Icesave - A bit of bad news

Patr100

"Investors" aren't the same as "savers" - but who He actually meant is unclear.

altocumulus

From the BBC web-site ....

A spokesman for the FSCS said however that UK customers of Icesave will not have to make two separate claims and that it would probably handle all UK claims on one form

slowepoke

who knows at the moment, sky are saying exactly the opposite to the BBC, lets wait till we have some clarity folks

steadysaver

This is the press release from the landsbanki website

http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?NewsID=13284

Could there be a chance that another bank could take over the icesave saving arm (as abbey did with B&B)? £4.5billion would be a nice liability for any bank :cool:

langtoft_lad

...I'm one who can't access my funds online so it looks like a claim will have to be made... BBC TV is reporting the likelihood of having to rely on the FCS.

I'm lucky in one respect as I have less than even the Icelandic scheme covers so in that respect I can breathe a sigh of relief....

But I have two questions:

1. My money is in an cash ISA - will I lose my tax relief wrapper when I eventually get my money back?
2. The UK scheme apparently includes any interest due - does anyone know if the Icelandic scheme also does?

I guess it's all out of our hands - we'll just have to wait for the wheels of bureaucracy to grind it out...

Stonk

Paul_Herring wrote: »

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

Indeed. A bank working normally would mean I could withdraw money from my instant access account!

I'm glad - to the tune of about £3K - that it went bust today rather than yesterday.

I have no doubt we'll get our money back, up to £50K. I would also be quite surprised if the remainder didn't magic itself from somewhere - even if it effectively meant Iceland printing new money. The concept of governments allowing retail savers to lose out has such huge ramifications. Then again, these are unprecedented times.

My question, if anyone can shed any light: is there a reliable source that says our compensation will include accrued interest? Lots of invidividuals on various forums say so, but a confirmation from a reliable FSCS source is conspicuously absent. This will be quite a significant sum for me, with a large fixed rate account due to end this Friday.

luvpump

powerRIP wrote: »

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

What a load of BxxxxxS !!! :mad:

luvpump

langtoft_lad wrote: »

...I'm one who can't access my funds online so it looks like a claim will have to be made... BBC TV is reporting the likelihood of having to rely on the FCS.

I'm lucky in one respect as I have less than even the Icelandic scheme covers so in that respect I can breathe a sigh of relief....

But I have two questions:

1. My money is in an cash ISA - will I lose my tax relief wrapper when I eventually get my money back?
2. The UK scheme apparently includes any interest due - does anyone know if the Icelandic scheme also does?

I guess it's all out of our hands - we'll just have to wait for the wheels of bureaucracy to grind it out...

At This Juncture i would Just be Happy if you got ur Money back !!! never-mind "Wrappers" ..

jack111

http://forums.moneysavingexpert.com/showthread.html?t=1204077
Money needs to be got through the compensation scheme.

Fella

The article has changed again - for the worse.

Now it says:

If an Icelandic bank fails UK customers are protected up to £50,000
The first £16,170 of their money is protected by Iceland
The remaining £33,830 is protected by the UK government
If Iceland goes bankrupt, the UK will not cover the first £16,170
Joint accounts will be protected up to £100,000

Sky might want to get their facts straight before publishing total rubbish.