Couple have £1.2million in Iceland (IofM branch/not protected)

PasturesNew

Merge if appropriate. Just thought it was worth flagging as a "who had money there then" link

"A couple who put £1.2m from the sale of their family business into an Icelandic bank fear they have lost the money.


The cash was Darren and Ruth Johnston's proceeds from the sale of one of north Wales' biggest caravan parks, Winkups at Towyn, Abergele, in Conwy county.
The couple, from near Denbigh, invested the money in an offshore bond which was placed in an Isle of Man subsidiary of a failed Icelandic bank."

http://news.bbc.co.uk/1/hi/wales/7679366.stm

IT_nerd

Serves them right. £1.2M in a single bank account. OFFSHORE?!
What in gods name were they thinking?

PasturesNew

IT_nerd wrote: »

Serves them right. £1.2M in a single bank account. OFFSHORE?!
What in gods name were they thinking?

We'll never know ... but they said they took a financial advisor's advice. I hope his paperwork's up to date.... bet he's cacking his frillies now.

amistupid

Isle of Man very upset by Mr Brown and crew. Just goes to prove you can never win in government, some hail you as saver saviours, others as fools who acted too quickly.

http://news.bbc.co.uk/1/hi/world/europe/isle_of_man/7679441.stm

tonytsdiver

If they are with an Isle of Man branch, I think they will still have a leg to stand on.

nilrem_2

IT_nerd wrote: »

Serves them right. £1.2M in a single bank account. OFFSHORE?!
What in gods name were they thinking?

For Gods sake have a heart! :mad:

One day you may make a mistake and hopefully people won't adopt your attitude to your misfortune!

TBH you sound like someone who hates anyone who is successful and has more cash than yourself!

Pssst

Do you think we will see the first Icesave suicide soon? This is terrible to lose so much,all that you have worked for, stolen and gambled away.

altocumulus

the Iceland story seems to have gone "cold...."

webdigga

IT_nerd wrote: »

Serves them right. £1.2M in a single bank account. OFFSHORE?!
What in gods name were they thinking?

Now that's not very nice is it...

They may have made a silly mistake but I hardly see how that serves them right. They didn't commit a crime or anything, they just saved some money.

Reaper

The main reason for opening an offshore account is because you are a UK citizen living overseas.

However in this case it is a couple living in Wales who sold a caravan site in Wales.

If the money went offshore for some valid reason then I feel sorry for them. But if it was simply to evade paying tax on the interest then I see no need for the taxpayer to bail them out.

collingwood21

£1.2 million? Ouch! :eek:

Although in hindsight these was a really dumb thing to do, I can't help but feel some sympathy for them.