Icesave – loss of interest – FSCS renege on Treasury undertaking

rosebud666

FSCS comes into force when a bank cannot pay you back your money.

With a fixed term A/C the bank don't owe you the money until maturity, by which time they also owe you the interest.

The rules of the FSCS say THAT is when you can claim for money not "recieved" They have bent the rules slightly to let people have their money now, with a loss of interest.

tiptoe_mouse

Perhaps you would like them to send us all on a Caribbean holiday as well to compensate us for all the anxiety we have been caused!

I think that this idea has considerable merit! :cool:

Actually, that's not a bad idea - I'd settle for that instead of the interest!

tiptoe

dunstonh

Dylanwing wrote: »

And never forget that our Government failed to be so generous to Farepack savers.

And quite rightly so. Farepack didnt pay towards any scheme to cover failure.

Some people on this thread also seem to be mixing up what the Govt say and what the FSCS say and assume they are the same thing. If the Govt want to pay interest then let them pay it. The FSCS shouldnt have to fund it though.

amistupid

witchard wrote: »

8 October 2008 – Statement by Chancellor and Treasury

The Treasury statement is quite clear. No retail depositor will lose any money as a result of the collapse of Icesave. The FSCS has reneged on this undertaking.

The FSCS has decided not to pay interest on deposits (other than those with fixed bonds) from the date of default (8 October 2008) until the date compensation is paid. As a result retail depositors will lose money as a result of the collapse of Icesave.

Witchard,
I respect you for having the courage to express your interpretation of the Treasury statement, it was never going to be a popular opinion. You've been badly beaten up whilst attempting to "fight your corner", if it had been a boxing match it would have been stopped at the end of round (or in this case page) one. I bet those who have harshly criticised you are the type who have a restaurant meal, complain to fellow diners that the veg is cold, the meat is tough, the cutlery is filthy, and the staff are rude; then eat every mouthful, smile and say to the waiter,"That was lovely" and bung him a huge tip!
Moaning is what's made this country great!