Will we see our Icesave cash before Christmas

jm104

I've read it again and wondering whether its just terminology - the press and BBC keep refering to 'savers' and then you find out they are talking about councils and universities not the 'ordinary savers' - its so confusing.

Yes Martin please help us on this one

cos69

The statement issued by the Financial services compensation scheme is quite clear, you will get all your Icesave savings

"As you know, Icesave (the UK branch of the Icelandic bank Landsbanki) was declared in default by the Financial Services Authority on Wednesday and the Chancellor of the Exchequer announced on the same day that he had put in place arrangements to ensure that no retail depositor would lose any money as a result of the closure of Icesave."
http://www.fscs.org.uk/consumer/

They have to sort out how the process will work since the compensation cash will come from 3-separate bodies (Icelandic compensation scheme, UK compensation scheme and the excess from the government) whilst ensuring ensure we only need to use a single application form.

jm104

http://www.ft.com/cms/s/0/27fe159a-9b19-11dd-a653-000077b07658.html

this looks a bit better for us and egg on the face of others!! Makes me feel a bit better now after all those saying we got what we deserved for being greedy!

nilrem_2

TBH I don't think we should take too much notice of what the papers say, they probably don't know any more about this than we do, The Chancellor, the Prime minister, the Treasury, the FSA and the FSCS have all stated that we would get 100% of our deposits back, I really don't see how they could wriggle out of that. :eek:

dancingdandare

Message sent to my MP. The trouble is that this is getting so big now and from this article it says we don't get all the money back! I'm totally confused and swinging from feeling ok about it to total despair - it really is unfair to keep us waiting like this

http://www.telegraph.co.uk/finance/f...-to-banks.html

This article is not about individual savers. It is about the local authorities money invested in Iceland! Even though it states savers. I don't believe this is referring to individual savers, but organisations who have saved money in Iceland. The difference is that the level of financial advise that a charity, council or other organisation gets is far superior to the limited information the general publics get when they save there money in banks. Therefore the government is stating that they were better aware of the risks in saving or investing large sums of money in an Icelandic bank. I don't believe brown would go back on his word anyway, he would lose publics confidence and so votes.

[Deleted User]

AD said "all your money, every penny"

don`t believe anyone else

and thanks for the MP link. I will be writing this weekend

Gambit

I too am getting nervous about this all but I still remain confident that this will get sorted sooner rather than later as I suspect savers all over the UK will be watching how quickly Icesaver savers get their money back and whether they get it all back. If they dont see success in our problem then that will make them nervous about their savings. And the last thing the government wants to do it is further dent consumer confidence...

I do think its a good idea to write to our local MP's if we dont hear anything by Friday as suggested by Investor7 and Meadows.

LADY_GOLFER_3

HI everyone

It seems as though we all have the same worries ie lack of information, updates on the FSC website seem to be few and far between.

Although we have had the promise our deposits are safe when are we going to actually see them in real terms. Some savers rely on this money to live on. Interest is not the issue its our deposits which concern most of us.

I would be interested on anyones thoughts on this
Cheers

[Deleted User]

it all seems to be a bit of a shambles. The fscs should have been ready to act re any savings institution. What if it had been a massive bank?

I am very twitchy re savings at the moment

AB31

decadentlywasted wrote: »

Maybe I'm missing the point a bit here but personally I couldn't give a flying f**k about lost interest. Sure, it'd be nice - icing on the cake, etc. - but getting my original deposit back ASAP is my main concern.

I think you must be missing the point. Obviously, if we all got our money back ASAP (like say in the next few weeks) then the matter of lost interest wouldn't matter so much. But the rumours are that we might have to wait up to 6 months before we get our money back, and anyone with a term deposit of 12 months will have to wait up to 12 months before they get theirs back according to FSCS's own website. So clearly the matter of interest is an issue, especially for those who have placed large deposits in Icebank (more than just a few £ thousands).

I agree with all those who say that initial euphoria is turning sour as a result of the complete lack of useful information coming out of the FSCS. I've found that there's no point talking to their helpline staff as they know nothing. I found the person spoke to a couple of days ago useless, lacking in sympathy, and sounded like a parrot.