Icelandic Government's actions - surely they're illegal

Fella

I'm confused here. Landsbanki is NOT bankrupt - it was confirmed as recently as 2 minutes ago on Sky that Icelandic customers are still quite happily carrying out transactions etc.

The freeze on UK withdrawals is nothing to do with overloaded systems or lack of funds - it's 100% because the Icelandic Government has arbitrarily decided to stop UK customers withdrawing.

I simply don't see how it can be legal for an organization to decide to prevent SOME of it's customers having access to their funds whilst still allowing others full access. Especially when it could have such serious consequences.

Anyone got any (sensible....) views on this aspect?


thanks

$nake_eye$

Dont trust Sky

Fella

$nake_eye$ wrote: »

Dont trust Sky

It was an Icelandic correspondent with footage. Looked pretty reliable to me.

LGG_2

whos gonna stop them whether it be illegal or not.

opinions4u

Many banks have a '30 day notice' clause buried away in their terms and conditions to help stem a run.

As Icelandics have nowhere to take their money to, their potential withdrawals are not a threat to the survival of the bank. UK customers on the other hand are a massive threat to its stability.

The 'freeze' makes sense and doesn't mean you've lost your money. It gives time for them to ensure that you don't.

Racist? Perhaps. But sensible.

Fella

opinions4u wrote: »

Many banks have a '30 day notice' clause buried away in their terms and conditions to help stem a run.

As Icelandics have nowhere to take their money to, their potential withdrawals are not a threat to the survival of the bank. UK customers on the other hand are a massive threat to its stability.

The 'freeze' makes sense and doesn't mean you've lost your money. It gives time for them to ensure that you don't.

Racist? Perhaps. But sensible.

I'm not talking about "rights & wrongs" here or whether what they're doing is good or bad etc.

I'm talking purely from a legal standpoint, I can't see how what they're doing is legal. (although I'm no lawyer).

Surely it should be access for everyone or access for no-one?

webdigga

Looking at the Dutch website - I don't see any notice there. All appears to be running normally

GeorgeHowell

If that is indeed what they are doing then the message is clear -- as far as foreign owned/foreign based banks are concerned, get out asap and stay out. Some people failed to do this despite the recent warnings. Hopefully the lesson is now learned. Don't be like the bankers and allow greed to override prudence.

bazster

There's 300,000 people in Iceland, the majority of whom almost certainly do *not* have accounts with Landesbank.

There's 330,000 Icesave accounts in Britain.

I'm sure you can see now why they feel that stopping us taking our money out is more important than anything the Icelanders do.

pressuredrop_2

Fella wrote: »

Surely it should be access for everyone or access for no-one?

IceSave just take deposits in the UK. Landsbanki do more than just take deposits in Iceland.

opinions4u

Fella wrote: »

I'm not talking about "rights & wrongs" here or whether what they're doing is good or bad etc.

I'm talking purely from a legal standpoint, I can't see how what they're doing is legal. (although I'm no lawyer).

Surely it should be access for everyone or access for no-one?

Perhaps you should sue them under human rights legislation? Or fly to Iceland and appeal to their Parliament?