Icesave - Official Update 21.11.08

TehJumpingJawa

ed123 wrote: »

,,,it appears they are doing the smaller amounts first ie approx £11.3k ( £1,133,000,000* 100,000)..this would tie ie with security/cashflow issues...

Unlikely.

Of the 4 people I know to have money in Icesave, all have less than 12k, and none have had their 2nd email :T
Mind you, they all have the money in ISAs... and all opened them in the past 6 months...

grnglide

dancingdandare wrote: »

The reason the FSCS are not forthcoming with timescales is for security reasons they are sending emails out in vary quantities and frequencies, while alternating the times. This way anyone attempting a security breech on ice save, will struggle to effectively implement an attack.

Anyway i got my second email last week, and i have all my money in my account. Thankyou, everyone on here, the UK government and FSCS for being so quick.

:beer:

And what is the "security" issue that requires emails to be sent out in small batches at different times?

Volumes of emails or hits on the website is another issue along with the funding from the treasury.

cos69

grnglide wrote: »

And what is the "security" issue that requires emails to be sent out in small batches at different times?

Volumes of emails or hits on the website is another issue along with the funding from the treasury.

There is no security issues associated with the emails since they contain no information relevant to initiating the account.

The FSCS just need to "activate" all the accounts - security is provided by the computer systems in exactly the same way as it always has been. If there are fewer than 100,000 accounts left, it's not going to make a lot of difference activating the remainder - after all they don't have to tell anyone ;);)

mickW_2

Yes it looks like its last in, last to be paid. I put 32k in ISA in August 2008 and havnt got 2nd email yet. They certainly aren't paying smallest amounts first and perhaps not by alphabetical order. So those who have had their dosh in longest are getting it back first for some reason.

TehJumpingJawa wrote: »

Unlikely.

Of the 4 people I know to have money in Icesave, all have less than 12k, and none have had their 2nd email :T
Mind you, they all have the money in ISAs... and all opened them in the past 6 months...

sheslookinhot

ed123 wrote: »

,,,it appears they are doing the smaller amounts first ie approx £11.3k ( £1,133,000,000* 100,000)..this would tie ie with security/cashflow issues...

how do you deduce that ?

ed123_2

.........the total amount paid out = £1,133,000,000 ie £1 billion plus the fixed rate accounts left in =£133 million, divided by the total number of e mails sent out = 100,000 =approx £11.3k per person. (give or taken people not claiming etc.)
Given that the total number of accounts is approx 210,000 and the total amount held to be £4 billion. One would conclude that the approx. half remaining would be worth £3 billion ie the higher amounts.....

Paul_Varjak

cloud_dog wrote: »

Aren't we just getting bogged down in semantics. The FSCS have confirmed they are processing claims fairly rapidly and if you work out the rate of issue it looks like everyone will have received the second e-mail within the next two (possibly three) weeks.

I'm still waiting for mine but am comforted by the rate of issue and the smoothness of receiving the actual payments (that could have been another disaster but appears to have been managed well).

cloud_dog

I am happy too, even though I have not received the second e-mail yet. The government have to be applauded for the speed they took responsibility and the FSCS should be thanked too for their speed in dealing with claims.

All the whingers should remember that it was wrondoings at the bank which caused them to fail, followed by the Icelandic goverment reneging on a promise to compensate savers.

Perhaps there are lessons to be learned by the 'consumers' too. There is an old saying - if it looks too good to be true, it probably is too good to be true. Maybe this bank was just offering a too good a deal to savers?

cos69

ed123 wrote: »

.........the total amount paid out = £1,133,000,000 ie £1 billion plus the fixed rate accounts left in =£133 million, divided by the total number of e mails sent out = 100,000 =approx £11.3k per person. (give or taken people not claiming etc.)
Given that the total number of accounts is approx 210,000 and the total amount held to be £4 billion. One would conclude that the approx. half remaining would be worth £3 billion ie the higher amounts.....

You cannot deduce anything from that sort of arithmetic, apply it to the total number of accounts/investments and you will understand why

There are probably 10 accounts with less than £10,000 for every account with £100,000.

I cleared out about £48k from one account, but still waiting for our second account to be "actioned". If there are limits, its not clear what they are - maybe accounts with less than £100k or £60k

SGE1

Paul_Varjak wrote: »

Perhaps there are lessons to be learned by the 'consumers' too. There is an old saying - if it looks too good to be true, it probably is too good to be true. Maybe this bank was just offering a too good a deal to savers?

Largely true, though I don't think Icesave's interest rates were that amazing. I don't think consumers are to blame in this instance, Icesave's rates weren't the reason for its downfall, and none of us knew what would happen (including all the councils that have money tied up in Iceland). At the end of the day, there are probably a hundred small contributing factors that led to the scenario we have now, and this is what people need to bear in mind.