Icesave compensation payouts... how to keep the pressure up

meanmachine_2

From Sky news:

Iceland and Britain have ended a round of discussions on the fate of UK deposits with no solution, according to the Icelandic government.

But reports said talks would continue soon.
The small north Atlantic island hit trouble when its three heavily-indebted banks collapsed, due to credit problems, and its currency sank.
Millions of pounds invested by UK savers and public bodies are at risk.
Britain has since used anti-terrorist laws to freeze the assets of failing Icelandic banks in the UK - sparking a major diplomatic rift between London and Reykjavik.
Meanwhile, Iceland's decision to seek a rescue loan from the International Monetary Fund has reportedly been delayed by its failure to resolve the row with Britain.
The IMF wants Iceland to settle the dispute first, in order to determine what Reykjavik's needs are.
In the past few weeks, the Icelandic government has been forced to take over the nation's major banks for lack of liquidity as its krona nose-dived.
According to the Financial Times, Reykjavik is angling for a $6bn rescue package footed by the IMF along with several central banks from the Nordic region and the Bank of Japan..... contd

innovate

cwcw wrote: »

Also agree. The government have seized Icelandic assets, so they have the pawns for the game in place. They also have the funds to compensate us now. Compensation to savers first, worry about the recovery later.

Don'y fully agree with that, not at this stage, anyway.

The negotiation position of the UK team trying to strike a deal with Iceland would be very significantly weakened if no savers were owed any money any longer by Iceland. Iceland may not be in a position to pay anyone a penny now, but there needs to be an ironcast agreement that they eventually live up to their guarantee (and e.g. pay the money back to the UK Treasurey, who in the meantime will have paid us)

Can I also remind people that if the negotiation team wasn't in place, on our behalf, we would all have to claim our dues individually from the icelandic compensation scheme. We did accept the terms of the passport agreement, after all. Can you imagine how stressful it would be for each of us to try and get some sense, not to talk about money, out for the icelandic authorities?

shindigger

innovate wrote: »

I'd ideally love to know more as well but unless the FSCS can tell us something tangible, there's no point about them publishing daily updates.

I think it's fair to assume that the Government is looking for Iceland to deliver according to their promise (i.e. the icelandic guarantee). Publishing details about those negotiations on a daily basis would be rather counter-productive.

I very much appreciate that this debacle caused various levels of anxiety with the people affected - I am one of them and I believe I do understand that it worries some people literally sick. Try to stay calm, it will eventually get sorted. Worrying every waking minute about it won't get us out money back any faster.

I am also still of the opinion that any protests in London are absolutely premature, see earlier posts.

I would just remind you that, to date, 230,000 Icesavers are the ONLY SAVERS to have been denied access to their money in this whole global mess.
And for rather a long time too. BB Kaupthing NR and probably countless other banks we'll never get to hear about have had money guaranteed/ available within days if not hours.
The onus is completely on Darling et al to get this sorted. If he does not consider us politically important, then i'm afraid 230,000 people need to make themselves politically important pretty bloody quick. I would guess at 230,000, we outnumber current Labour Party membership.
I repeat, we are the ONLY SAVERS in this position in the whole world as far as i am aware.
Time to get making the banners people. Nobody else is gonna bother.
This is non negotiable. Its time to get political.

cwcw

It's all well and good saying not to worry because we'll get the money back, but the key question is WHEN? What use will it be years down the line, devalued by inflation and having paid out no interest which some people use to live off? A guarantee without a timescale is nearly as useless as no guarantee at all.

I agree protesting in early November is premature. My view is that if it reaches 2 months (7 December) and we still don't have any news on how and when we will get our money back, then THAT is the time for a massive demonstration. Being close to Xmas a few trump cards of family Christmases being ruined could be played too. It also means they are 2/3 of the way through an EU deadline, with no real progress made. The media will not be focussed on the US election and may be in need of some news too.

It goes without saying perhaps, but I think the treatment of us Icesavers so far (aside from those with over £50k, who have been quite lucky really) has been nothing short of diabolical.

f_@_w_y

shindigger wrote: »

I would just remind you that, to date, 230,000 Icesavers are the ONLY SAVERS to have been denied access to their money in this whole global mess.
And for rather a long time too. BB Kaupthing NR and probably countless other banks we'll never get to hear about have had money guaranteed/ available within days if not hours.
The onus is completely on Darling et al to get this sorted. If he does not consider us politically important, then i'm afraid 230,000 people need to make themselves politically important pretty bloody quick. I would guess at 230,000, we outnumber current Labour Party membership.
I repeat, we are the ONLY SAVERS in this position in the whole world as far as i am aware.
Time to get making the banners people. Nobody else is gonna bother.
This is non negotiable. Its time to get political.

I agree.... I wish I can motivate my fellow bloggers to stop wasting their energy (like me) reading and writing here.... and talk about some practical action.

shindigger

innovate wrote: »

Don'y fully agree with that, not at this stage, anyway.

The negotiation position of the UK team trying to strike a deal with Iceland would be very significantly weakened if no savers were owed any money any longer by Iceland. Iceland may not be in a position to pay anyone a penny now, but there needs to be an ironcast agreement that they eventually live up to their guarantee (and e.g. pay the money back to the UK Treasurey, who in the meantime will have paid us)

Can I also remind people that if the negotiation team wasn't in place, on our behalf, we would all have to claim our dues individually from the icelandic compensation scheme. We did accept the terms of the passport agreement, after all. Can you imagine how stressful it would be for each of us to try and get some sense, not to talk about money, out for the icelandic authorities?

The UK finished paying back the US for the 2nd World War about 18 months ago.
It can be done.
And that was state debt, this is individuals livelihoods.
Nobody on here is seriously suggesting that we contact Iceland individually. Anyway, isnt the FSCS indirectly funded through the bank charges we all pay?
Pay the people, then let the machine do the work.
I take it, that even if you have a frozen deposit with Icesave, its not for very much money.
The time to make this political is nearly upon us.
There will be another financial story along soon that will knock this further down the agenda.

innovate

shindigger wrote: »

I would just remind you that, to date, 230,000 Icesavers are the ONLY SAVERS to have been denied access to their money in this whole global mess.

Might that be because we were the only ones who had the first £17k (or thereabouts) guaranteed under a passport scheme?

shindigger wrote: »

The onus is completely on Darling et al to get this sorted.

I suppose the negotiation team is on job to do exactly that. And we should be greatful that they do - because we have all accepted T&Cs that stipulate that we have to claim back money from Iceland. Why do people keep forgetting that?

shindigger wrote: »

Its time to get political.

Good luck. I'll continue to distance myself.

Paul_Herring

LGG wrote: »

sorry didnt realise. i dont have time to click on every link ppl post

Either *make* the time[1] or stop repeating links. Simple as.[2]



[1] You have the time to spend on message boards but can't be bothered reading them?
[2] Not that I think this post will be read by anyone bothered by this post.

meanmachine_2

innovate wrote: »

Good luck. I'll continue to distance myself.

Do that provided you agree to put yourself at the very back of the queue when the compensation does finally get handed out (sometime in 2025 at this rate).

Deal?

:rolleyes:

shindigger

cwcw wrote: »

It's all well and good saying not to worry because we'll get the money back, but the key question is WHEN? What use will it be years down the line, devalued by inflation and having paid out no interest which some people use to live off? A guarantee without a timescale is nearly as useless as no guarantee at all.

I agree protesting in early November is premature. My view is that if it reaches 2 months (7 December) and we still don't have any news on how and when we will get our money back, then THAT is the time for a massive demonstration. Being close to Xmas a few trump cards of family Christmases being ruined could be played too. It also means they are 2/3 of the way through an EU deadline, with no real progress made. The media will not be focussed on the US election and may be in need of some news too.

It goes without saying perhaps, but I think the treatment of us Icesavers so far (aside from those with over £50k, who have been quite lucky really) has been nothing short of diabolical.

I agree re the timescale.
Theres too much going on in early November. Also we may have a better idea of where the blame truly lies by early December.
It will also galvanize the numbers, if there's been nothing but further plaititudes from HMG/FSCS at that point.
Im convinced we are going to have to work for our money back.
This is Nulab !!!!!!!!