Smart bankers go to Iceland

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7641753.stm

The Icelandic government has taken control of the country's third largest bank, Glitnir, after it faced short-term funding problems.

The government has bought a 75% stake in the bank for 600m euros ($860m £478m) to ensure stability of the bank during the current financial turmoil.

Glitner is expected to operate as normal and the government said it did not intend to hold the stake for long.

It is the first major Icelandic banking nationalisation of the current crisis.

[expat]

http://news.bbc.co.uk/1/hi/business/7641753.stm

The Icelandic government has taken control of the country's third largest bank, Glitnir, after it faced short-term funding problems.

The government has bought a 75% stake in the bank for 600m euros ($860m £478m) to ensure stability of the bank during the current financial turmoil.

Glitner is expected to operate as normal and the government said it did not intend to hold the stake for long.

It is the first major Icelandic banking nationalisation of the current crisis.

Happiest country in the world apparently.

[rootsnall]

I saw some debt insurance figures for all the banks a few days back. I didn't really understand what they meant but all the Icelandic banks were top of the league with a high number. The other banks with high numbers were already bust or teetering on the edge. I'm not sure the Iceland government is big enough to be bailing out banks !?

[TimberWolf]

We need a league table of countries most affected by recent events. Also, who's cleaning up. France, Spain?

[BlasterBates]

Apparently in Spain banks are not allowed to set up "special purpose" companies to hide dodgy loans. Hence they are unaffected.

[BrilloPad]

Apparently in Spain banks are not allowed to set up "special purpose" companies to hide dodgy loans. Hence they are unaffected.

Shame about their property market

[Bumfluff]

Ive got a relative with a lot of £ in ICE save and he asked me what I think he should do (give it to me ). But on a serious note if you had a 6 figure sum in ICE save would you take it out and put it some where else ? I thought ICE save was primarly a savings with little exposure to mortgage markets etc and therefore would be a safe bet.

[rootsnall]

Ive got a relative with a lot of £ in ICE save and he asked me what I think he should do (give it to me ). But on a serious note if you had a 6 figure sum in ICE save would you take it out and put it some where else ? I thought ICE save was primarly a savings with little exposure to mortgage markets etc and therefore would be a safe bet.

I've got some in Icesave and they are part of the 35K scheme but it is a bit complicated by claiming on the Iceland scheme first if it goes under. But 35K SHOULD be ok. The parent bank Lansbanki are up to their neck in it. A 6 figure sum is asking for it.

[Bumfluff]

I've got some in Icesave and they are part of the 35K scheme but it is a bit complicated by claiming on the Iceland scheme first if it goes under. But 35K SHOULD be ok. The parent bank Lansbanki are up to their neck in it. A 6 figure sum is asking for it.

Cheers, he is going to take his £ out and stick it in a saving account with Natwest, they are going an e-savings account with intro bonus for 12months the rate is 6.50% gross and thats actually better than ICE save. I cant see Natwest going under

[rootsnall]

Cheers, he is going to take his £ out and stick it in a saving account with Natwest, they are going an e-savings account with intro bonus for 12months the rate is 6.50% gross and thats actually better than ICE save. I cant see Natwest going under

Spread it around in 35K chunks, the 'I cant see ??? going under' is no longer applicable.

The first rumours about RBS are starting