ICESAVE - Facts only thread

KorkyKat

Sincere thanks to all the above for the useful information.

Much Appreciated.

midflight

Here's a nice fact for you:

Of the UK citizens prepared to place their savings in a foreign bank, just to get the best rate, with no intention of ever going to that country or contributing to their economy in any other way... 68% of them are the exact same citizens who strongly object to ANY foreigners wishing to come to the UK to work, live, pay taxes and raise their children without fear or prejudice.

How strange.

Icesave = Top of the Daily Mail's BEST BUY table for most of the year.

Irony on a plate, with fries.

Stonk

An interesting title for a thread, this - I wondered whether there would be anything in it, given the distinct absence of concrete facts today.

One definite fact is that there are no facts! Lansbanki is in administration, but is not in liquidation or insolvent - so we are in the exquisitely unpleasant position of being able neither to access our money nor claim for it. How long will that last? Our own FSCS is preparing for Lansbanki to be insolvent, but Iceland's people seem to be saying they can rescue it. Iceland's people keep saying the bank is running as normal, but it clearly is not. Lots of contradictions, but very few verifiable truths yet.

darude

An interview at BBC News with Andrew Hagger about savings in Icesave, answering customer's questions (Video and text)
http://news.bbc.co.uk/1/hi/business/7657630.stm

Martin Lewis on Channel 4 News, click "Missed the show/Watch again", go to Tue 07 Oct: Pt 2: Icesave
http://www.channel4.com/news/

ITV News Report (Video and text), click Play under the top left thumbnail (requires Microsoft Silverlight to be installed)
http://www.itv.com/News/Articles/Icesave-customers-left-in-the-cold-371665645.html

Will add more if I find anything.

dag_2

Another fact worth pointing out, I think, is that, as yet, no UK depositor has had to write off even so much as a single penny of their savings. That includes those who have had over £50,000 of savings with Northern Rock, Bradford & Bingley or HBOS.

You can split hairs over how Icesave is supposedly "different" because of the passport scheme, but it doesn't change the fact that the excess over £35,000 that people had with any of these other organisations was still not protected at the time - and yet still, no-one has lost anything.

Good to know.

vagabond999

midflight wrote: »

Here's a nice fact for you:

Of the UK citizens prepared to place their savings in a foreign bank, just to get the best rate, with no intention of ever going to that country or contributing to their economy in any other way... 68% of them are the exact same citizens who strongly object to ANY foreigners wishing to come to the UK to work, live, pay taxes and raise their children without fear or prejudice.

How strange.

Icesave = Top of the Daily Mail's BEST BUY table for most of the year.

Irony on a plate, with fries.

I don't know where to begin with such a ludicrous post. How dare you throw some random statistic into this as some means of making yourself feel superior (I note you didn't cite the source of your statistic as that may have crippled your oh-so-witty post).

Not that I even need to justify my position with you but I have £80k+ with IceSave, I work and socialise with "foreigners" daily and do not buy the Daily Mail.

Please keep your entertaining facts to yourself and count yourself lucky that your savings are not at risk at this distressing time.

wizk1

I have a sum of money in an ISA with Icesave, and considering the bank is still operational, does this mean I (and other savers) will still be earning the same rate of interest on my money until the bank is declared bankrupt... That is unless the bank goes bust before my next interest payout?

Lavendyr

midflight wrote: »

Of the UK citizens prepared to place their savings in a foreign bank, just to get the best rate, with no intention of ever going to that country or contributing to their economy in any other way... 68% of them are the exact same citizens who strongly object to ANY foreigners wishing to come to the UK to work, live, pay taxes and raise their children without fear or prejudice.

Source, please?

harbinger13

And what about British money in Icelandic banks?

"Internet bank Icesave has suspended all deposits and withdrawals from customers' accounts after the Icelandic authorities stepped in to rescue its parent company Landsbanki," says The Guardian. The move "hit more than 300,000 UK savers who joined the bank, attracted by its high interest rates on savings accounts and Isas. Although Landsbanki is set to continue trading as normal in Iceland, it is not clear what will happen to Icesave".
Icesave's website said: "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers and hope to provide more information shortly."
The Icelandic Financial Supervisory Authority (IFSA) today announced that domestic deposits were fully guaranteed by the government, and that "Landsbanki's domestic branches, call centres, cash machines and internet operations will be open for business as usual".
But this doesn't extend to UK savers as yet. Landsbanki is not bust as yet, so as Mark Atherton points out in The Times, "savers cannot make any claim on either the UK or the Icelandic deposit guarantee scheme."
If Icesave did collapse, savers would have to apply for compensation both in Iceland and the UK, and would only be able to get back up to £50,000. The first €20,000 (£15,500) is protected under the Icelandic government's scheme, and the remainder, up to £50,000, by the UK Financial Services Compensation Scheme (FSCS).
As for Kaupthing, the bank says that "Kaupthing has not been nationalised and is still trading normally. There is no reason to move your money, or to panic". However, in the event that something similar happened, Kaupthing Edge savers are in a better position than those with Icesave. Because of Kaupthing's link to Singer & Friedlander, it qualifies in full for the UK's £50,000 deposit guarantee scheme and doesn't have to get any of the money from Iceland.

mdean

http://www.ft.com/cms/s/0/dd2734f2-9497-11dd-953e-000077b07658.html

Excellent calm faq