Is Iceland headed for meltdown?

Greycrow

Ice and other new arrivals are obviously starting to hurt the old institutions. Looks like the start of a dirty tricks campaign to scare off would be investors.

bristolleedsfan

Greycrow wrote: »

Ice and other new arrivals are obviously starting to hurt the old institutions. Looks like the start of a dirty tricks campaign to scare off would be investors.

Totally agree with u. :T

Express is obsessed with articles about House Prices. :rolleyes:

Mail is obsessed with articles about Mutuals. :rolleyes:

Now that NR saga is on its last lap, their is now an apparent article obsession to slag off Iceland Banking. :rolleyes:

[Deleted User]

Despite the highlighted article, I'm staying put with icesave - I can't fault the service. Let's hope Landsbanki have words....!

Birdie100

The only risk there is, as far as I see it, is if everyone suddenly withdraws their Icesave deposits. But to be honest, whilst the Telegraph article does try to attach fear in the credit markets to Landsbanki, the fact that £5bn. in investors deposits is stuck in Icesave tends to suggest to me it is a very safe investment - so long as other UK savers continue to save with some of the most competitive interest rates out there! I'm not worried, and shall continue to have my savings with them, particualrly as I am guaranteed to the tune of £35k. And, as we well know, if people do start withdrawing, the UK Government will simply bail any bank out (retail savings anyway) so we're fine (well, if we go by precedence anyway)!

[Deleted User]

Apparently ICESAVE has over 3 billion of deposits, that means they can loan this money out at higher rates to the banks that are struggling with US subprime issues.

Landsbanki as far as I can see have not invested in these US AAA rated junk bonds and so they are probably not the best friends of the bigger banks who employ a lot of dirty tricks to say the least. The press is most definatly in their pockets, one hedge fund manager once said you can get any story you want printed for the price of a good meal.

[Deleted User]

Birdie100 wrote: »

I'm not worried, and shall continue to have my savings with them, particualrly as I am guaranteed to the tune of £35k. And, as we well know, if people do start withdrawing, the UK Government will simply bail any bank out (retail savings anyway) so we're fine (well, if we go by precedence anyway)!

Yep the whole purpose of the worlds central banks isto fill the gaps for idiocy, herd and sheep mentality of the Jerry Springer watching public.

bristolleedsfan

Yant1 wrote: »

The press is most definatly in their pockets, one hedge fund manager once said you can get any story you want printed for the price of a good meal.

Works mind doesnt it, people only got to see a doom article about NR savers deposits or Iceland Banks and up they go keying threads and posts as if its based on some kind of matter of fact. :rotfl:

tyllwyd

I get the Money Morning e-mail, and I thought this link might be interesting for folks here.

http://www.moneyweek.com/file/41437/credit-default-swaps-how-to-spot-the-riskiest-banks.html

[Deleted User]

That article says smaller banks have to pay more to borrow money but all banks are having to pay more now that the USA banks have messed up, yes this is true.

nilrem_2

tyllwyd wrote: »

I get the Money Morning e-mail, and I thought this link might be interesting for folks here.

http://www.moneyweek.com/file/41437/credit-default-swaps-how-to-spot-the-riskiest-banks.html

That article seems to be trying to cause people to panic about saving with Icesave it states

But if they’re Icelandic, then be afraid; these banks are starting to be priced for bankruptcy risk and it’s not clear what protection UK savers might have with these foreign accounts.

It really does make one wonder if there is a concerted attempt to scare savers away from non UK banks.!