ICICI Bank

Steve_xx

KingL wrote: »

Protection is nice, but unreliable. Probabliity of default is still woth discussing

Protection is guaranteed.

"Probability" is not a helpful remark, given what is currently known about the status of ICICI it seems that it is reasonably sound. It may be better to discuss the possibility rather than the "probability".

KingL

I don't understand your difference between possibilty and probability.

I have £50k in ICICI,

I hope it's safe under my criteria, viz: (1) [reliable] protection and (2) probabilty of not needing that protection in the first place.

I'm a confident investor, but let's keep perspective, here.

cheers/hides

light

I suppose you could ask what is the probability of the other banks going down.

where does it end !!

Still the merry go round !! whoever stays on will be the winner.

Steve_xx

KingL wrote: »

I don't understand your difference between possibilty and probability.

I have £50k in ICICI,

I hope it's safe under my criteria, viz: (1) [reliable] protection and (2) probabilty of not needing that protection in the first place.

I'm a confident investor, but let's keep perspective, here.

cheers/hides

If you have 50k in ICICI then I would suggest that you reduce it slightly to allow for the accrual of interest not taking it over 50k. Similarly, if you have in excess of 50k in any other institution, I would suggest that you follow the same rule in order to afford yourself full protection under the current rules on compensation. The exceptions to this rule would be for Northern Rock and National Savings investments.

The difference between a possibility and a probability is as follows. Possibly = may/might happen. Probable = very likely to happen.

In the case of ICICI there is currently no published material to suggest that it is in imminent danger of collapse. Indeed the relevant credit rating agencies seem to feel it's in reasonable shape.

EalingSaver

KingL wrote: »

Or just sadabbott's father's son ? :

http://forums.moneysavingexpert.com/showpost.html?p=14765589&postcount=12

You don't believe in mediums or the spirit world then ??

stphnstevey

In these situations, yes we do have little fact to go on. Most of this is gut feeling and there is no evidence to substantiate it.

And yes, it can lead to rumours (which incidently is what started this thread in the first place) which could possibly (or probably - which ever you like best) lead to a demise in ICICI.

Yes, UK and ICICI banks are covered by the 50K garantee.

Ultimately these banks tend to be invest in their own countries and therfore reflect their countries economy. But which economy am I more confident in - Indian (which relies heavily on other economies (like the UK) buying its products) or the UK economy itself. I would pick neither unless I had too, but as I hav to - the UK.

I don't want to be caught up in having to claim my money back - so I have to 'best guesstimate' which one's I am confident in.

ie At the moment HSBC or Lloyds look alot more atractive than ICICI

Andrew64

stphnstevey wrote: »

In these situations, yes we do have little fact to go on. Most of this is gut feeling and there is no evidence to substantiate it.

A prudent saver/investor can do all the research that's possible - but sometimes you just have to follow your instinct.

z1000000

I’m amazed that people are still chasing the highest interest rates and debating what the word “GUARANTEE” means.

I’m fairly careful; I read this site and others regularly. Up until very recently Kaupthing was shown as having 100% FSCS protection. While logging onto my UK Edge account, I noticed a link to there IOM branch. I actually thought the IOM branch was something to do with the UK business. But it didn’t matter as and money was “Protected” by the IOM and even had the parents, (Iceland’s) protection.

Well all of those “Guarantees” are worthless. My money has gone, I may eventually get some of it back, no one knows or cares.

As I’ve said, I study this stuff and I’ve be stiffed. There must be millions of savers and investors that aren’t even sure where there money is, or who the parent company or country is. And unless you are a lawyer, I bet most don’t understand just what the “Guarantee” actually means.

The Devil really is in the detail!

exel1966

mr_fishbulb wrote: »

Crap. Transfered mine on Wed evening and hasn't arrived yet

Not crap at all. If you wanted the funds this week you should have initiated the transfer earlier. Standard BACS transfers take 3 working days.

exel1966

Steve_xx wrote: »

In the case of ICICI there is currently no published material to suggest that it is in imminent danger of collapse. Indeed the relevant credit rating agencies seem to feel it's in reasonable shape.

Agree, but the recent situation has panicked the average saver and made them think hard about where they secure their money. With the possible overeaction of thousands clamming to get their money out ASAP this will not help the banking industry one little bit. You just have to look at the scaremongering by the press and the long queues outside branches which led to Northern Rocks demise.
Having reasonably substantial amounts in both Kaupthing UK (ING) and ICICI I see no need to move any of it and compound the problems we already have.