Icesave - 11 Days Later & We Are No Wiser

meanmachine_2

Polka_dot wrote: »

I honestly can't see what good it will do emailing or phoning MP's or FSCS, nor marching on Downing Street. I know some people are worried about their day to day situation and are reliant on their Icesave savings for income, and I truely feel for them. That said, it has only been 12 days and I think it a bit premature to be thinking that it can all be sorted in a couple of weeks.

Don't be daft.

The Kaupthing situation was sorted within hours - with vast tracts of money handed over to ING (another foreign bank operating another of these dodgy passport systems) in the blink of an eye.

I expected this matter to have been sorted by now.

AFAIK, the UK has agreed to loan Iceland the money to pay us back. We've also loaned Icesave the money to keep their back office going. Icesave should have been unfrozen by now.

End of story. Man. I can't believe how passive some people are.

StarRover

Polka_dot wrote: »

I honestly can't see what good it will do emailing or phoning MP's or FSCS, nor marching on Downing Street. I know some people are worried about their day to day situation and are reliant on their Icesave savings for income, and I truely feel for them. That said, it has only been 12 days and I think it a bit premature to be thinking that it can all be sorted in a couple of weeks.

The "e-mailing and phoning" has only happened because of the total dearth of information from any official source. Anyway it makes people feel better!

:rotfl:

Polka_dot_4

The point is that Ing have taken over Kaupthing so it was all very straightforward. Icesave is a different kettle of fish(!) Passive - maybe! I'm just not impatient and realise that there are many things to be sorted out so the end result is the right one. 200,000 investors with 300,000 accounts takes a lot of sorting

meanmachine_2

Polka_dot wrote: »

The point is that Ing have taken over Kaupthing so it was all very straightforward.

You try telling that to the Icelandic Prime Minister.

According to him we brought down his precious bank by seizing its assets.

It really wasn't straightforward, but it was done quickly because otherwise a second lot of savers would have been screwed - and that would have caused a run on other banks.

Dreamez

FSCS proposals for accelerated payment process being considered in Iceland (17 October 2008)

Over 200,000 UK savers with around 300,000 accounts at Icesave, the UK branch of Landsbanki, are a step closer to getting their money back this week, as the authorities in the UK and Iceland work on the process for accelerating the payment of compensation to them.
The FSCS, together with representatives of H M Treasury, the Financial Services Authority and the Bank of England, met with counterparts in Iceland last weekend. Significant progress was made and an accelerated approach to paying compensation was agreed in principle.
Since then, the UK authorities have been working on the detail of alternatives to the conventional, form-based compensation process and these have been put to Icelandic counterparts for consideration.
FSCS Chief Executive Loretta Minghella said today: "Our message to savers entitled to our protection is simple: your money is safe. Our paramount concern is to ensure that you get it back as quickly as possible, so we are doing everything we can to agree an innovative solution which will significantly accelerate the process."
Meanwhile, we have been working closely with the systems operators for Icesave, so that we can get timely access to the data we need to verify claims. We are pleased to report that we are receiving excellent co-operation from them.
The Authorities hope to settle the process over the coming days, and expect to issue guidance next week about how savers will be able to claim their money.

Dreamez

I think this is good news - we just have to wait a bit longer

KingL

MoneyMinder wrote: »

I have desperately been trying to keep up with these threads but unfortunately my husband is poorly in hospital so I don't have a great deal of time to spare. So apologies if this has been raised/discussed on one of the other Icesave threads.

I am not very experienced or knowledgeable about ISA's and Fixed Bonds. But aren't our contracts with Icesave now broken/null and void? To me we should surely be allowed to recover our money without being told it will be held until original maturity dates? I for one would feel much happier having it back in my bank account to feel free to do with it as I wish!

The latest announcement came just in time, my husband works for the FSA and I was about to post the home/mobile telephone numbers of all the Top Dogs so everyone could make someone happy with a phone call!!!

Hello MoneyMinder - sorry to hear about your and your husband's situation.

This latest information about payment of interest on fixed term accounts has only emerged very recently. No other facet of this situation has been addressed in as much detail and, in my humble opinion, the information provided on this issue looks pretty dubious for this reason alone.

Nobody here can currently answer your question with any authority (though this won't stop a few trying to!!).

Best bet for now is to "watch this space".

Actually, it sounds like you have waaaay better contacts than the rest of us here

Stay tuned

Transalper

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Originally Posted by Polka_dot
I honestly can't see what good it will do emailing or phoning MP's or FSCS, nor marching on Downing Street. I know some people are worried about their day to day situation and are reliant on their Icesave savings for income, and I truely feel for them. That said, it has only been 12 days and I think it a bit premature to be thinking that it can all be sorted in a couple of weeks.

Yes 12 days and it will be over 2 weeks next week! This is a long time to worry about whats happening to ones life savings for some, probably for most people who invested in this bank. The psychological effect of not being able to get at any of it and not knowing what month they will see it again is not pleasant, not for me anyway.
If we keep on mailing & lobbying, no they might not read each one out loud but when they get several thousand on Monday when the PCs are swiched on then they will notice!
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COCO

Transalper wrote: »

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Yes 12 days and it will be over 2 weeks next week! This is a long time to worry about whats happening to ones life savings for some, probably for most people who invested in this bank. The psychological effect of not being able to get at any of it and not knowing what month they will see it again is not pleasant, not for me anyway.
If we keep on mailing & lobbying, no they might not read each one out loud but when they get several thousand on Monday when the PCs are swiched on then they will notice!

I agree.!.

tweet

Transalper wrote: »

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Yes 12 days and it will be over 2 weeks next week! This is a long time to worry about whats happening to ones life savings for some, probably for most people who invested in this bank. The psychological effect of not being able to get at any of it and not knowing what month they will see it again is not pleasant, not for me anyway.
If we keep on mailing & lobbying, no they might not read each one out loud but when they get several thousand on Monday when the PCs are swiched on then they will notice!
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Considering the limit in place currently is 3 months for compensation I think things are going pretty swiftly. It shouldn't be worrying as the government - as everyone surely by now knows - is guaranteeing 100% of the savings, even above the £50k.

Emailing the head of state will not realistically help - if anyone thinks GB or AD actually even read their email personally they need to think about it. It's all screened, filtered and handled by their office, with more personal or detailed ones being read personally. That's not to say they won't hear about the deluge of email concerning Icesave, it's just that 1000s of people emailing asking the same question *to which they, the fscs, and the Iceland PM* do not know the answers to yet will help not.

Email the fscs, sure, their team are better placed to handle it (its their one and only job) but not the head of state of 60million people.