Will Wait for Icesave Monies & Rate Cuts Force Retail Depositors Back 2 Foreign Banks

meunier

Could it all be but a vicious circle? - There was, after all a second world war after the War to End All Wars? While keeping under the £50,000 balance - and with so many people depending on monthly income from their savings - will the wait for the Icesave monies and the dramatic cuts in rates in tandem with the BoE movements - mixed (in many instances) with the actual removal of immediately previous fixed term products - FORCE - yes FORCE people back into the foreign banks? Was not this - in part - where the problems previously started?

Lest we forget even the Audit Commission had considerable monies in the Icelandic banks (or so belatedly we learned) - and the team from Kent Council I see are on their way to Iceland today attempting to regain some of invested taxpayer spoils.

Could we see similar future jaunts to Nigeria, to Cypress, to India?

A week ago I would have thought the odds were slim.

Now I can't say anyone could be all that certain.

Are we on dry spin?

Will EVERYTHING become rehetorical?

Are there any Saudi banks with UK branches with fixed term deposits who are FSCS insured? (Serious question.)

If so, they certainly will clean up in this current climate methinks?

Is this simply meant to be a puzzlement for the already bewildered???!!!

1echidna

I share your bewilderment. I have had money in Northern Rock, Icesave, Kaupthing Edge, Alliance and Leicester and HBOS and watched them all faulter, fortunately without loss of my savings. I watch now for my other deposits in particular a fixed term deposit I have with ICICI. I wonder what I will do over the summer next year when a raft of fixed term deposits mature. Maybe a drop in inflation will make saving accounts a bit more attractive and perhaps it will be a reasonable time to upgrade property wise. I don't think that I will be chasing the highest interest rates as assiduously as I once did when there is a hint that it could be problematic. Could be that I will rebalance a bit more towards equities.

eeja

meunier wrote: »

Could it all be but a vicious circle? - There was, after all a second world war after the War to End All Wars? While keeping under the £50,000 balance - and with so many people depending on monthly income from their savings - will the wait for the Icesave monies and the dramatic cuts in rates in tandem with the BoE movements - mixed (in many instances) with the actual removal of immediately previous fixed term products - FORCE - yes FORCE people back into the foreign banks? Was not this - in part - where the problems previously started?

Lest we forget even the Audit Commission had considerable monies in the Icelandic banks (or so belatedly we learned) - and the team from Kent Council I see are on their way to Iceland today attempting to regain some of invested taxpayer spoils.

Could we see similar future jaunts to Nigeria, to Cypress, to India?

A week ago I would have thought the odds were slim.

Now I can't say anyone could be all that certain.

Are we on dry spin?

Will EVERYTHING become rehetorical?

Are there any Saudi banks with UK branches with fixed term deposits who are FSCS insured? (Serious question.)

If so, they certainly will clean up in this current climate methinks?

Is this simply meant to be a puzzlement for the already bewildered???!!!

Available in Dubai not Riyadh. Dubai is more of an international financial centre