IceSave - Hope

KorkyKat

10 Minutes ago. REYKJAVIK (Reuters) - Iceland's government said on Wednesday it believed there was a good chance the assets of Landsbanki, now taken under government control, would cover deposits made by savers in Britain in IceSave.

"There is a good probability that the total assets of Landsbankinn will be sufficient to cover the deposits in IceSave," Prime Minister Geir Haarde said in a statement.

"The governments of the two countries will immediately review the matter in detail through official channels with a view to finding a mutually satisfactory solution."

Icesave suspended operations on Tuesday and stopped customers from withdrawing or depositing money.

cwcw

I'm starting to think it would just be easier if they defaulted and the compensation process kicked in immediately to be honest.

climbgirl

cwcw wrote: »

I'm starting to think it would just be easier if they defaulted and the compensation process kicked in immediately to be honest.

Yeah me too, now we have a guarantee that we'll get it back I just want that process to start.

It's exactly the same thing he said yesterday - if that's the case mate, open up the accounts and let us get our money out! Imagine how horribly overrun their systems will be if they do that....

climbgirl

Here's the full text - backpedalling a bit from what he's clearly said to the UK treasury!


The Icelandic government appreciates that the British authorities are willing to step in and respond to the immediate concerns of depositors of Landsbankinn Icesave accounts.
The governments of the two countries will immediately review the matter in detail through official channels with a view to finding a mutually satisfactory solution.
It should also be highlighted that on Monday evening changes were made to the Act on the Depositors’ and Investors’ Guarantee Fund strengthening the position of depositors by giving them priority when allocating assets.
There is a good probability that the total assets of Landsbankinn will be sufficient to cover the deposits in IceSave.
The Icelandic government reiterates that if needed it will support The Depositors’ and Investors’ Guarantee Fund in raising necessary funds.
The government of Iceland is determined not to let the current financial crisis overshadow the long standing friendship between Iceland and the United Kingdom.

swhxd06

I guess that its good news that it seems we will get our money back. Two questions arise though:

1. WHEN will we get our money?
2. What about any interest we may have accrued?

:exclamati:confused:

climbgirl

swhxd06 wrote: »

I guess that its good news that it seems we will get our money back. Two questions arise though:

1. WHEN will we get our money?
2. What about any interest we may have accrued?

:exclamati:confused:

Until they actually default and go into administration (declare themselves insolvent), the claims process can't start. And they can hold us in this "no withdrawal" limbo for 60 days according to the terms and conditions. There will be a lot of pressure from the UK govt for them to either default or to sort out the problems and give us access to our money again. They'll want this cleared up quickly as much as we do.

KorkyKat

Does this mean I'll get my £10 back quicker?

Interest. Heard the man on the Your Money programme say that they will pay the interest including those who have the fixed term interest accounts. Better had do, I want that 63 pence on my tenner.