Icesave Slams the Door Shut !!

MissMoneypenny

Chris2685 wrote: »

Oh balls, I have about 14k with them

Looks like you would have to claim from the Icelandic authorities if the bank goes down.

"Under the depositor protection arrangements in Iceland and the UK, the Icelandic authorities will be liable for the first 20,887 euros (£16,300) of compensation."

http://news.bbc.co.uk/1/hi/business/7656387.stm

BiggaThanBen

MissMoneypenny wrote: »

Looks like you would have to claim from the Icelandic authorities if the bank goes down.

"Under the depositor protection arrangements in Iceland and the UK, the Icelandic authorities will be liable for the first 20,887 euros (£16,300) of compensation."

and hope they do not use Post Office's exchange rate ..

moanymoany

GDB2222 wrote: »

Wasn't one of those money-saving websites promoting some of these Icelandic banks as giving great interest rates, until recently without any mention of risk? Can't think which site it was, though.

On the plus side, if these banks do go bust, surely a fairly large proportion of their assets will continue to perform?

Certainly this site has always given the range of savings available. It has also given the details of protection. As to promoting it - I don't think it has. There is a difference between informing the readers that the bank and it's rate was there and promoting the bank.

I read on here that KE gave good rates. I did some - very superficial - research and what I discovered led me to believe that it was not somewhere I felt secure putting my cash.

As to the future - I know Russia has given the Icelandic Government a big loan - do I think Iceland will use any of it to pay British depositers? Not so sure.

GracieP

moanymoany wrote: »

I read on here that KE gave good rates. I did some - very superficial - research and what I discovered led me to believe that it was not somewhere I felt secure putting my cash.

Same here. The rates were tempting, very tempting, but it was also obvious with even the most cursory research that problems were likely.

Chris2685

Well I moved my ISA to IceSave about a 3 or 4 months ago... What a stellar move by me just to get a little extra interest... I feel pretty ill at the thought of losing most of my savings, or at the very least being unable to access them for possibly a year... Even then I probably won't get it all back

Aren't they supposed to be nationalising IceSave, or is that old news and changed now? I am reading in some places that they are letting the bank fail, and in other places that they are nationalising it...

BlondeHeadOn

I found this on the Beeb, about some how the Icesave problem has affected some people....

http://news.bbc.co.uk/1/hi/business/7656525.stm

Bad times...

blisk

Country is bankrupt, not surprising.

They can all live in igloos.

Zammo

http://forums.moneysavingexpert.com/showthread.html?t=1200773

I suggest everyone read this thread posted a few days ago. It's a prime example of the terrible advice that's given out by the ((((hugs)))) crew. A poster asks for guidance on what to do about their parents cash in Icesave, someone advises to get it out, and the usual coterie of morons start piping up with "Stop spreading rumours, you'll start a bank run, your money will be fine, don't listen to the news". Then, loads of people saying it'll all be okay, followed by much hugs and "my thoughts are with all our ICEsavers at the moment (((((:o:o:o:o:o:o:o:o:o))))))" type comments.

I have been pilloried on here for giving honest and sometimes brutal advice, but I have been proved correct every time, without exception. Listening to the hugs people rather than taking a bit of harsh preventative medicine will ultimately end in tears.

blisk

Zammo wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1200773

I suggest everyone read this thread posted a few days ago. It's a prime example of the terrible advice that's given out by the ((((hugs)))) crew. A poster asks for guidance on what to do about their parents cash in Icesave, someone advises to get it out, and the usual coterie of morons start piping up with "Stop spreading rumours, you'll start a bank run, your money will be fine, don't listen to the news". Then, loads of people saying it'll all be okay, followed by much hugs and "my thoughts are with all our ICEsavers at the moment (((((:o:o:o:o:o:o:o:o:o))))))" type comments.

I have been pilloried on here for giving honest and sometimes brutal advice, but I have been proved correct every time, without exception. Listening to the hugs people rather than taking a bit of harsh preventative medicine will ultimately end in tears.

Your experience sums all it up.

So many people don't believe how bad it's going to get until it's too late.

People are going to lose thier shirts if they don't watch it.

Chris2685

The radio today was debating whether it really is as bad as the media makes it out, or if it is not quite so bad... Well in my opinion, the media makes it sounds even better than it really is, never mind them making it sound worse!