Alistair Darling Guarantees Icesave 100%

antilles

Link here -http://news.bbc.co.uk/1/hi/business/7658417.stm

If the Icelandic government do indeed renege on their obligations they should boot all of their banks out of the UK.

I'd be surprised if he covered anything above the 50k limit though as it would just introduce more uncertainty. We need a clear statement on this.

Bisoy

Watching BBC breakfast news and Mr. Darling guarantees UK depositors 100& of their money back from ICESAVE not only £50k.

Andrew64

Story here too:-

http://www.telegraph.co.uk/finance/personalfinance/savings/3156806/Financial-crisis-Alistair-Darlings-guarantee-to-Icesave-savers.html

Wibble

Phew - that's good! I expect that we'll lose any interest that was owing (particularly bad if you were paid annually and were due a payment) and any during the time it takes to sort it out.

I thought that if Iceland couldn't pay the compensation then the other Nordic countries had to help?

Anyway - better if AD pays us quickly and then pursues the money from Iceland.

South_Bound

By the way those who had more than £50k should think themselves lucky and learn from this when finding a new home for their cash.

Abso-bloody-lutely, top advice. PLEASE, anyone with more than the guaranteed amount in one place should take this as a final warning to sort their savings into more appropriate amounts in different institutions.

Mr Darling refused to extend explicitly his commitment above the £50,000 to any other institution which runs into trouble.

You have been warned.....

oxocubes

I heard it, he did guarantee 100% of icesave savings - no limits - because icelands finance minister had advised him the country was broke.

He also implied it was a one off because of exceptional circumstances. I.E. Do not reinvest with a foregn bank.

Now, did'nt someone promise us a referendum on Europe.

posh*spice

It isn't a 100% guarantee IMHO

krakow

If they do cover Icesave 100%, then how can they not do the same for other banks and leave them at a £50,000 guarantee?

Similarly, it wouldn't seem fair to cover one foreign bank (Icesave) and then not do the same again if British savers were to lose out due to another foreign bank going down...?

Richard_Cocks

It sounded like he meant all of the 50,000 not all of the deposits, but could go either way.

Bisoy

Of course nobody could definitely say it's 100% unless of course you get your money back.