Will we see our Icesave cash before Christmas

AB31

renard wrote: »

On the question of interest: In the specially extended edition of MoneyBox on BBC Radio 4 last evening (Sunday), they were pretty definite that we are only entitled to interest up to the date Icesave collapsed.

It's all very well for some folk here to say, "That suits me, I'm just relieved to get anything". But please remember that many of us rely on our monthly interest to boost our income, and are now to lose it through no fault of our own.

In fact, some people desperately rely upon their monthly interest to pay standing orders, mortgage etc.

So let's hope for their sake that we get our funds back p.d.q.!

(An afterthought: where exactly are our billions while this is being sorted out? Are they sitting dormant in Landsbanki, or does that bank have them invested somewhere, raking in the interest?)

I didn't see the BBC radio programme you refer to, but I thought it was clearly established from earlier posts in this thread that, on the matter of payment of interest, this is entirely discretionary by the FSCS. Thanks to another member here, I was alerted to the fact that under the FSCS compensation rules the FSCS "may" pay interest if they so decide. As for the rate of interest itself, I don't believe that this is specified in the FSCS rules, but according to earlier comments in this thread, it would appear that the FSCS have said (in reply to a couple of direct inquiries) that they will pay interest, albeit at the rate of approx 3.5-4%. I have no idea whether this is true.

What's slightly puzzling me now is whether compensation for Icesave private savers will take place (i) directly from the FCSC and independently of H M Treasury progress in sorting out the mess with the Icelandic Government, or (ii) as a matter of priority by the Icelandic Authorities from liquidation of Icesave funds. Initially, I had thought that (i) was the likely route, but according to the latest reports I'm beginning to think that (ii) may be the way forward in the light of discussions between HMT and the Icelandic Authorities. Any views?

collingwood21

There is this article on the BBC website that suggests we could get the claim paperwork within a week: http://news.bbc.co.uk/1/hi/business/7662000.stm

john5001

collingwood21 wrote: »

There is this article on the BBC website that suggests we could get the claim paperwork within a week: http://news.bbc.co.uk/1/hi/business/7662000.stm

This information was last Thursday.. quite a lot has taken place since then.

iamsam

Apparently the same deal has been reached with the UK as the Netherlands (according to IcelandReview).

According to Morgunbladid’s sources, the British state will grant a loan to the Icelandic state of up to EUR 3 billion (USD 4 billion) so that Iceland can honor its obligations to Icesave account holders in the UK. An agreement between the two nations is expected to be signed in the next few days.

BiteOfTheApple

Hello, I read somewhere either on this thread or another, that depositors in Icesave Fixed Term accounts, wouldn't be paid their balanced until their fixed term accounts "matured', is this correct, or is this just rumour? I cannot find any details at present.

My fixed term doesn't "mature" until next summer, now seeing as the bank has gone bust, surely paying out depositors quickly would be the aim?

Also, understand some are asking and others moaning about the interest.
First and foremost I want to get my life savings back out of this mess that is Icesave, but if I am going to have to wait until the fixed account "matures" surely I and everyone else in this situation should also be due the interest, which in many cases is thousands of pounds. Many people count on this interest as part of their salary. I'm certainly not quibbling about a few quid, I'm delighted we have been saved from the mess, but I wish more information was forthcoming.

mjmal51

BiteOfTheApple wrote: »

Hello, I read somewhere either on this thread or another, that depositors in Icesave Fixed Term accounts, wouldn't be paid their balanced until their fixed term accounts "matured', is this correct, or is this just rumour? I cannot find any details at present.

My fixed term doesn't "mature" until next summer, now seeing as the bank has gone bust, surely paying out depositors quickly would be the aim?

Also, understand some are asking and others moaning about the interest.
First and foremost I want to get my life savings back out of this mess that is Icesave, but if I am going to have to wait until the fixed account "matures" surely I and everyone else in this situation should also be due the interest, which in many cases is thousands of pounds. Many people count on this interest as part of their salary. I'm certainly not quibbling about a few quid, I'm delighted we have been saved from the mess, but I wish more information was forthcoming.

I read a post elsewhere that somebody spoke to fscs today and they confirmed maturity date is the date of collapse

LGG_2

I didn't see the BBC radio programme you refer to, but I thought it was clearly established from earlier posts in this thread that, on the matter of payment of interest, this is entirely discretionary by the FSCS. Thanks to another member here, I was alerted to the fact that under the FSCS compensation rules the FSCS "may" pay interest if they so decide. As for the rate of interest itself, I don't believe that this is specified in the FSCS rules, but according to earlier comments in this thread, it would appear that the FSCS have said (in reply to a couple of direct inquiries) that they will pay interest, albeit at the rate of approx 3.5-4%. I have no idea whether this is true.

according to those who contacted the FSCS you get your icesave rate of intrest upto when the bank shut and a rate of around 3.5-4% for the weeks/months until you get your money back. i was due some intrest today but its not gone in. tbh i wasnt expecting it. but i relay on intrest alot so it is important to many ppl.

Hello, I read somewhere either on this thread or another, that depositors in Icesave Fixed Term accounts, wouldn't be paid their balanced until their fixed term accounts "matured', is this correct, or is this just rumour? I cannot find any details at present.

ppl have posted the rules from the FSCS. i think it said you wont get you money until your fixed rate has ended.dont know about the intrest. but TBH i wouldnt be surprised if they just give you your money straight back as if you just had an easy access account. only my opinion but im sure they just want to clear it all up as easily as poss

BiteOfTheApple

Thank you both very much, will watch with baited breath!!

I wonder how many people have fixed terms as opposed to instant access accounts with Icesave and also what about those with both (we have a small amount in the instant access, and a large sum in a fixed term).

frames1_uk

would love to know the answer to the fixed rate question too, as obviously we all need to open other accounts to shove the money in and that takes time.

matthew74

Regarding interest, I was credited my monthly interest on my ISA yesterday, so it seems there is still life out there.