ICESAVE - Facts only thread

sadabbott

http://www.fscs.org.uk/consumer/ - FSCS gears up to assist Icesave's UK branch customers

http://news.bbc.co.uk/1/hi/business/7657422.stm - UK authorities are preparing for the bank's parent in Iceland, Landsbanki, to be declared insolvent and the bank is not allowing savers to withdraw their cash.

Realy

http://forums.moneysavingexpert.com/showthread.html?t=1205115
No transfers from yesterday and today went through.

sadabbott

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3154116/Financial-crisis-Iceland-nationalises-bank-and-asks-Russia-for-3bn.html - The UK Financial Services Compensation Scheme said it will contact Icesave customers to give them details of how to apply for compensation.

6022tivo

Can I be a silly billy....

Where does the FSA, or UK FSCS get the money from to compensate the 50k to people who have had savings lost due to a bank colaspe???

freddykrueger

6022tivo wrote: »

Can I be a silly billy....

Where does the FSA, or UK FSCS get the money from to compensate the 50k to people who have had savings lost due to a bank colaspe???

From my understanding they get it from the other banks who have signed up to this scheme.....but I maybe wrong!

slipp_digby

I am Sh!ting a brick.

FACT

wireless

I've ISA taken in May based on the suggestions from this site. Do i need to draw my money pre-maturely now or should i leave till the maturity i.e May next year? somebody advice me please

marshdp

A message posed on http://www.tryggingarsjodur.is/ (the Icelandic Guarantee Fund) reads :-
From the Prime Minister of Iceland

In a press conference today Iceland's Prime Minister, Mr. Geir H. Haarde, said that if needed the Icelandic Government will support the Depositors' and Investors' Guarantee Fund in raising the necessary funds, so that the Fund would be able to meet the minimum compensation limits in the event of a failure of an Icelandic bank.

The Icelandic banks have top up agreements in the following countries:

• United Kingdom
• The Netherlands
• Norway
• Finland
• Sweden

Clearly given the current uncertainty surrounding whether the guarantee is valid I take this with a pinch of salt, I think many of us will only be satisfied when we hear a minister from the UK Government make a statement on the matter. I have emailed my MP today and the Chancellor/Ministerial team at the H.M. Treasury on [EMAIL="ministers@hm-treasury.gsi.gov.uk"]ministers@hm-treasury.gsi.gov.uk[/EMAIL] to push for a statement on the issue, I feel somewhat powerless and its been about the only useful thing I have been able to do today.

I also noted the the statements on Kaupthing Edges website where I also have a significant investment were much more informative regarding the situation in Iceland, I feel angry and bitterly disappointed the Icesave can't even acknowledge the problem formally on their website.

Let's hope we all hear something soon.

Dave

wireless

loaner wrote: »

ISA with who?

ISA with Ice save for 10000GBP.

wireless

loaner wrote: »

You'll have to wait and see what happens, then claim compensation

what do you mean wait. Can i be able to draw the amount now? I'm not worried about interest atleast i should get my original amount. Should i wait till expiry i.e May 2009. by that time if Ice-save goes bust how do i calim this ?and where from?
thanks for the replies

Mr_Mumble

Directive 94/19/EC : the EU legislation behind the Depository Guarantee System and the topping-up scheme.

Deposit Guarantee Schemes : EU Commission legislation

European deposit guarantees : page giving details from the Icelandic Financial Services Authority in April 08).