So far we're all waiting to hear more on this.

fusionblue

Did something similar happen on these forums when Northern Rock was nationalised?

csiman

http://www.reuters.com/article/busin...4962ER20081007

"Domestic deposits are fully guaranteed, as declared by the government. Landsbankis domestic branches, call centers, cash machines and internet operations will be open for business as usual. The objective of the IFSAs action is to guarantee a functioning domestic banking system."

gax23

isofa wrote: »

If in the worst case Iceland did go bankrupt, the first part of the "passport" protection would be lost (20,000 euros, not pounds - which is just under 15,500 pounds at present) but the remainder of the FSCS protection would still be there to cover the rest up to £50K (£34,500 at present), you'll lose some but not all.

Oh, well that's alright then :rolleyes2

Besides, you're wrong. In your words, the first part would be lost. So, if you have less than £15,500~ in KE (£8,000, say), you'd lose the lot. How can you possibly sleep at night, sitting there telling people their life savings are safe?

icesaver_2

I did a CHAPS transfer this morning and it's been processed so i'm not sure how true the home page commetn is about not being able to make withdrawals.

methinks it's easier for a web developer to put that page up rather than fiddle with a complex online banking engine.