Channel 4 news running a feature on risks of foreign banks

ManAtHome

I've just moved a few more quid from B&B to Icesave - at least some of it won't be "covered" by/dependent on the Feeble Spin Afterwards (who did a grand job with northern wreck)...

Didn't see the program, but can't really see any snag in keeping £30k ish with the best payers.

[Deleted User]

ManAtHome wrote: »

I've just moved a few more quid from B&B to Icesave - at least some of it won't be "covered" by/dependent on the Feeble Spin Afterwards (who did a grand job with northern wreck)...

Didn't see the program, but can't really see any snag in keeping £30k ish with the best payers.

Here's the "programme" .....

http://www.channel4.com/news/articles/business_money/how+safe+are+your+savings/1697147

Click on "watch the report".. Then read this...

http://www.icesave.co.uk/financial-strength.html ... Kind of puts things in perspective!:money:

[Deleted User]

The UK banks are so worried that it's probably only a matter of time before one of them takes over one of the icelandic players.

It would be a case of "If you can't beat 'em - buy 'em!!!!!"

Stranger things........;)

Stephenbw

Deleted_User wrote: »

I totally agree with you; what a ridiculous and irresponsible piece of television :rolleyes:

I didn't see it as either ridiculous or irresponsible. On the contrary it was informative, thought provoking and no doubt prompted by the Icelandic Prime Minister, Geir Haarde's comments that "confidence in Icelandic banks has plunged amid concerns they are too reliant on wholesale funding and have borrowed too heavily to fund acquisitions."

Deleted_User wrote: »

It smacks of desperation to me. At the end of the day you're covered up to £35K with ICESAVE just the same as any UK bank!
The government and UK banks are scared sh**less. It is not before time that UK banks had a kick up the a**e, and some genuine competition.

Maybe so, but with the Icelandic compensation scheme limited to only £16K and the british taxpayer expected to find £19K, are you surprised?

Deleted_User wrote: »

Landsbanki are rock solid, and have absolutely NO exposure to all this sub-prime nonsense - Nice try channel 4, but you don't fool me!:p

CHECK THIS OUT FOR THE TRUTH ....

http://www.icesave.co.uk/financial-strength.html

:T

Or for another view TRY THIS

http://www.ft.com/cms/s/0/fb989650-e8c2-11dc-913a-0000779fd2ac.html

Aegis

Stephenbw wrote: »

Maybe so, but with the Icelandic compensation scheme limited to only £16K and the british taxpayer expected to find £19K, are you surprised?

It's not the British taxpayer that would foot the bill. The FSCS is funded by authorised firms, and it comes out of those businesses' profits.

On the other hand, the recent situation involving Northern Rock at one point had more budgeted for providing compensation and ongoing loans than the NHS receives in a single year, which would have required a direct use of taxpayer money if it was ever actually needed.

All in all, the more people going to Icesave the safer taxpayer money in general is in the UK.

silentfox

Don’t care who owns the bank as long as it is covered by £35K guarantee, didn’t even know that Icesave had two different systems, anyway it is on their website and guess it must have been there from day one, but I have just cancelled my transfer from Bradford and Bingley, even though I think ratings agency say Icesave is stronger.

These are the same ratings agencies that have caused the subprime meltdown so up to you if you trust them, frankly Icesave could have the best ratings and another bank the absolute worst, but I would go with the one covering £35K using the UK compensation system, that’s about the only guarantee I trust. Wouldn’t matter to me if it was the bank of Iraq.....well maybe..

Also agree UK banks are rubbish at giving good rates.

confused1

The answer is greed and more greed. The UK banks have never been exposed to foreign competition until now. And they are not liking it, that is for sure.
What the FSA has done is totally unacceptable and unprofessional. We don't need this instituition of fat cats, paid to be the puppets of Labour and British Banking Instituition.
What Channel 4 has done is purely irresponsible in cahooting in a smear campaign. But then what does one expect from the trashy media of today - nothing but sensational, distorted reporting.
In view of both the above's irresponsibilty, I am now not only going to open an a/c with Icesave, but also transfer my Isa in.

Without foreign banks and investments, London will cease to be the financial capital of the world.
But I don't think the FSA is capable of seeing further than their noses and fat salaries.

xiox wrote: »

What I don't understand is why the UK banks can't offer a competitive savings interest rate? Surely it's not that hard to set up a simple website based savings account. If other banks can rake in several billion of savings in a matter of months, couldn't they do the same? They must be able to make some money out of that, even if the interest rate is quite high. What's the rate they get lending money to other banks now?

Stompa

The argument was that potential investors should take into account the CDS ratings of banks.

A few such ratings were given in the programme, but where would I find a more comprehensive list for other banks/building societies?

confused1

Ever heard of 'Trust me, I am the expert' - that is when you run like Hell.

Patr100 wrote: »

It left me non the wiser. With innuendo from one side and reassurances from the Icelanders, still have no idea if their banks are actually stronger or weaker than many UK banks. If the "experts" can't agree than how is Mr Average going to know much better?

confused1

I have just written in to Ofcom to complain about channel 4's irresponsible, gross distorted piece of reporting.


p

meatandtwoveg wrote: »

What a load of old tosh, i do not have an account with the ICE Save people, but this is pure and utter scaremongering by the FSA.

They have caused the first run on a bank here in the UK, because Brown the clown introduced a three pronged system which does not work, and is run by clowns worse the the chief clown Brown.

The FSA want you to put all you cash in the British banks because they are in the !!!!!!, simple as that. The British banks are broke, and the Stalanist Goverment want you to put you cash in there f@cked up banking system.

This is media in the hands of the government, scare tatics, propaganda straight out of McFalls stupid dimwit of a mouth. I mean the guy is a joke.

I just cannot believe i just seen what i seen, if i were ICE Save i would look at the legal position of this programme, because it could be seen as illegal, if trying to pursuade the saver away from ICE Save using this type of propaganda?