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IT_nerd

I'm now worried after I found out the current passport scheme has £88m in the "bank" as they say.
330,000 British savers have £16bn saved.
That's about £5,280,000,000 they will have to pay. At the worst.
Even presuming that all savers only have £4000 in their accounts, that's £1,320,000,000.... Not anywhere near 88million.

So they will have to find the money somewhere.

Swipe

So much for the Nordic countries coming to its aid. Seems like that's why they've had to go cap in hand to the Russians.

pavlovs_dog

Lokolo wrote: »

For instance, one member on MSE has lots of savings and is svaing for a house deposit. Yet is wanting to take all the savings out.

It just makes things worse!

if you are refering to me there, then i never said that i was planning to withdraw my savings, i am merely exploring possibilities. i am fortunate that my savings goals are long term, and if the worse did happen then i would be able to wait to get my money back without it affecting my standard of living in the short term. we wont be in a position to buy for another 12 months, and market circumstances at that time may dictate that we end up waiting longer still.

my concerns are whether the passport scheme will be honoured in the event of icesave folding (whilst i am under the 35k limit the account does hold the bulk of my life savings. given that a fair proportion of the said sum is a student loan that i have saved and am yet to repay, you can probably understand why i am particularly eager not to see that money vanish into the ether). i also stand to lose 4 years of isa allowance, as there is no guarantee that the govt would honour that either. my boyfriend also has his savings with icesave. we're realising now that although we *should* both be covered by the passport scheme as we have separate accounts, we do still have our eggs in one collective asket - not our shrewdest financial move to date :rolleyes:

whilst the current situation is by no means comfortable, i know that the inevitable run on the bank if/when they reopen for business will cause more harm than good. in that case, one has to decide whether they are better off sitting around waiting for the inevitable or whether it is possible to take remedial action.

markwallace

darude wrote: »

More on ITV1 now

Correct me if I'm wrong but didn't Chris Choi say on ITV that Icesave/Landbanski were moving documents out of their UK offices?
That's a worrying turn, shouldn't this be stopped and all documents impounded by the UK authorities?

Lokolo

pavlovs_dog wrote: »

if you are refering to me there, then i never said that i was planning to withdraw my savings,

lol it wasn't you actually the person I stated actually said they would withdraw their money if they could.

Swipe

Let's just hope it can be sold to Santander and none of us have to claim on the compensation schemes.

IT_nerd

markwallace wrote: »

Correct me if I'm wrong but didn't Chris Choi say on ITV that Icesave/Landbanski were moving documents out of their UK offices?
That's a worrying turn, shouldn't this be stopped and all documents impounded by the UK authorities?

I noticed that too. What the hell?

slowepoke

Swipe wrote: »

Let's just hope it can be sold to Santander and none of us have to claim on the compensation schemes.

Could well happen

occamsrazor

Swipe wrote: »

Let's just hope it can be sold to Santander and none of us have to claim on the compensation schemes.

Actually I was wondering too about whether the (probably quite financially sound) foreign subsidiaries might get sold off to another bank. I'm no expert but imagine this would help stop the flow of money out of them, and alos provide badly needed revenue to Iceland.

juliusceasor

Swipe wrote: »

Let's just hope it can be sold to Santander and none of us have to claim on the compensation schemes.

Except then I'd have to move the money in santander out to somewhere else to keep under the £50k. I'm laughing but it's true and certainly no laughing matter but hey what can you do.

I emailed the FSCS to ask the following..

if the Icelandic scheme doesn't cough up, does the FSCS cover the whole lot up to 50k
Will the money in an isa be allowed back into a new isa wrapper as a trasnfer would have been.
How long will it take? the EU scheme is 3 months max the UK scheme upto 6 months but under review.

Does anyone know the answer to the above? If I hear back from the FSCS i'll post the reply.