Iceland and the Bank of England Scandal

missile

Sceptic001 wrote: »

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

What amazes me more is recent posts on MSE from those who intend to deposit money in non UK banks to get an extra 0.5% interest. Are they gullible, greedy or both? :j

LongTermLurker

baby_boomer wrote: »

Those of us who warned v Icelandic banks got our fingers badly burned here on MSE by pro-Icelandic posters [no doubt sponsored by the desperate Icelandic banks themselves] with no protection from the MSE management who hid behind the government's protection scheme while pretending that debate on the site was impartial, which it clearly wasn't .

Let's put our own house in order first.

People in glass houses......

Why did you post now when the previous post was in April?

FYI I was pro-Icelandic banks - Kaupthing to be precise - and I don't regret the benefits I stated. I wasn't sponsored by anyone, certainly not Icelandic banks, and I don't and never have worked for any kind of financial institution.

To go back to my "pro Icelandic" recommendations, I seem to recall I was quite vocal about how the FSCS protection limit wasn't the be all and end all when it came to deciding how much money to deposit. I said that the amount deposited per institution should be a comfortable percentage of your cash - how much could you afford to be without for 3-6 months, should you need to rely on FSCS?

Furthermore, I said I didn't see sense in placing a large percentage of your cash in a single economy or region, be it Iceland or India. For that reason, I didn't deposit anything with Icesave but instead went for ICICI.

The problem was many people said "I have £50k. FSCS protects £50k. I know, I'll put 100% of my savings into a single bank"; Barclays or Icesave, the decision would still have been unwise.

The benefits were plausable; Icesave, KE and ICICI offered very high rates of interest. I picked the "right" Icelandic bank, though that was through luck rather than judgement, and made a lot more interest, without giving up self-security, than I would have done if I'd kept all my money with a traditional UK bank.

So, I wasn't sponsored, my debate was entirely impartial (you could listen to as much or little as you liked) and iirc, many of the others in favour of high interest were around long before Icesave/KE and are still quite active now - not exactly sponsored guests.

JamesU

LongTermLurker wrote: »

Why did you post now when the previous post was in April?

Before BabyBoomer' post, thread was dormant but a few other OP posts over the w/e which were removed.

JamesU

LongTermLurker

ah that explains it