UK Govt to ensure savers get money back

home_alone

TuftyMatt wrote: »

home_alone,

I am far from an idiot but do feel those who had over the protected limit in this or any other account deserve a little slap to act as a wake up call.

For the record my holding is £25k and would have never gone above £35 or £50k as it now stands for fear of not ever seeing it again.

The rules are clear for all to see if they wish to look but far to many people walk around with blinkers on thinking this will not happen to me.

The big city boys worldwide have messed things up and WE will all pay for it in one way or another as time goes on.

You do not say if you have over the protected limit or not but if so ask yourself one question. Did you honestly know your money was not covered or did you just take a chance? If you took a chance then like with everything else in life one day your luck will run out.

I am not saying that all money above the protected limit should be lost but a little slap may make people not make the same mistake in future.

Hindsight is a wonderful thing, if I knew that a bank (whatever bank) was going to insolvent and would more than likely renege on their promises then I would have moved my money away but I am only 65 and have never seen anything like this before, its a first for many. The main point where we really disagree is I would never wish that the goverment would not bail out those that are effected by this icesave crash including those local councils, there are many on this site that are not as financially aware as you thing you are.

This forum is getting very snide and full of trolls and the selfrighteous I have had enough I honestly did not know there were so many selfish people around, I bet every saver has a tale to tell, you live and learn.

gary

jaigee_2

Just on the BBc news website:


Significant progress has been made over frozen UK investments in failed Icelandic banks, say the Treasury and the Icelandic authorities.
Arrangements have been agreed "in principle" for a quick payout to depositers in Landsbanki's closed internet bank Icesave, they said.
The delegations agreed to work closely on the other remaining issues over the coming days, the statement said.
The delegations met "in a friendly atmosphere in Reykjav!k", it added.
British investors have roughly £4bn in the Icelandic bank.
Although Chancellor Alistair Darling had promised to compensate investors in full, the first £16,000 of a deposit is meant to be guaranteed by the Icelandic authorities.
It is understood Iceland has now agreed in principle to honour this commitment.
A Treasury delegation is in the Icelandic capital to seek assurances UK savers with money in collapsed Icelandic banks will not lose their deposits.
The group wants to establish a claims procedure for British depositors to get their money back as soon as possible.
The UK government is also pressing for the quick return of almost £1bn of funds invested by councils and other public bodies, including charities. The Treasury delegation in Reykjavik includes officials from the Bank of England and the Financial Services Authority.

investor7_2

jaigee wrote: »

Just on the BBc news website:


Significant progress has been made over frozen UK investments in failed Icelandic banks, say the Treasury and the Icelandic authorities.
Arrangements have been agreed "in principle" for a quick payout to depositers in Landsbanki's closed internet bank Icesave, they said.
The delegations agreed to work closely on the other remaining issues over the coming days, the statement said.
The delegations met "in a friendly atmosphere in Reykjav!k", it added.
British investors have roughly £4bn in the Icelandic bank.
Although Chancellor Alistair Darling had promised to compensate investors in full, the first £16,000 of a deposit is meant to be guaranteed by the Icelandic authorities.
It is understood Iceland has now agreed in principle to honour this commitment.
A Treasury delegation is in the Icelandic capital to seek assurances UK savers with money in collapsed Icelandic banks will not lose their deposits.
The group wants to establish a claims procedure for British depositors to get their money back as soon as possible.
The UK government is also pressing for the quick return of almost £1bn of funds invested by councils and other public bodies, including charities. The Treasury delegation in Reykjavik includes officials from the Bank of England and the Financial Services Authority.

If this is the case then it is very good news. However i personally will not believe anything untill i know that my hard earned money has been returned to me. And with this in mind i think that all Icesave customers should have pen at the ready to start lobbying their local MP's to put massive pressure on the government to get everyone paid their Icesave money quickly. And the government WILL listen because there is an army of 300.000 of we Icesavers out there ready to help vote them out of power at the next election if they do not deal with this very quickly indeed.
We were told by the FSCS that we would be told how we would get our money back yesterday, however they subsequently updated their website and told us to wait untill next Friday, very unprofessional and misleading.

Baldur

investor7 wrote: »

We were told by the FSCS that we would be told how we would get our money back yesterday, however they subsequently updated their website and told us to wait untill next Friday, very unprofessional and misleading.

That's how you chose to interpret their statement, not what they actually said:

We hope to be in a position to say more about the arrangements by the close of business on Friday, and we will publish updates on our website.

jaigee_2

Just appeared on the FSCS website:

FSCS proposals for accelerated payment process being considered in Iceland (17 October 2008)

Over 200,000 UK savers with around 300,000 accounts at Icesave, the UK branch of Landsbanki, are a step closer to getting their money back this week, as the authorities in the UK and Iceland work on the process for accelerating the payment of compensation to them.
The FSCS, together with representatives of H M Treasury, the Financial Services Authority and the Bank of England, met with counterparts in Iceland last weekend. Significant progress was made and an accelerated approach to paying compensation was agreed in principle.
Since then, the UK authorities have been working on the detail of alternatives to the conventional, form-based compensation process and these have been put to Icelandic counterparts for consideration.
FSCS Chief Executive Loretta Minghella said today: "Our message to savers entitled to our protection is simple: your money is safe. Our paramount concern is to ensure that you get it back as quickly as possible, so we are doing everything we can to agree an innovative solution which will significantly accelerate the process."
Meanwhile, we have been working closely with the systems operators for Icesave, so that we can get timely access to the data we need to verify claims. We are pleased to report that we are receiving excellent co-operation from them.
The Authorities hope to settle the process over the coming days, and expect to issue guidance next week about how savers will be able to claim their money.

f_@_w_y

There is another good news.... Apart from MPs, Brown, AD, George osborne, David Cemeroon, we got a new caretaker... who issued a statement...... Chief Execitive Loretta Monghella (FSCS)

amistupid

jaigee wrote: »

Just appeared on the FSCS website:



Bought some new software today you type in chief executives pledges and it gives you what they really mean in brackets.


FSCS Chief Executive Loretta Minghella said today: "Our message to savers entitled to our protection is simple: (better say something to keep them quiet) your money is safe (even they can't touch it!). Our paramount concern (Thank heavens this week's over, not back at work 'til monday!) is to ensure ( I think next week will be just as bad) that you get it back ( might be in bits and pieces) as quickly (before I retire) as possible, so we are doing everything (even reduce coffee breaks) we can to agree an innovative (try anything even if it's new and untested) solution which will significantly accelerate the process. (reminds me must get the Porsche's throttle sorted it also stuck in second gear)"

amistupid

If only I'd bought the software a couple of weeks ago!

BBC news 6th October:


Mark Sismey-Durrant, chief executive of Icesave in the UK told Radio 4's Money Box programme,
"They shouldn't be nervous (Hope they're all wearing brown trousers!) about the state of the bank. (Oh my God!)
"We have a strong capital base and 63% of our balance sheet is funded by deposits. (Sounds impressive)
"We maintain strong liquidity levels." (Weak as p*ss!) Asked specifically if customers could be sure their money was safe and they could get it out when they wanted he replied, "Yes. They can be." (How can I live with myself!)

KingL

Bought some new soft wear today

If only I'd bought the soft wear a couple of weeks ago!

Nice

I got the same soft wear, but it wouldn't load on my hard wear.

I think it might be worn out.


.

amistupid

KingL wrote: »

Nice

I got the same soft wear, but it wouldn't load on my hard wear.

I think it might be worn out.

Thanks for that. Is it correct now? I hope so I've just taken the mick out of someone's spelling on another thread! I feel like a kipper, two faced and no guts!