Icesave news from the BBC

it'smeinit

Significant progress has been made over frozen UK investments in failed Icelandic banks, say the Treasury and the Icelandic authorities.
Arrangements have been agreed "in principle" for a quick payout to depositers in Landsbanki's closed internet bank Icesave, they said.

BarGin

From the FSCS website:

"Joint statement from HM Treasury and the Icelandic authorities (11 October 2008)

"Delegations of Iceland and the United Kingdom have met in a friendly atmosphere in Reykjav!k to discuss issues of mutual interest related to the current financial crisis, with the objective to reach a mutually satisfactory solution on the issues concerned.
Significant progress was made on retail depositors of Icesave with arrangements agreed in principle for an accelerated payout to depositors. The delegations agreed to work closely on the other remaining issues over the coming days."
For more information, please watch our website and we will provide updates as they become available."

JohnnyJet

I actually felt a bit sorry for the Icelandic prime minister the other day, he looked like a rabbit caught in the headlights. I would like to know how this mess can be sorted out without Iceland becoming bankrupt or being saddled with a large dept for the next 20 years.

qamwc1

It does seem that although Alistair Darling had promised to compensate in full they do not want Iceland to let off the hook. On Wednesday it looked as if Iceland didn't have the money but it looks now as if they do!

I guess that as there are also a lot of non-retail deposits with the Icelandic banks, they need to take a consistent approach with the Icelandic government.

JohnnyJet

AD is just thinking of the UK tax payer, after all, it is our money he is using to bail the savers out. It is his duty to pursue the money. I still don't think Iceland have the money, maybe that Russian loan has been agreed.

it'smeinit

Hi,

Any thoughts on which would be the quickest at paying back our deposits?
The icelandic goverment or our own government?
I think that the Icelandic government may take forever and once the
heat goes out of the situation and the press move on to something else we
could be left guessing.

KorkyKat

And the next bulletin will be:

"British financiers held on spying charges in Reykjavik"

Six men wearing bowlers hats and carrying a photograph of the Ice Maiden were arrested today while trying to break into the Bank Of Iceland.

LGG_2

could someone clarify what retail depositors means. is that something different to the average person with a savings account. Is it to do with business accounts ie the councils etc

meanmachine_2

LGG wrote: »

could someone clarify what retail depositors means. is that something different to the average person with a savings account. Is it to do with business accounts ie the councils etc

Retail depositors means private savers who took out accounts via the retail arm of the bank (icesave).

It means us 300,000 private savers.

LGG_2

thank you. i was hoping you would say that!

john5001

LGG wrote: »

could someone clarify what retail depositors means. is that something different to the average person with a savings account. Is it to do with business accounts ie the councils etc

THATS US!!