Iceland and the Bank of England Scandal

Stavros_3

This will !!!! off those of you who saved saved with Icelandic banks.

http://www.thisismoney.co.uk/news/article.html?in_article_id=502749&in_page_id=2&ct=5

goRt

Stavros wrote: »

This will !!!! off those of you who saved saved with Icelandic banks.

http://www.thisismoney.co.uk/news/article.html?in_article_id=502749&in_page_id=2&ct=5

Why - we all got our money back a long time ago
(apart from the councils who should have known better - their CEOs and CFOs should all be chopped)

Stavros_3

Why??????????? you ask. Would you have put your hard earned cash their if you were aware of the concerns beforehand

Sceptic001

Indeed, it was the savers who avoided the high-risk banks who ended up footing the bill through higher FSCS fees.

What amazes me is that so few of the so-called experts seemed to know what was going on. There were many articles in the press in late 2007 and early 2008 about the looming problems in the Icelandic banking system.

Rollinghome

The article attacks "the UK" for not preventing customers depositing money with Icelandic banks after the FSA had "raised doubts" about them. If they had it would have caused the immediate collapse of the banks regardless or whether the doubts were correct.

I think people should have learnt by now that they need to grow up and have some responsibility for their own money without constant nannying.

oldagetraveller

Sceptic001 wrote: »

What amazes me is that so few of the so-called experts seemed to know what was going on.

Including those who frequent MSE.:p

Rollinghome

oldagetraveller wrote: »

Including those who frequent MSE.:p

Especially those at MSExpert - where Icesave was listed as a best buy.

Lokolo

Rollinghome wrote: »

Especially those at MSExpert - where Icesave was listed as a best buy.

Martin went on TV about this as everything was blaming him. He always said you shouldn't put more than the covered amount.

Other than that, how is he to blame?

He lists the highest interest accounts, he doesn't force people to put their money there.

Soon you'll be having a go at Go Compare and Meerkat for giving me the cheapest deals on my Car Insurance.

withnell

Stavros wrote: »

Why??????????? you ask. Would you have put your hard earned cash their if you were aware of the concerns beforehand

Yes. I made enough interest from Icelandic higher rates to more than offset any delays in having the money returned

Rollinghome

Lokolo wrote: »

He always said you shouldn't put more than the covered amount.

To be more accurate, that was said after the collapse, as Jon Snow on Channel 4 News pointed out. This site was also used by a spokesperson from Icesave to assure everyone that all the rumours were false.

It just underlines that people need to take responsibilty for their own money. They can't just rely on people who call themselves 'experts'.

lemsford

I remember being concerned about putting my money with Icesave and Kaupthing Edge. I checked their credit ratings with fitch and moody etc before putting any money with them, and they were AAA rated.