Will we see our Icesave cash before Christmas

sheslookinhot

cwcw wrote: »

This doesn't tie in with "no UK savers will lose money" at all. If it's just a matter of weeks until we get our money then fair enough, but if it drags on for months it will be costing a lot of people hundreds or thousands of pounds. The worst thing is not knowing ANYTHING. Since our government made the promise they should be paying us back, and worry about getting what they can off Iceland afterwards.

It won't be "costing" a lot of people anything. Most people are just content that the government have taken/will take steps to ensure no one loses any savings.

There will always be some who are never happy no matter what is done for them.

HateIceSave

Any one know about Co Op bank ? I've read an article on it merging with Britannia and Im guessing theres a good reason but dont believe the blurb banks say know and dont know on how to check if a bank is in trouble. My savings were split between ice save and smile and if theres any danger I want to move my money out probally to Barclays.

If anyones interested the article I read is:

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4933646.ece

meanmachine_2

You're right to be sceptical - about everything you read - but from what I've read it's more likely that Britannia has "issues" than the Co-op.

But again, I'd advise you to do your own research.

Estrela

In the Netherlands they are far more organised…
News - Tuesday, October 14, 2008 5:55 PM
http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?NewsID=13348
Statement to customers of ICESAVE

“Icesave Netherlands

On 11 October, the Dutch and Icelandic governments agreed on a solution regarding the Dutch depositors of Landsbanki Icesave savings accounts. The agreement states that the Icelandic government will compensate each Dutch depositor up to a maximum of EUR 20,887. Furthermore, the Dutch Minister for Finance had previously declared that savings on deposit accounts in the Netherlands will be guaranteed up to EUR 100,000 per person per institution, a new decision valid for one year only.
The Dutch Central Bank and the Dutch Ministry of Finance have decided that the Dutch Central Bank will arrange for the payout. This week (starting 13 October) DNB will send out forms to all account holders. The forms shall be returned to DNB, PO Box 98 1000 AB, Amsterdam. If you have not received the form before October 22nd please send a letter addressed to DNB, PO Box 98 1000 AB, Amsterdam, marked Icesave.”

meanmachine_2

That's encouraing - and infuriating - at the same time.

Still, there are fewer Dutchies than Brits...and we also have the council/charities issue to sort out.

But hopefully it'll embarrass the FSCS into action.

Friday is it? That's what they said last week tho...

vadek

Not sure if this has been posted elsethread.
Source: www.landsbanki.is/english/aboutlandsbanki/pressreleases/?NewsID=13348

News - Tuesday, October 14, 2008 5:55 PM
Statement to customers of ICESAVE

On 7 October 2008, the Icelandic Financial Supervisory Authority (FME) took control of Landsbanki Islands hf, the parent bank of Icesave. Landsbanki has been put into administration and as a result Icesave is not processing any deposits or any withdrawal requests through Icesave internet accounts.
Icesave UK

In a statement on 9 October 2008, HM Treasury stated that the chancellor has put in place arrangements that all retail depositors in Icesave will receive their money in full. HM Treasury and the Financial Services Compensation Scheme are working with the Icelandic Authorities to clarify the position of Icesave. Delegations of Iceland and the UK met over the weekend of 11-12 October. Arrangements were agreed in principle for an accelerated payout to depositors. At this time it is, however, unclear how long that will take or what immediate steps Icesave customers should take. Customers are advised to follow all updates that will be posted on relevant websites, in particular www.moneymadeclear.fsa.gov.uk and www.fscs.org.uk
Further information

• Statement to Icesave customers (www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html)
• HM Treasury statement on 9 October 2008 (www.hm-treasury.gov.uk)
• Joint declaration of the delegations of Iceland and the UK on 11 October 2008 (www.government.is)
• The UK Financial Services Authority (www.moneymadeclear.fsa.gov.uk)
• The UK Financial Services Compensation Scheme (www.fscs.org.uk)
• Icesave customers are also advised to keep an eye on www.icesave.co.uk.

Icesave Netherlands

On 11 October, the Dutch and Icelandic governments agreed on a solution regarding the Dutch depositors of Landsbanki Icesave savings accounts. The agreement states that the Icelandic government will compensate each Dutch depositor up to a maximum of EUR 20,887. Furthermore, the Dutch Minister for Finance had previously declared that savings on deposit accounts in the Netherlands will be guaranteed up to EUR 100,000 per person per institution, a new decision valid for one year only.
The Dutch Central Bank and the Dutch Ministry of Finance have decided that the Dutch Central Bank will arrange for the payout. This week (starting 13 October) DNB will send out forms to all account holders. The forms shall be returned to DNB, PO Box 98 1000 AB, Amsterdam. If you have not received the form before October 22nd please send a letter addressed to DNB, PO Box 98 1000 AB, Amsterdam, marked Icesave.
Further information

• De Nederlandsche Bank (DNB) www.dnb.nl or contact DNB by the free telephone number: 0800-0201068 or email [EMAIL="info@dnb.nl"]info@dnb.nl[/EMAIL].
• Statement by the Icelandic Prime Minister's Office regarding Icesave in the Netherlands: http://eng.forsaetisraduneyti.is/news-and-articles/nr/3049
• Icesave customers are also advised to keep an eye on www.icesave.nl.

rboysdad

Then it looks like anyone with over 100,000 euros in Holland will lose anything above that, compared to which Mr Darling is being, as he said at the time, generous; I've seen numerous examples quoted in our press of people with over 100,000 euros. And yes, as someone said above, the Money Box crew on Sunday said a bond holder would have to wait a year for their money. Can this be right. I locked my savings up for 3 years. I can't believe the fscs will make me wait for it!! As the Money Box crowd were mean about Icesave, however, I suspect (and hope) they were just pretending to be knowledgeable, since the fscs hasn't published any details yet.

bell189

Have heard that any fixed terms accounts with Icesave will not be refunded until the end of the fixed term. Does anyone have any information on this?

cwcw

sheslookinhot wrote: »

It won't be "costing" a lot of people anything. Most people are just content that the government have taken/will take steps to ensure no one loses any savings.

There will always be some who are never happy no matter what is done for them.

If I was able to access MY money now, I would put it into a high interest account and earn around £1,000 over the next 6 months in interest. Since I can't access my money, I will not be earning any money on it, through no fault of my own. If the whole compensation procedure takes 6 months, which is quite possible, then I have lost out on £1,000. I am a UK saver. I have lost out. This contradicts the chancellor's statement. I'm not saying I'm unhappy or happy, just stating a fact.

meunier

I can only say that I spoke with someone from the FSCS first thing on Monday and he assured me that the term limits on Icesave deposits were broken at the point the bank was taken into administration. (What was it Darling said - 'that they had no intention of honouring them'.) The FSCS rep said they will want to exorcise this exercise as quickly and as comprehensively as possible, e.g., a one-stop shop - if at all possible. He was quite infatic on this point - whilst being very polite - and I was deeply appreciative.