Icesave - A bit of bad news

Fella

If true then good news:

http://news.sky.com/skynews/Home/Business/Online-Bank-Icesave-Suspends-Withdrawals-And-Deposits-For-UK-Customers/Article/200810115114867?lid=ARTICLE_15114867_OnlineBankIcesaveSuspendsWithdrawalsAndDepositsForUKCustomers&lpos=searchresults


A Landsbanki spokesman said that 95% of Icesave's UK customers have less than £50,000 in their accounts and are therefore fully protected.
Under the Icelandic savers' compensation scheme, UK savers would have the first £16,170 of their money protected.
That sum would be topped up to £50,000 for individuals - or £100,000 for joint account customers, by the Financial Services Compensation Scheme (FSCS).
If the Icelandic scheme failed to reimburse UK customers, the FSCS would cover the entire amount lost up to £50,000.

Edit: Sky have changed their story - now it's BAD news.

KingL

that's encouraging... here's hoping the FSA say the same thing ...

climbgirl

Yes, I just spotted that too. Is there any way of getting this confirmed rather than just relying on the media?

luvpump

Good news, but want to see it In Black & white from the FSCS befor I will believe it !!... Just to think, I listened to the head of Icesave U.K say on Radio 4 on Saturday that everything was fine & that they were well capitalised, etc etc.. Is it any wonder No one trusts anyone in that Industry at the moment !!!:mad:

MSE_Martin

Its interesting to read - I have spoken to both FSCS and the Treasury in the last hour and not been told that. In fact they have both specifically not said that, I do hope Sky is right!

Martin

PJD

This has always been the case as far as I was aware, - the problem is as far as I'm concerned is actually claiming your money and dealing with a foreign party, - it could be MONTHS, possibly years until you get your money, - what happens if you need that money, - plus the loss of interest.

Hopefully no-one will have to make any claims, as the banks will get taken over, - plus Russia is given Iceland 4billion to bail them out

Former_MSE_Dan

Hi folks,

Just to say, having made phone calls this morning and been told exactly the opposite of this, I clicked through to the Sky article with a mix of anger and relief, just to see that the most important line has now been removed!

Any updates on this vital bit of info, and anything else will be going in the Safe Savings article, which is being updated very very regularly at the moment.

reduceditem

MSE_Martin wrote: »

Its interesting to read - I have spoken to both FSCS and the Treasury in the last hour and not been told that. In fact they have both specifically not said that, I do hope Sky is right!

Martin

My understanding is that the first 20K (euros) will be covered by the Icelandic scheme and the rest, up to a certain limit, by the FSCS....that amount will depend on if and WHEN the bank entered administaration, as the 50K limit is only as of today. If we discover that they entered administration yesterday......

IT_nerd

Please be true!

Edit: !!!!!!!!!

Fella

MSE_Dan wrote: »

Hi folks,

Just to say, having made phone calls this morning and been told exactly the opposite of this, I clicked through to the Sky article with a mix of anger and relief, just to see that the most important line has now been removed!

Any updates on this vital bit of info, and anything else will be going in the Safe Savings article, which is being updated very very regularly at the moment.

It's still there for me?

If an Icelandic bank failed UK customers are protected up to £50,000
95% of Icesave's UK customers have less than £50,000 saved
UK savers have the first £16,170 of their money protected by Iceland
The remaining £33,830 or double for joint accounts is protected by the Financial Services Compensation Scheme (FSCS)
If Iceland goes bankrupt, the FSCS would cover the entire £50,000

luvpump

IT_nerd wrote: »

Please be true!

Edit: !!!!!!!!!

I can confirm that Sky Have now removed That line from there Report !!! at least i cant see it .. But Surely the FSA have to take some Responsibility !!.. They approved Icesave & were comfortable with the Compenasation scheme they offered !!... & If Icesave say "Sod ya" .. where will that leave the mjority of Icesave customers ?? Paricularly after ALL the reasurances given by Senior members of The Bank and The Icelandic Goverment !!! Someone has to help the U.k Depositors who, it would seem, COULD be dumped on from a very great height !!!