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

v6g

Nobody yet knows the recovered value of assets held by Landsbanki, this will take time to sort out. The IceSave compensation is far more complex than Heritable or Kaupthing as it involves the administrator of Landsbanki's assets in both the UK and Iceland, the Icelandic Government, the British Government, the UK FSCS and the company which managed the Icesave accounts (some place in Newcastle I believe).

I say wait patiently - I can guarantee you they've not forgotten.

I'd rather it was done properly and took a little longer than hurriedly and cocked-up.

A protest outside the FSCS head-office will get you nowhere and will be a waste of your time & money. Do you honestly believe a bunch of elderly (and the typical demographics of an aggrieved-savings-protester is just that) sign-wavers will make them hurry up?

bryanb

mr_jetlag wrote: »

Count me in as well! I would hope we can get at least 500 icesavers to do an orderly queue near Tower Gateway else my confidence is shattered.

500/300,000 is less than 0.1% of the total icesave depositors!

FSCS says 200,000 savers, the 300,000 is accounts. But should still be do-able.

v6g

mr_jetlag wrote: »

500/300,000 is less than 0.1% of the total icesave depositors!

Not quite true. They had 300,000 accounts but only 200,000 customers. That says that approximately half of their customers had a fixed-term deposit, since you required an instant-access account before having a fixed-term account.

This is an important factor, since it means that as much as 50% of their customers likely deposited money with them before the "credit crunch" began last year, and their money was locked in prior to any warnings appearing about Iceland's soaring credit default swap or the sub-standard compensation gaining widespread press coverage.

wonky123

Do we have to wait for the europeany bit to get out of the way before we can have the bit after 20k euro's or whatever it is? Meant to pay the 0% credit card back on 25th of this month & have 2 hols to pay for in Novemeber & december then I need to miracle some money from somewhere for spend too

shindigger

v6g wrote: »

Not quite true. They had 300,000 accounts but only 200,000 customers. That says that approximately half of their customers had a fixed-term deposit, since you required an instant-access account before having a fixed-term account.

This is an important factor, since it means that as much as 50% of their customers likely deposited money with them before the "credit crunch" began last year, and their money was locked in prior to any warnings appearing about Iceland's soaring credit default swap or the sub-standard compensation gaining widespread press coverage.

Yup. Thats me covered.
Practically stole our money.
They knew the game was up when they printed the ads.
Con men.

OOPS

I am not sure why you think the vast majority have less than 20k euro ?

clarkkento wrote: »

Call me stupid for stating the obvious, but it is my opinion that our Govmnt wont start the ball rolling until the Icelandic Govmnt commit to paying out on their part of the bargain. As most people will have less than the Euro20k in their accounts with Icesave

~Chameleon~

v6g wrote: »

Not quite true. They had 300,000 accounts but only 200,000 customers. That says that approximately half of their customers had a fixed-term deposit, since you required an instant-access account before having a fixed-term account.

Are you sure about that? I have a fixed term account with them but never opened an easy access account, unless an ISA is classed as such.

Blah99

I'm sorry but am I missing something here? According to the FSCS website, Landsbanki was formally declared in default on Wednesday 8th October.

By law the FSCS have 3 (or 6, depending on how you read it) months to get this resolved. That means we should see action by 8th January, if we (unreasonably) assume the Christmas period is included as "work time".

It's now 21st October, and people are talking about action at the start of November. Does someone need to borrow my desk calendar, or have I fundamentally missed something?

As I posted in another thread, I would rather the FSCS get on with the job of sorting the compensation out than make regular announcements that don't give us any real new information. Anyone with any experience of working on large "projects", especially where large sums of money are concerned, knows that things take time.

Martin, why are you fuelling these premature protestations? Surely you should be the voice of reason.

halight

THANK YOU MARTIN FOR ALL YOUR ADVICE!!!!!!!

I dont have any savings in iceland banks but i do feel very sorry for all that do!
I hope that you all get all your hard earned money back as soon as!
In the mean time why dont you all start a pertishion on the number 10 web site to hurry things up.
It could be a pertishion to get your maney back before christamas.?
I dont know if it will do any good but its better than doing nothing!
All the best everyone

asd030

I would go to London but with the lost funds can't afford to. It might surprise some, but just because someone has savings and pays their way in life, doesn't mean they are wealthy. In fact, in relative terms many on state benefits have a better standard of living than a fool like me who has worked hard and gone without. I think there is a lesson here.