Icelandic Banks

ianmr65

IMCAT you are a lemming, or a troll or a trader, or all three.

Please find a quote from yesterday's Finacial Times, the pink one - Highly regarded and repected by all, here and the USA.
(rather than an article which is four weeks old, from the london- evening standard , who i struggle to believe is respected by anyone,
even it's editor)

"The suspicion is that speculators exerted undue pressure on the illiquid CDS market in the knowledge that the wider the spread went, the more fear of a banking collapse would contaminate the stock and currency markets.

There are also concerns about the way rumours were spread about the alleged reliance of Iceland’s banks on internet deposits, which triggered reports in UK newspapers that such deposits could be withdrawn rapidly.

The chief executives of the three main banks, Landsbanki, Glitnir and Kaupthing, made clear in interviews last week there is no evidence this is the case, despite the negative publicity about Iceland. They firmly believe such rumours were started deliberately in order to spark fears of a run on their overseas deposits, by trolls like IMCAT" **


There's even a piece, flying in the face of much of your 'argument', in your bible of all thing financial The Evening Standard, yeterday:

"Landsbanki, the parent bank of the popular Icesave account in the UK, has lashed out at the UK's Financial Services Compensation Scheme (FSCS) over comments posted on its website, which the bank says are 'misleading' British savers.

It says the comments imply that UK savers with some foreign-owned banks will have to wait longer for compensation through the international 'passport' system in the event of a bank's collapse than through the UK's compensation scheme. It also states the FSCS is in violation of European law by letting savers believe this 'falsehood' "


From newsnight yesterday:

"There is a 20% chance that any uk based bank could fail"

Newsnight are wrong imo, but there is a fair chance that another uk mortgage specialist bank could fail.


So which UK based Bank or banks are you going to trust with your fortune?





Also i seriously doubt any UK insurance company, has ever said anything about the icelandic situation.

IMCAT please novate off.


** the last four words weren't really in the FT. I made that bit up. :-)

imcat

Ianmr: If I am a troll you must the be the sales manager for Kaupthing Edge.

For every article you can show where an Icelandic exec says "You can trust us, our bank is safe and we will sue anyone who says otherwise" I can show another 10 saying the opposite.

All I was pointing out was the highly unusual clause in Kaupthing Edges T&Cs which allows it to take the account outside of the direct FSCS scheme. FACT

Still waiting for you to post a similar clause from another bank. Nope? Didn't think so.

Why did I post about this bank? Not because I think it is going bust (If I did i wouldn't have put my money there). It was simply because it irritates me off when a bank boasts it is fully covered by the FCSC but has a clause hidden away in its small print allowing it to do otherwise. To me that is not being entirely honest or upfront.

Mate, let me know when you find similar T&Cs elsewhere. I won't be holding my breath.

shindigger

imcat wrote: »

Ianmr: If I am a troll you must the be the sales manager for Kaupthing Edge.

For every article you can show where an Icelandic exec says "You can trust us, our bank is safe and we will sue anyone who says otherwise" I can show another 10 saying the opposite.

All I was pointing out was the highly unusual clause in Kaupthing Edges T&Cs which allows it to take the account outside of the direct FSCS scheme. FACT

Still waiting for you to post a similar clause from another bank. Nope? Didn't think so.

Why did I post about this bank? Not because I think it is going bust (If I did i wouldn't have put my money there). It was simply because it irritates me off when a bank boasts it is fully covered by the FCSC but has a clause hidden away in its small print allowing it to do otherwise. To me that is not being entirely honest or upfront.

Mate, let me know when you find similar T&Cs elsewhere. I won't be holding my breath.

Number 1. Shut up.
Number 2. !!!! off.
Number 3. Either youre a troll or an idiot.
Number 4. Youre repeatedly quoting from an organisation that didnt even know if cash ISAs were subject to the same £35K limits as normal deposit accounts. Did you know that? They didnt even know the answer when the bird from Working Lunch enquired last week.

Just get lost, you clearly have a vested interest.

nilrem_2

imcat wrote: »

For every article you can show where an Icelandic exec says "You can trust us, our bank is safe and we will sue anyone who says otherwise" I can show another 10 saying the opposite.

Does not make your 10 right though does it? If you stopped people in the street today and asked them if it was safe to save with NR you would very quickly find a majority of people who would say No!

imcat

shindigger wrote: »

Number 1. Shut up.
Number 2. !!!! off.
Number 3. Either youre a troll or an idiot.
Number 4. Youre repeatedly quoting from an organisation that didnt even know if cash ISAs were subject to the same £35K limits as normal deposit accounts. Did you know that? They didnt even know the answer when the bird from Working Lunch enquired last week.

Just get lost, you clearly have a vested interest.

If all you can do is shout abuse at people rather than answer the question then you have already lost the argument. What vested interest could I possibly have except to question if my money is safe?

Still waiting for someone to justify the inclusion of the highly unusaul clause in the T&Cs or show another bank that has something similar. Or you can continue with the abuse and keep your head stuck in la la land.

home_alone

chesky369 wrote: »

.....I was about to invest a very large sum of money (£100k's) with them until my own UK bank advised against it .....

Well, there's a surprise

I have £100s with icesave its just too much to trawl around loads of others at £35k limit in each.

gary

talana

What vested interest could I possibly have except to question if my money is safe?

Gosh, I'm sure I don't know? What could it be?
Perhaps re-read some of the previous posts. It's all there. :rolleyes:

Still waiting for someone to justify the inclusion of the highly unusaul clause in the T&Cs or show another bank that has something similar. Or you can continue with the abuse and keep your head stuck in la la land.

Even if this clause in the T&Cs you keep mentioning is there as stated (and I haven't checked), why do we need to justify it? YOU need to justify your claim that the clause is a bad thing or would make any material difference in practice.
Nothing you've said so far does that.

If it does novate, your money would still be safe as it would first be covered by Iceland's compensation scheme and then any shortfall made up by the FSCS. However, this is a much more laborious process and not one I would want to go through. This is why i didn't invest in Icesave and other similar accounts.

And let's go with your scenario for a moment:
"Your money would still be safe" - your words
"a much more laborious process" - says who? You taking a guess? Others you've read who are taking a guess? The process would merely be different, that's all you can say.

DocProc

Hey, Shindigger,

PLEASE, Can you please start afresh and make your points without slagging the other person off?

If not, I for one, will be firing in a complaint about you.

Then you will have

shindigger
MoneySaving Newbie


Join Date: Jan 2008
Location: All over the shop


Post Count: 7
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shindigger

DocProc wrote: »

Hey, Shindigger,

PLEASE, Can you please start afresh and make your points without slagging the other person off?

If not, I for one, will be firing in a complaint about you.

Then you will have

shindigger
MoneySaving Newbie


Join Date: Jan 2008
Location: All over the shop


Post Count: 7
Thanked 8 Times in 4 Posts
Asked: 'cool it a bit, please' 1 Time
Complaints: 1

Do what you like mate. I care not a jot.
If it was your £65k we were discussing, maybe you'd understand.
See ya.

earlgrey_3

DocProc wrote: »

PLEASE, Can you please start afresh and make your points without slagging the other person off?

Totally agree. Why is whenever someone makes any point concerning Icesave or Kaupthingedge the Icelandic Banks Defence Vigilantes feel the need wade in to bully them off the board? What is it about having a rational discussion about these banks that makes you so nervous? The other day we even a had a spin doctor enployed by Icesave posting here.

Whether it's justified or not, there's considerable concern surrounding those banks and the sort of tactics being employed by some here to stop all discussion of them only increases the concerns.

Anyone who thinks there could be a problem has been told by the FSCS it could take up to 6 months to pay compensation in the event of a failure and in the case of EEA banks that have "topped up" there would be a two step process as the home state scheme would have lead responsibility for claims. There's no guarantee of interest being paid during that time. If you invest over £35,000 then as always you need to assess the risk against the return.

If you are happy to put your money wherever and know the score that's fine. But if the situation is making you so nervous that you feel the need to shout down everyone raising the subject then it might better for your blood-pressure to put your money elsewhere.