Icesave - 11 Days Later & We Are No Wiser

PJL1

nilrem wrote: »

Why does anyone believe that the Daily Mail knows? I doubt that even the FSCS knows how long it will take until things start moving, it must depend on so many things.


IMHO it will not be as long as the Mail says, I imagine that the government will not want people getting annoyed about a long wait and will put pressure on the FSCS if they were to start 'dragging their feet', I believe that the FSCS are doing their very best to get it sorted as soon as they possibly can.

Gosh, I so hope you're right! I just want to see our money back in our hands again!!!

cwcw

bryanb wrote: »

Err, Iceland is not a member of the EU

Err, UK savers are, so should be compensated as members of the EU.

cwcw

meanmachine wrote: »

I don't quite understand why bond holders will keep earning interest, and yet instant access account holders will get nothing.

Surely all accounts are now anything but "instant access".

Ludicrous situation that surely can't be allowed to drag on...

Agreed. It's not fair to effectively carry on paying interest on one set of accounts after the default date, but not on another set of accounts. If interest is to still be paid on fixed bonds until maturity, then interest should also still be paid on instant access accounts until the date of the claim being settled.

azureblue_2

GIVE ME MY MONEY BACK!!!!!!!!





Sorry. Patience wearing desperately thin. Live on interest you see. Grrrr and Gnash.

bryanb

cwcw wrote: »

Err, UK savers are, so should be compensated as members of the EU.

I agree, but I've been trying to find reference to an EU law on the subject (aside from company websites and newspapers) Perhaps an EU directive number, can you help?

AirlieBird

bryanb wrote: »

Having briefly looked at this reference it is clear that in this respect Iceland is subject to EU laws. However I am trying to establish that EU law actually says compensation should be paid within 3 months. As said before I cannot find a reference unless you count the Mail.

Scroll down to Article 10
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31994L0019:EN:HTML

bryanb

AirlieBird wrote: »

Scroll down to Article 10
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31994L0019:EN:HTML

Fantastic, thanks!

cwcw

So, given that by LAW we must have our deposits back by 7 January 2009, what do we do if/when we get to that date and still haven't been compensated?

I can understand the "exceptional circumstances" cop out being used if Iceland were declared bankrupt, but as yet this hasn't happened so 3 months should still be the limit.

moola_3

On the day Icesave was declared in default by the FSCS we became creditors of the bank in liquidation in UK law. At that point, Icesave broke each seperate contract it had with each individual depositor and any agreement as to interest rates to be paid and for what term ceased to apply. My expectation is that term and instant access account holders will be treated identically by the FSCS in that they will all be due interest up to the date of default and none after. I also expect all depositors will receive their refunds in the same timescale. I stand to be corrected and I have no legal or financial expertise, this is just the conclusion I have come to when you look at how default is usually treated.

Paul_Herring

London05 wrote: »

As ICESAVE have all our details & our link banked account numbers just push the refund button I say - much quicker than form filling

1) Not all the savings are taxable. You want your cash ISA paid into your current account?
2) Your linked account is with an institution not covered by FSCS you say...?

There are sufficient numbers of people affected by both or at least one of the above to say no to 'just dump it into the linked account.'