On Sky Now... Iceland to refuse to pay UK 2.3 Billion to savers

1984ReturnsForReal_2

noh wrote: »

The government of Iceland is comitted to repaying the money whatever the outcome of the referendum, according to their Prime minister, who recognises it as their legal obligation.

http://www.icenews.is/index.php/2010/01/05/government-iceland-still-committed-to-debt-repayment/

The Government should start emptying their pockets & selling their houses.

When there is no money left & they have taken their drop in salary then they may have the right to "impose" this on its citizens.

Really2

StevieJ wrote: »

Did Iceland not try to reinburse the savings of people from Iceland at the expense of UK and NL was that not why the terrorist legislation was invoked and assets frozen

Correct, and our government do the same and they don't like it.

I believe the money they are refusing to pay is a loan from the UK not the savings money.

People still agree? on here most probably.

ChiefGrasscutter

kabayiri wrote: »

What disturbed me about this episode was the way the UK government exercised terrorist legislation to bring the Icelanders into line.

This is an example of function creep.

This is from the same government who promised that data collected by us for the purpose of ID cards would not be used for purposes beyond it's original remit.

Yeah, right...

In fact the actual full title of the Act the HMG used to freeze the Icelandic assets was the Anti-terrorism, Crime and Security Act 2001: It covers many aspects and not just anti-terrorism.
Curiously enough only the first part of the full title of the Act is usually quoted - usually by those with a vested interest in portraying HMG as using anti-terrorism powers against Landsbankii........
The freezing order of 2008 was under part 2 of the Act which has its murky origins as a modern successor to some defence of the realm regulations/acts in the 1930's.

aardvaak

People invested there for high rates at high risk they took the risk they lost- I did'nt I went for safe lower rates in the UK and I did'nt loose although at present my income has gone but it will return soon when interest rates rise again - I still have my capital!

noh

aardvaak wrote: »

People invested there for high rates at high risk they took the risk they lost - I did'nt I went for safe lower rates in the UK and I did'nt loose although at present my income has gone but it will return soon when interest rates rise again - I still have my capital!

The rates available from Icesave were not always the highest.
I had one year fixed rate accounts from Nationwide AA savings and 2 year from YBS with higher rates also had several Icesave fixed rate accounts.
The risk wasn't higher with Icesave up to £35K (changed to £50K on the day they ceased trading) as all the accounts were guaranteed up to that level.
I haven't lost any capital and still have a couple of ex Icesave 3 year fixed rate accounts that I will receive compensation for in a years time.

StevieJ

A comment from the other side, seems like the scummy rags are doing their usual stirring

2. There seems to be a little misunderstanding in reports coming from Iceland. I think that most Icelanders know and accept that we have to pay the Icesave loan, but the conditions of the loan is unacceptible, fx. the 5.5% interets rate. What people want is a better agreement

- Kristin, Iceland Posted: 5 January 2010, 3:42pm

mbga9pgf

StevieJ wrote: »

A comment from the other side, seems like the scummy rags are doing their usual stirring

2. There seems to be a little misunderstanding in reports coming from Iceland. I think that most Icelanders know and accept that we have to pay the Icesave loan, but the conditions of the loan is unacceptible, fx. the 5.5% interets rate. What people want is a better agreement

- Kristin, Iceland Posted: 5 January 2010, 3:42pm

Interesting. Seeing as the debt is denominated in sterling, why didnt the government just buy 2.3 Billion of icelandic government bonds in return in the first place?

tomterm8

ChiefGrasscutter wrote: »

In fact the actual full title of the Act the HMG used to freeze the Icelandic assets was the Anti-terrorism, Crime and Security Act 2001: It covers many aspects and not just anti-terrorism.
Curiously enough only the first part of the full title of the Act is usually quoted - usually by those with a vested interest in portraying HMG as using anti-terrorism powers against Landsbankii........
The freezing order of 2008 was under part 2 of the Act which has its murky origins as a modern successor to some defence of the realm regulations/acts in the 1930's.

Actually, to be really pendantic, you quoted the short title, the full title of the act was

Anti-terrorism, Crime and Security Act 2001: An Act to amend the Terrorism Act 2000; to make further provision about terrorism and security; to provide for the freezing of assets; to make provision about immigration and asylum; to amend or extend the criminal law and powers for preventing crime and enforcing that law; to make provision about the control of pathogens and toxins; to provide for the retention of communications data; to provide for implementation of Title VI of the Treaty on European Union; and for connected purposes.

As you see, a typical hodgepodge bill, one of whose purposes was unrelated to terrorism, crime, or national security: that is, it was an act to provide for the freezing of assets.

Generali

AIUI, the course of events was like this.

- Iceland agreed to guarantee the first £50,000 of bank deposits for UK branches of Icelandic banks.
- Gordon Brown decided that instead, the deposits would be 100% guaranteed
- When the banks went bust, Gordon Brown tried to insist that the Icelandic Government cover his guarantee. When they refused, he had Iceland delcared a 'terrorist country'*, froze their assets and made it a crime punishable by imprisonment for any Briton to do business with an Icelandic financial institution.

Now the Icelandic Parliament (the oldest in the world if you're interested) have passed a Bill requiring the Icelandic Government to take on more debt to repay UK savers as per Gordon Brown's guarantee. The President has refused to sign it (as per the constitution) and so it has become law until such a time as the referendum is held. The referendum can't be held until a law allowing a referendum to be held is passed into law and it isn't guaranteed that this will get past the Parliament.

Again, AIUI, the Icelandic people are very angry at the actions of the British Government.




*I apologise if this is an imprecise phrase but I'm not a lawyer

FATBALLZ

Good. The greedy Iceland speculators should never have been paid out from taxpayers money in the first place.