Icesave - A bit of bad news

KingL

For me, the bullet list in post 10 is still there, the quote from post 1 has been removed.

Patr100

Fella wrote: »

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

That doesn't imply what the original Sky reports implied ie the Passport scheme was changed but the final sentence is at least more reassuring give total melt down -
if correct, though of course refers an entire country going under not an institution.

derbyjon

The Sky article has been changed to include the following bullet-pointed box:

Icelandic Banks: Deposit Insurance

• • 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

I'm not sure whether to believe it, but hope it's true. If not, then the FSCS are effectively sending out a warning that all savings should be pulled out of banks operating a passport scheme.

zaccy

When did Icesave officially go into receivership?

Today=£50k compensation.
Yesterday=£35k compensation.

Have to say I thought it rather odd that the FSA introduced the increased limit from today rather than last week when they announced it, or Monday.

edwinac_2

zaccy wrote: »

When did Icesave officially go into receivership?

Today=£50k compensation.
Yesterday=£35k compensation.

Have to say I thought it rather odd that the FSA introduced the increased limit from today rather than last week when they announced it, or Monday.

Exactly! The timing of the limit increase is peculiar.

When people questioned this, the City's plaything, Robert Peston, the business editor at the BBC, called them Conspiracy Theorists!

That is pretty much a coded admission there is something funny going at the FSA and Treasury over the FSCS compensation scheme.

KingL

In case it's not obvious, the first incarnation of the Sky article had the FSCS covering the full £50k if the Icelandic passport scheme failed to pay up. The second version (the bullet list version) says it would cover the £50k if Iceland (the country) goes bankrupt.

Fella

More news:

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

LGG_2

When did Icesave officially go into receivership?

theres confusion because its called going into receivership because its been taken over by the goverment even though its not real receivership if u get what i mean. anyway thats what ive read. so not sure why ppl are saying you will ahve to start claiming as that hasnt been anounced yet

Fella

Their PM seemed to be implying the bank will continue as normal soon - which conflicts with other reports that suggest we start filing claims now.

Thought he seemed reasonably impressive to be fair, although compared to Brown a turd on a bun would be impressive.

Paul_Herring

powerRIP wrote: »

Icelandic PM: "Very unlikely the UK investors will lose out..... the bank is currently working perfectly normally"

Not from where I'm sitting it isn't :rolleyes: