Icesave FSCS - petition for interest up to date compensation paid

Onawingandaprayer

Gambling is like putting your cash on a horse that most likely will lose your money, cash saved with Icesave was a savings account it was not gambling!

Well said. I think the poster's name Dooooooooooooooonut says it better than I ever could.

Onawingandaprayer

Right, I'm off to the bookies to save some money on a horse.

nilrem_2

Dooooooooooooooonut wrote: »

Of course it was gambling. It was admittedly low risk as these things go... but it's still gambling.

Not as if there had never been a bank failure before 2007, is it?

Well as far as I am aware I don't know of any normal UK saver who has lost any money due to bank failure prior to 2007!

I do know of many people who have lost cash 'gambling' on the stock exchange though!

Dooooooooooooooonut

Well then learn some history... !!!!!! BCCI ring any bells? That was less than 20 years ago!

And a century ago banks were popping all the time... people's ignorance and inability to learn from the past always amuses me.

masonic

mrkbrrws wrote: »

To look at it another way, if the FSA rules said that you got back your capital plus interest up to when you are compensated, would anyone be on here saying "that's wrong, surely the interest should stop when the bank defaulted"?

If the compensation arrangement included cover for lost interest during the time a claim was being processed, then yes, of course it should have been paid. But it didn't.

masonic

Dooooooooooooooonut wrote: »

Well then learn some history... !!!!!! BCCI ring any bells? That was less than 20 years ago!

And a century ago banks were popping all the time... people's ignorance and inability to learn from the past always amuses me.

Nobody lost any money held in a deposit account with BCCI.

Dooooooooooooooonut

Come on masonic, you've presumably been taught to be cautious... would you really have advised anyone to make any investment decision without checking into the risks... especially basic ones like counter party risk?

I'm fairly sure you're not correct about BCCI depositors too

jd84

bryanb wrote: »

There is the option not to accept the terms of a claim via FSCS. It's on the FSCS form for those who wish to pursue their own claim against the Icelandic Gov. Presumably you accepted FSCS written terms and signed as such?

I wonder if anyone actually chose to do that?

Before the FSCS stepped in I remember someone posted the claim form for the Icelandic "Depositors and Investors Guarantee Fund" as I still have it saved on my PC.

Even if you could get them to pay out I doubt it would be more than the account balance and if they did it in Euros you would be screwed with the exchange rates!

In the event that payment is remitted from the The Depositors’ and Investors’ Guarantee Fund, I am aware that according to Article 10, paragraph 3, of Act No. 98/1999 on Deposit Guarantees and Investor-Compensation Scheme, my claim against the bank or bankruptcy estate concerned will be taken over by the Fund. By accepting compensation from the Fund, I therefore assign my claim against the bank or bankruptcy estate concerned to the Fund in respect of the amount compensated.

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nilrem_2

Dooooooooooooooonut wrote: »

Well then learn some history... !!!!!! BCCI ring any bells? That was less than 20 years ago!

And a century ago banks were popping all the time... people's ignorance and inability to learn from the past always amuses me.

Well actually I think you ought to get your facts right first!
Before stating facts you would be wise to do just a little research first!
http://en.wikipedia.org/wiki/BCCI_bank

No UK saver lost any money as a result of the failure of BCCI and why have you got !!!!!! before you remarks? Can you not make your point without that?

nilrem_2

Dooooooooooooooonut wrote: »

I'm fairly sure you're not correct about BCCI depositors too

He is correct and you are wrong!