IMPORTANT! FSCS Icesave payouts to start in November...

noh

Deleted_User wrote: »

Are the FSCS having one of those "Internet Bank In A Box" websites from Newcastle BS set up for us to login and BACS the money to our linked accounts?

No need, the Icesave system already exists at Newcastle BS, so all that needs to be done is the new forms created.

nilrem_2

st wrote: »

HOWEVER reading the FSCS statment what do they mean by this senetence and quote "We expect to offer compensation to the vast majority of retail depositors in November."

the expect to and vast majority -so does that mean some of us will not get paid -this needs clarification.
any ideas?

I expect they mean they are aiming to sort out most peoples accounts but with 230,000 accounts there is going to be one or two that they won't be able to sort so quickly for various reasons, for example some may have problems with their email contact or a saver may be away for a week or so around the date they do it, there are bound to be a few awkward ones to sort and perhaps a few disputes.
Hopefully for most of us things will happen quickly and smoothly.

London05

I am really relieved that we will be getting our money back, hopefully there will still be some good savings rates around by the time it happens.

What I still cannot understand given the huge sums of money deposited by savers like us and businesses is what did they do with the money, how did they spend it quicker than the lady who won the pools in the 1960s.

The Icelanders having been sending messages that they are not terrorists and I am sure that most of them are not, but it seems to be their bankers are either inept or quite frankly dishonest and the Icelandic Government what can you say - we have a compensation scheme but there is no money in it and even if there was you are not getting it and you can't make us honour our agreements. I think the UK was right to freeze the assets, but maybe now is a good time to put into place a new law allowing them to do this without using the terrorist word.

After this whole debarcle the UK government had better get better regulations in place so it does not happen again.

I have enough grey hair I don't need anymore.

nilrem_2

London05 wrote: »

What I still cannot understand given the huge sums of money deposited by savers like us and businesses is what did they do with the money, how did they spend it quicker than the lady who won the pools in the 1960s.

Well don't forget that Landsbanki the owners are still allowing their savers in Iceland access to their cash or should that be OUR cash?:eek:

LGG_2

excellent news. was feeling pretty down after the talks broke down without agreement. this is pretty much the best news we could have had. still nervey though until the cash is back where it belongs. but we are getting there at last. now the stress of wondering which bank/B.S to put it into lol

david78

Will we log into an FSCS account like the following to get at our money I wonder.

http://www.nssl.info/demo_ofis.aspx

Welliesorter

London05 wrote: »

What I still cannot understand given the huge sums of money deposited by savers like us and businesses is what did they do with the money, how did they spend it quicker than the lady who won the pools in the 1960s.

All banks, even the properly run ones, lend more money than they have in deposits. They can do this because not all depositors will need all their money back at any one time. There are (or certainly used to be) rules about the ratio of deposits to lending. The system works because people have confidence in it, or did until recently.

A run on deposits (not relevant here I know) could destroy even the strongest bank because no bank could pay back all its depositors' money in one go if it had to.

Sorry if I'm stating the obvious.

[Deleted User]

david78 wrote: »

Will we log into an FSCS account like the following to get at our money I wonder.

http://www.nssl.info/demo_ofis.aspx

Same as what I was thinking in my post earlier. The FSCS press release does seem to suggest this.

noh

Deleted_User wrote: »

Same as what I was thinking in my post earlier. The FSCS press release does seem to suggest this.

More likely that we will log into our existing icesave accounts. No need to create anything new.

Nigel

[Deleted User]

noh wrote: »

More likely that we will log into our existing icesave accounts. No need to create anything new.

Nigel

Yeah, hope so