ICESAVE - Bust or not bust

amistupid

I cannot find anything that states Landsbanki has defaulted. As far as I am aware until it is declared insolvent any compensation procedure cannot begin. Apart from that the Icelandic PM has now stated he wants to come to a mutually suitable compensation scheme with the UK. The delay in deciding whether it is insolvent or not is unreasonable and the possibility of Iceland now getting involved in compensation would drag the process on even longer! http://www.icenews.is/index.php/2008...lution-sought/

Riq

Not.


It is "restructuring"

Lavendyr

http://www.moneymadeclear.fsa.gov.uk...m/icesave.html

"
The UK branch of Icelandic bank, Landsbanki, which includes Icesave, has been declared in default in the UK.
So in the interests of consumer protection, we have triggered the Financial Services Compensation Scheme (FSCS) to safeguard retail customer savings held in Icesave."

Not sure about Landsbanki itself, but the UK FSA has declared the UK branch in default and the Treasury has frozen its UK assets.

strawberrylane

http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html

http://www.easier.com/view/Finance/Savings/News/article-208449.html

Lavendyr

grr, thanks...not sure what happened to my link. I will try to fix it.

moneywolf

icesave is f*cked i think

at least we have seized there uk assets

LOL :beer:

amistupid

Thanks very much Lavendyr for clarifying the situation. Martin's board on the Icelandic banks should be updated accordingly. At 2.15pm yesterday it states that Icesave is still operational and the link to HM Treasury only states that it is "expected to be declared in default". Your link to the FSA is as far as I can see the only positve evidence on this site that the compensation scheme has begun.