Icesave UK defaults - FSCS system triggered

[Deleted User]

I couldn`t care less about the interest as I am eternally grateful to be getting my money back. Never again will I go with a foreign bank

nilrem_2

SephirothX wrote: »

I stand to lose a full year of interest if interest isn't back dated because my annual interest payment was due next week.

From what I have read you may well get your interest up until the date that Icesave ceased trading, that is yesterday.

st

kittie wrote: »

I couldn`t care less about the interest as I am eternally grateful to be getting my money back. Never again will I go with a foreign bank

I agree the main thing is to get money back sod the interest

amuircroft

Hmmm he has changed his tune now the UK has frozen their assets. Just goes to show how easily they were going to just cut the UK savers out.

Iceland, Britain seek solution to frozen bank funds: Reykjavik

52 minutes ago

REYKJAVIK (AFP) — The Icelandic and British governments will try to find a solution to a dispute over money held by British savers in two frozen Icelandic banks, Iceland's prime minister said on Wednesday.

"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," Prime Minister Geir Haarde said in a statement.

"The government of Iceland is determined not to let the current financial crisis overshadow the long-standing friendship between Iceland and the United Kingdom," he added.

Haarde's comments came after his British counterpart Gordon Brown said London would take legal action against Iceland after the island's second largest bank, Landsbanki, was nationalised and subsequently froze two British subsidiaries, Icesave and Heritable.

Angry British customers have voiced frustration at the bank's silence over the future of their savings after it announced Tuesday that customers could no longer withdraw or deposit money.

"It should 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," Haarde said.

"There is a good possibility that the total assets of Landsbanki will be sufficient to cover the deposits in Icesave," he said, stressing that his government would "support the Depositors' and Investors' Guarantee Fund in raising necessary funds."

Iceland's foreign ministry meanwhile said the country's ambassador to Britain, Sverrir Haukur Gunnlaugsson, had held a meeting Wednesday at the British prime minister's office "with a number of high officials."

"The meeting was held at the request of the Icelandic authorities" and "discussed consultations between the two countries on the financial crisis, its impact on the Icelandic financial system and the situation of Icelandic banks," the ministry said in a statement.

"It has been decided that formal talks between the two governments will begin on further consultations and necessary measures," it added.

http://afp.google.com/article/ALeqM5g-Sx02NAktt9lq-nspZmfkK8RzWg

edwinac_2

br1anstorm wrote: »

We really do need to be thankful for the UK government's decision to cover the full amount of people's savings, and not fret too much over the odd few quid in interest.

That's a good attitude. The government has turned a disastrous situation into a regrettable affair.

I admire Darling for this, and for his bold "re-capitalisation" of nine banks. Although it wasn't far enough. I would have liked total nationalisation of the whole sector, all in one go, and little to no reimbursement of shareholder capital.

I watched Tory ex-chancellor and Bilderberger, Ken Clarke, reluctantly admit that he would have done exactly the same as Ally D.

br1anstorm

amuircroft wrote: »

Hmmm he has changed his tune now the UK has frozen their assets. Just goes to show how easily they were going to just cut the UK savers out.

Iceland, Britain seek solution to frozen bank funds: Reykjavik

52 minutes ago

REYKJAVIK (AFP) — The Icelandic and British governments will try to find a solution to a dispute over money held by British savers in two frozen Icelandic banks, Iceland's prime minister said on Wednesday.

"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," Prime Minister Geir Haarde said in a statement.

"The government of Iceland is determined not to let the current financial crisis overshadow the long-standing friendship between Iceland and the United Kingdom," he added.

Haarde's comments came after his British counterpart Gordon Brown said London would take legal action against Iceland after the island's second largest bank, Landsbanki, was nationalised and subsequently froze two British subsidiaries, Icesave and Heritable.
...(edit)...
"It should 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," Haarde said.

"There is a good possibility that the total assets of Landsbanki will be sufficient to cover the deposits in Icesave," he said, stressing that his government would "support the Depositors' and Investors' Guarantee Fund in raising necessary funds."

Iceland's foreign ministry meanwhile said the country's ambassador to Britain, Sverrir Haukur Gunnlaugsson, had held a meeting Wednesday at the British prime minister's office "with a number of high officials."

"The meeting was held at the request of the Icelandic authorities" and "discussed consultations between the two countries on the financial crisis, its impact on the Icelandic financial system and the situation of Icelandic banks," the ministry said in a statement.

"It has been decided that formal talks between the two governments will begin on further consultations and necessary measures," it added.

Looks as if the UK government's reference to legal action, and the robust move on Icelandic assets in the UK, have quite rightly put the frighteners on Iceland.
I just hope that this conciliatory and emollient statement from Reykjavik doesn't mean that there will be lengthy haggling and procrastination behind closed doors. The UK authorities now need to hold the Icelanders' feet to the fire!

br1anstorm