MSE News: Icesave compensation and Isa deadlines loom

nilrem_2

oakhouse13 wrote: »

'Despite its failure, no Icesave saver with UK-based funds will have lost a penny after the Government agreed to reimburse those affected'

I wanted to put on record that other media writing about this story do not say that savers did not loose a penny. Savers who are also taxpayers have loaned the Icelandic government £2.3 billion which Iceland has 8 years to repay after which UK taxpayers will loose any outstanding amount. The Icelandic government has yet to repay anything, not that I agree is was ever justified to exploit Iceland's economic mess for the sake of a few percentage points of extra interest.

And you choose to ignore the billions that UK taxpayers have paid out to support British banks such as RBS etc who were not exactly run efficiently! As far as I understand the amount paid out to protect UK savers in Icelandic banks is utterly dwarfed by the huge amount paid to keep some UK banks running!

Even now many taxpayers are sickened by the continuing greed of UK bankers who are still milking the system at our expense, IMHO the Icelandic issue pales into insignificance compared to the activities of some UK financial institutions!

oakhouse13

You're right. I was not ignoring British bank bailouts. My comment was a response to the claim that no Icesave saver with UK-based funds will have lost a penny which seems to me a very biased and blinkered view. It was that sort of blinkered advice, one that resolutely ignored common sense in pursuit of a few extra pence, that led so many decisions that when taken in the round, were plain wrong.

I spent the first decade of 2000 living pretty much as I did during the 90s, 80s, 70s and 60s. I'll be glad to see the back of the decade of debt.

Happy New Year and I wish anyone struggling with debt good fortune, I hope things get better for you and you find a way of winning back your independence. Just don't be tempted by the salesmen on commission to throw it away again on fancy financial products you can do without. Remember, the salesman cares only about collecting his commission.