Will we see our Icesave cash before Christmas

[Deleted User]

straight answer is the `we don`t know` and I am sure we`ll be told when there is progress. I was hopeful at first that it would be by christmas but now I am thinking that it will be months after that, so I have set my mind to coping without the money. Oh well frugal times coming up for months now but never forgetting how grateful I am to eventually get the savings back and also very very grateful to have no debts

I have done the forward planning via m/s money, incomings and outgoings, as the first has to be more than the second. I also got my ww11 cookery book out as I think I am going to cultivate a siege mentality until the money gets back

Tom_Jones

At least a year would be my guess, if we get it at all, we can all imagine what state this country may be in a years time.

gogsboy

Baldur wrote: »

You wait, as per the announcement on the FSCS website http://www.fscs.org.uk/consumer/

Ah...I thought babycake meant 'we' as in herself, ie partner/wife/husband..

But it's we as in.....well every man and his dog, wasn't sure if there had been any claims in years gone by

Baldur

gogsboy wrote: »

wasn't sure if there had been any claims in years gone by

Even if there had been, this process would probably be different because of the involvement of two governments as well as the FSCS.

jamesd

I'm expecting to see it before November. The reasons are pragmatic.

First, the FSCS already borrowed 14 billion from the Bank of England to handle B&B (and the Treasury topped that up with 4 billion for those above the FSCS limit). They expect to get most of that back from the liquidation of B&B assets.

Second, tales of people who need their money but can't get it will flow and reduce confidence in banks and add uncertainty as soon as the new headlines stop being so dramatic. Uncertainty and reduced confidence is not what is needed right now, so there is pressure to act quickly.

Precedent and the desire to keep people as confident as possible seem likely to drive a quick solution.

wonky123

I'm going with JamesD. I read somewhere that said if it was a UK a/c the government had pledged to pay everyone back within 3 weeks so add a bit for the extra country. The thing is, the government need all this money floating back around there system for banks to lend. They know most icesave customers will stick there savings in a UK account for UK banks to be able to lend to each other so they'll be pushing that as quickly as poss imo. They just need to go properly bust now before it can all start I guess - is that right? Hope it's soon, I've got to pay a 0% cc back on the 25th of this month so don't want the interest going on forever as can't actually afford it!

If I could have it by 6th December I'd be eternally grateful as I've 2 snow holidays to pay for then & one of them has already gone up by £300 after the collapse of Zoom airlines so I don't need that on a credit card too! Right pain all this isn't it!

DaveTheHedgehog

At the moment this is all speculation. Nobody knows one way or the other when it will be. Unfortuantely we just have to wait at the moment.

AB31

A few comments:

• I understood that the FSA were intending to post updated information on its website on Friday, 10 October regards the reimbursement process for Icesave deposits by private savers, but nothing new has appeared. It's still just the same bland stuff which was posted on 8 October and which says very little other than that savings are safe and discussions are in hand.
• I think it's a bad joke that the FSA cannot take caller inquiries about any of this debacle.
• It appears that media interest in the plight of private savers has gone well and truly off the boil, as they look for new angles to talk about (Charities, Police Forces etc).
• I am not optimistic about the FSA sorting out the administration involved in making refunds for private savers for months. They appear not to have anything like sufficient resources for the immense task involved. Meanwhile I bet we receive no interest on the deposits locked up.
• In view of the practical problems of handling refunds, I can't see why there hasn't been any apparent consideration given to shipping the whole Icesave private saver deposit book to another savings institution, in the same manner as for example Bradford & Bingleys's book was transfered to Abbey and Kaupthing Edge accounts were transferred to Ing Direct.

Pescatore

AB31
- it's the FSCS not the FSA which was planning to post on Friday, and they have done so
- it's the FSCS who is taking caller inquiries about the debacle
- it's the FSCS who needs to make the payments, though I suspect you might be right about their resources. Administering the data of 300,000 people is a huge task - you can't just tap a key and download it all.
- it looks like there was a desparate effort to ship our accounts off to someone else and that's why the FSCS and the FSA went quiet for a couple of days. See http://www.guardian.co.uk/money/2008/oct/11/savings-banks

All in all, I think there are a lot of behind the scenes efforts going on right now to try and get us our money as fast as possible, and that we are deliberately being kept in the dark until they have a firm position. It is very frustrating, and it looks like at the moment, it will take the full three months before we see our money.

agsnu

AB31 wrote: »

In view of the practical problems of handling refunds, I can't see why there hasn't been any apparent consideration given to shipping the whole Icesave private saver deposit book to another savings institution, in the same manner as for example Bradford & Bingleys's book was transfered to Abbey and Kaupthing Edge accounts were transferred to Ing Direct.

Becauase Landsbanki Islans hf is an Icelandic company, and the FSA cannot legally sieze control of it. Duh.