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

f_@_w_y

http://www.ft.com/cms/s/0/42c0e23c-a153-11dd-82fd-000077b07658.html

I wonder what FCSC will state today.... Or may be, they will just keep quite....

This has become a real mess now!!!! I cant believe its all happening like this.

All we are hearing are negative things..... Firstly, WE ARE UNABLE TO PROCESS WITHDRAWALS.... then ICELAND HAS NO INTENTIONS OF FULFILLING THEIR OBLIGATIONS.... then FAILED TALKS b/w UK AND ICELAND... then NO LOAN from IMF BEFORE ICESAVE ISSUE...

Does this all sound good???

AB31

KingL wrote: »

Presumably meunier meant starting with paying out the FSCS bit and following up with the disputed icelandic bit later on.

Yes, of course, I know what was meant, but it doesn't change the position that it would still look unfair to a lot of people that those with a large sum will get some back now but those below £15k will have to wait indefinitely. I repeat that it would suit me personally to get back now money over £15, but I can't see it happening because of this presentational problem.

Celt08

I appreciate that the government has agreed to safeguard our savings. But I'm also concerned that it is taking so long to initiate the claim. I am loosing about £200/month in interest which I rely on to pay bills. I'd appreciate if the Treasury, FSCS or even Icesave webpage kept us up-to-date. They must be having meetings on a daily basis to discuss the situation - it would just be good to have daily info posted on their websites.

shindigger

f_@_w_y wrote: »

http://www.ft.com/cms/s/0/42c0e23c-a153-11dd-82fd-000077b07658.html

I wonder what FCSC will state today.... Or may be, they will just keep quite....

This has become a real mess now!!!! I cant believe its all happening like this.

All we are hearing are negative things..... Firstly, WE ARE UNABLE TO PROCESS WITHDRAWALS.... then ICELAND HAS NO INTENTIONS OF FULFILLING THEIR OBLIGATIONS.... then FAILED TALKS b/w UK AND ICELAND... then NO LOAN from IMF BEFORE ICESAVE ISSUE...

Does this all sound good???

I think theres a positive there as i posted earlier.
If the IMF can force a solution on Iceland, we may get our funds released sooner rather than later. As far as i can see, Haarde needs some cash from somewhere soon, or hes gonna be swinging from a lamp post, courtesy of his own people.
Whether it comes from the IMF or the UK, concerns me not a jot.
Bottom line is state loans can be repaid over 50 years, savers deposits are needed now.

st

AB31 wrote: »

Yes, of course, I know what was meant, but it doesn't change the position that it would still look unfair to a lot of people that those with a large sum will get some back now but those below £15k will have to wait indefinitely. I repeat that it would suit me personally to get back now money over £15, but I can't see it happening because of this presentational problem.

AD SAID ALL SAVERS WE NEED TO CONTIUE TO E-MAIL HIM

EagerLearner

I have sent off an e-mail to Mr Darling, doubt I will get an answer though but here's to hoping there will be an update by the end of today on the FSCS website.

TattyBear

I too am losing £200 a month interest on my Icesave ISA. Reading last night's report of the talks with the Icelandic government breaking up without progress filled me with dread. I now see little prospect of getting my money back. Depositors seem to think that just because Darling made an empty promise for political gain, that he's going to deliver their money.

The truth which has become clear over the last 2 weeks since Darling's speech, is that there IS NO MONEY available either from the UK government or the FSCS/FSA to refund Icesave depositors either partially or in full.

In the long term, the only way I can envisage getting back the majority of my life savings is by being part of a class action against the Icelandic government in the EU Court of Justice.

Plasticman

TattyBear wrote: »

I too am losing £200 a month interest on my Icesave ISA. Reading last night's report of the talks with the Icelandic government breaking up without progress filled me with dread. I now see little prospect of getting my money back. Depositors seem to think that just because Darling made an empty promise for political gain, that he's going to deliver their money.

The truth which has become clear over the last 2 weeks since Darling's speech, is that there IS NO MONEY available either from the UK government or the FSCS/FSA to refund Icesave depositors either partially or in full.

In the long term, the only way I can envisage getting back the majority of my life savings is by being part of a class action against the Icelandic government in the EU Court of Justice.

I'm very confident that I will get my money back. Not because I trust the word of the government, but because they would be ripped to pieces by the opposition parties if they didn't pay out. I'm less confident about the timescales though!

You are right that there is no money available, but there wasn't any to bail out the banks either - it is just added to govenment (taxpayer!) debt.

I'm happy to sit tight for now. It was clear that any re-claim process would take some time and we are only a couple of weeks in. Starting to feel the pinch of not having my cash now though............

decadentlywasted

Maybe a naive question but if the UK have seized/frozen Icelandic banks' assets in the UK, and Iceland are saying that they don't think they can finance a compensation payout via the passport scheme, why can't the frozen assets be used to repay UK investors, with any change being returned to Iceland?

latchbrook

TattyBear wrote: »

I too am losing £200 a month interest on my Icesave ISA. Reading last night's report of the talks with the Icelandic government breaking up without progress filled me with dread. I now see little prospect of getting my money back. Depositors seem to think that just because Darling made an empty promise for political gain, that he's going to deliver their money.

The truth which has become clear over the last 2 weeks since Darling's speech, is that there IS NO MONEY available either from the UK government or the FSCS/FSA to refund Icesave depositors either partially or in full.

In the long term, the only way I can envisage getting back the majority of my life savings is by being part of a class action against the Icelandic government in the EU Court of Justice.

Don't be too pessimistic just yet. There is an imperative here and it's that the FSCS will have to come up with some positive news soon or Alistair Darling will be seen to be untrustworthy. I believe that an announcement is due today so we'll wait and see. I'm sure that Martin will back us all the way in any possible action.