Alistair Darling Guarantees Icesave 100%

luvpump

This ofcourse is a great relief for us all , but when will we see the cash ???

br1anstorm

MoneyWorries wrote: »

He was asked dierctly on national TV - do you mean just the savings up to 50K - he answered directly - 'no all of it'. Seems pretty clear.
(edit)

Which channel, which programme and when? It would be useful to have this "evidence" of Darling's commitment nailed down...

br1anstorm

Seajays

I notice that the Icelandic Prime Minister is supposed to be making a statement regarding the situation with Icesave today at 4pm:

Icesave customers to get UK support
"...The Icelandic Prime Minister Geir H. Haarde is to clarify this matter in his speech at a press conference postponed to 4pm Icelandic time. " (5pm UK)
http://www.icenews.is/index.php/2008/10/08/3070/

Former_MSE_Dan

Hi folks,

We have been updating our full safe savings guide all morning, but now we have official confirmation of this 100% guarantee, thought id post it in here too

STOP PRESS. Updated 12.15pm Wed 8 Oct. Icesave temporarily stops withdrawals.

Icesave is reported to have gone into technical receivership, meaning its assets have been taken over by the Icelandic government and it has effectively been nationalised (like Northern Rock was), see this FT article. It's likely it will be declared insolvent in the near future.

Crucially, this morning, Chancellor Alastair Darling said that ALL cash in Icesave will be guaranteed by the UK government i.e. not just the first £50k. This has now been confirmed by an official Treasury statement, including the following:

The UK authorities expect that Landsbanki will soon be declared in default. Should that occur, the Chancellor has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave.


Read the full statement, and all updates will appear here and be included in the free weekly email.

Seajays

br1anstorm wrote: »

Which channel, which programme and when? It would be useful to have this "evidence" of Darling's commitment nailed down...

br1anstorm

"2. The UK authorities expect that Landsbanki will soon be declared in default. Should that occur, the Chancellor has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave. " (my emphasis)
http://www.hm-treasury.gov.uk/press_101_08.htm

harbinger13

EagerLearner wrote: »

I am glad ISA's part of what AD is looking into protecting as people who have saved hard these past few years shouldn't lose that tax break.

"3. Arrangements are being put in place to ensure that all ISA customers of Icesave will continue to benefit from the tax-free status of their accounts."

I would like to know about whether interest on the accoutns will be paid - ISA or otherwise - anyone know any news on this yet?

Is this true!!!
Man that is good news. To retain ISA status is helpful.

Where is the above quoted?

Seajays

harbinger13 wrote: »

Is this true!!!
Man that is good news. To retain ISA status is helpful.

Where is the above quoted?

It's in the HM Treasury Statement:

http://www.hm-treasury.gov.uk/press_101_08.htm

br1anstorm

Darling's announcement in the House of Commons that he has used the powers he has "in these exceptional circumstances" to ensure that "no British depositors [in Icesave] will lose their money" is very very welcome, and seems to offer as good a reassurance as we could have hoped for that Icesave's UK customers will be able to retrieve their money.

Next question is - how do we, or the government, proceed from here to get our hands on our money?

Frankly, if I get my money back I think I'll put it into NS&I, just as a gesture of appreciation!!

br1anstorm

Seajays

br1anstorm wrote: »

Next question is - how do we, or the government, proceed from here to get our hands on our money?

Have to watch the FSCS website for more info on that (they currently have information up there) - they're the ones who'll administer it all...

http://www.fscs.org.uk/consumer/

Swagman_2

I had just over £13k in Icesave and am as relieved as anybody that AD stepped in to secure the return of this money.

The Icelandic government should be ashamed of turning thier back on a commitment to honour the fisrt £16k...

As well as boycotting all things Icelandic (for a period of time), I will be hoping that thier currency nose dives even further, then with my £13k I'll get back from Mr D, I'll pop over there and buy up a few nice houses on the shore line, as they will be worth peanuts to us by then, and then lord it over the general Icelandic public...