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

isofa

gax23 wrote: »

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?

No no no again, I am correct.

I'm stunned at people's ignorance.

You will LOSE nothing in KE, it is FULLY PROTECTED up to £50K with the FSCS.
(So your example amount of £8000 is FULLY PROTECTED)

Icesave is slightly different - if you have less than 20,000 euros (£15,500) in Icesave and the worst case scenario occurred, the country went into bankruptcy and the passport scheme couldn't payout, then yes you'd lose this amount. However as the bank has just been nationalised, and the government issued a commitment to deposits, the risk, as I previous said is minimal.

Well I have significant savings in Iceland, and although concerned, I'm not a panic merchant, and am sleeping at night. And very happy to keep my balance with KE.

KTF

The whole reaction from this event is just ridiculous. As the OP said, if people want to empty their accounts then fine but dont bother broadcasting it to everyone as it will just wind people up more.

It also doesnt help that the mods seem to be asleep and are not clearing up or merging the many, many threads going over the same thing again and again.

gax23

isofa wrote: »

No no no again, I am correct.

I'm stunned at people's ignorance.

You will LOSE nothing in KE, it is FULLY PROTECTED up to £50K.
(So your example amount of £8000 is FULLY PROTECTED)

No, it is not. The Icelandic government is responsible for the first €20,000. This is the Iceland government which has a national income of less than £11bn annually, and foreign banking debts of £80bn. Anyone lending their money to this financial institution is simply insane.

You can rant on with your misinformed nonsense all you like, but some of these people have worked their entire lives for this money and there's a very real chance they could lose it all. Who the hell are you to tell them where to keep their money? You're going to look very foolish indeed if and when this whole fiasco collapses. When it comes to someone's life savings, they're very much entitled to put it somewhere they feel it is safe. If you feel KE or any other Icelandic bank is safe, then please do keep your money there. I shan't be sympathetic if it goes tits up.

h5djr

It's all very well to say Stay Calm etc but I have a new car arriving in a few days and the money to pay for it is currently sitting in an IceSave savings account.

Although the amounts in the account may be secured, how long will it take before I can get access to my money.

KingL

gax23 wrote: »

The Icelandic government is responsible for the first €20,000.

gax - this is true for icesave, it is not true for KE.

genny

gax23 wrote: »

No, it is not. The Icelandic government is responsible for the first €20,000. This is the Iceland government which has a national income of less than £11bn annually, and foreign banking debts of £80bn. Anyone lending their money to this financial institution is simply insane. <snip>

Post and poster reported, total misinformation - ignore gax23.

isofa is correct gax23 is posting misinformation.

st

icesaver wrote: »

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.

me too 1 account i closed and did a CHAPS and an isa by bacs -I am trying to be calm

gax23

isofa wrote: »

You are a complete idiot and I'll report your posts

Fair enough. That one has also been reported due to personal abuse.

isofa wrote: »

you can't read and you are posting mis-information about Kaupthing Edge which will alarm people.

Please back this up with evidence.

Brian_Bullocks

isofa wrote: »

if the Icelandic government ends up utterly bankrupt

If does, i'm going to put in a bid with the receivers for one of their hot springs, always fancied one of those.

KTF

st wrote: »

me too 1 account i closed and did a CHAPS and an isa by bacs -I am trying to be calm

I hope you moved your ISA to another one otherwise you have just lost its tax free status.