Alistair Darling has just said they are gonna try to help IceSave customers

agent_orange_2

Setmefree, good morning to you.
I think you realise, should these banks be left to go 'pop', we will be talking about real poverty in this country. You should hope this helps prop up the economy, otherwise the consequences are dire. Remember, World War 2 resulted from the effects of the great depression.

icesaver_2

Great news. And it's been covered in the press now:

http://news.google.co.uk/news/url?sa=t&ct=uk/1-0&fp=48ecaab792f6fb99&ei=bW7sSKbSM56uxAGnwOGBCQ&url=http%3A//www.telegraph.co.uk/finance/personalfinance/savings/3156806/Financial-crisis-Alistair-Darlings-guarantee-to-Icesave-savers.html&cid=1255104873&sig2=gcFnGyEOtuQBb8WXFaLDvA&usg=AFQjCNEp8rjtVHjUu3fnbM-_dxGMYOSJ8w

Stavros_3

To prevent duplication of threads see below

http://forums.moneysavingexpert.com/showthread.html?t=1206001

rickp_3

The Darling interview is available: http://uk.youtube.com/watch?v=FaBNjjzpvpg
Icesave details start about 7minutes in.

Rick

ultra10

This will in effect also mean the End of Iceland's boom years, that one country epitomizes everything that has gone wrong around the world, borrowing other peoples money & spending it, knowing they cant pay it back !!... Now they will just have to go back to fishing !!!

LGG_2

why the heck is the UK goverment allowing overseas banks to set up in the UK without checking that they have the funds to pay out if something like this happens or at least making them sign up to the full comp scheme and not the passport one otherwise they cant open up. all of this meltdown has been caused by gready bankers and politicians who wanna stick their heads in the sand while claiming the economy is great even though they know the crap will hit the fan

payless

Didn't we argue over fish with them years ago

DebtSniper

"The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here," said Mr Darling.

Unbelievable. How can a respectable country do this? If Iceland can renege on their agreements, then what are the guarantees offered by other countries worth?

I'm glad the UK government is helping out, but ultimately the Icelandic government should be made to pay. I'd rather the UK taxpayer didn't pay for the duplicity of another state.

nachovx

ultra10 wrote: »

This will in effect also mean the End of Iceland's boom years, that one country epitomizes everything that has gone wrong around the world, borrowing other peoples money & spending it, knowing they cant pay it back !!... Now they will just have to go back to fishing !!!

It may also knock that Scandinavian smug superiority, where they assume everything they do is world leading. Their high cost of living is designed to keep others out and in the good times it worked and they suckered us into funding them. A country like Iceland should not really exist and a 300,000 population should never have been home to as many banks and hedge funds.

AdamC_2

jp01 wrote: »

Interesting I heard the bit that the Iceland had no intention of meeting their obligations.... To me what he then said wasn't clear. He certainly didn't use the phrase you've posted.

I wasn't sure if he meant the UK would cover the money all the money after the passport shortfall, i.e. everything over 20k euros..

I'm paraphrasing a politician, so obviously there's huge potential to misinterpret his words , but the way I heard it was that the UK will cover both the Icelandic and UK obligations.

Covering amounts over £50k? I didn't get that impression. I can understand how he may feel a little obliged to cover the Icelandic contribution, based on the UK authorities not checking whether the Icelandic 'guarantee' was worth the paper it was written on, but paying out 'over £50k? Well, he can easily turn around and say it was pretty clear to everyone the limits of the UK support, which it was.