Anyone here still banking with an Icelandic bank?

[Bagpuss]

It looks like some of the 'Cabinet' had their money in Iceland. Oh, I am such a cynic !!

That must be the reason innit? Now pull over the van Kev I'm stavin' for a bacon butty

[sasguru]

Put it in housing...... where I left it !!!!

Housing will be falling or static for at least 10 years is my new conclusion.
Welcome to the new poverty - it couldn't have happened to a nicer chap

[ace00]

Article in the times re: Icesave:

http://www.timesonline.co.uk/tol/mon...cle4903329.ece

"Hundreds of thousands of savers were left uncertain about whether they had lost their life savings yesterday, after Iceland’s second-largest bank went into receivership.

The 300,000 British customers of Icesave, the internet savings bank owned by Landsbanki, could face weeks of uncertainty as their deposits were frozen, after the decision by Iceland’s financial regulator to take control of the stricken bank.

Savers were left bewildered and angry after a message appeared on the bank’s website declaring: “We are not currently processing any deposits or any withdrawal requests. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.”

As recently as Monday, Icesave was still insisting that it was “business as usual” despite the bank’s website temporarily crashing as thousands of savers desperately tried to gain access to their cash. It has grown popular with British depositors by offering interest rates as high as 7.06 per cent, more than two percentage points above the Bank of England base rate.

A spokeswoman for Icesave said: “Landsbanki is still operational but it is in receivership. It has not been declared bankrupt, which means that no compensation arrangements have been triggered. At this stage, we have no idea how long it will take for the situation to become clear, we are waiting to hear like everybody else.”

British savers have approximately £4.5 billion in Icesave, with an average deposit of about £15,000. Savings are protected up to £50,000 although the first €20,000 (£15,500) or so must be claimed from the Icelandic authorities, with the balance coming from the British Financial Services Compensation Scheme.

Although 95 per cent of British depositors are believed to have less than £50,000 with Icesave, there are growing fears over the Icelandic Government’s ability to finance any compensation. Geir Haarde, the Prime Minister, said yesterday that he believed Landesbanki had enough assets to cover British customers.

Iceland’s central bank announced that it hoped to arrange a €4 billion loan from Russia. Officials will travel to Moscow tomorrow for talks. The British Government said that it would not protect British depositors if the Icelandic compensation scheme, which guarantees the first €20,000, failed. A spokesman for the Treasury said: “Landsbanki is regulated by the Icelandic authorities so the issue is one for the Icelandic Government.”

A spokeswoman for Icesave said that if the Government could not honour its commitments, Sweden, Denmark and Norway would step in.

Case study: ‘My calls are ignored’

Peter Amodio has lost a big bet on the Icelandic economy (Helen Power writes). Eighteen months ago he took out a £450,000 buy-to-let mortgage guaranteed on his own home. He wanted to buy two houses, but when he could only find one, he put the remaining £180,000 in Icesave. When Iceland’s banks started to look shaky last week, Mr Amodio tried to take the money out. “When I called last Friday I was sent an e-mail saying I could not take the money out in exceptional circumstances. So I wrote to them and said I needed £150,000 to buy a house,” he said.

“Now you just can’t get through on the phone. It just rings and rings and I can’t find out what’s happening.” It is unclear how much he will get back eventually but, at worst, it could be as little as £34,000. His mortgage is with Northern Rock. Had he put his money there as well, he would still have his £180,000"

[tay]

I find the most startling thing is the fact that the UK govt is going to seize the assets of the bank and its parent. The gloves have come off and all good will between the Icelandic govt and UK govt are gooone.Good move by the UK govt in my opinion. Sieze every penny that the bank has in UK accounts or assets, sell them off and take the money to help UK account holders.

[Cyberman]

I find the most startling thing is the fact that the UK govt is going to seize the assets of the bank and its parent. The gloves have come off and all good will between the Icelandic govt and UK govt are gooone.Good move by the UK govt in my opinion. Sieze every penny that the bank has in UK accounts or assets, sell them off and take the money to help UK account holders.

Good Heavens!!! New Lie are doing something proactive. I am astounded but very pleased if this is true.

Shame that they did not act proactively a year ago with the Rock!!

[Peoplesoft bloke]

I find the most startling thing is the fact that the UK govt is going to seize the assets of the bank and its parent. The gloves have come off and all good will between the Icelandic govt and UK govt are gooone.Good move by the UK govt in my opinion. Sieze every penny that the bank has in UK accounts or assets, sell them off and take the money to help UK account holders.

Quality! reminds me of the 70s again, only this time it's cash not fish!

[rootsnall]

I find the most startling thing is the fact that the UK govt is going to seize the assets of the bank and its parent. The gloves have come off and all good will between the Icelandic govt and UK govt are gooone.Good move by the UK govt in my opinion. Sieze every penny that the bank has in UK accounts or assets, sell them off and take the money to help UK account holders.

Where did you get this from ?

I'm all for it and sinking a few trawlers while we are at it.

How does this turmoil effect your move back to NZ ? Aren't you supposed to be gone by now.

[Cyberman]

Latest news is that the ING bank is buying up Icelandic deposits. It does indeed look as if ALL deposits are safe.

[Clippy]

I find the most startling thing is the fact that the UK govt is going to seize the assets of the bank and its parent. The gloves have come off and all good will between the Icelandic govt and UK govt are gooone.Good move by the UK govt in my opinion. Sieze every penny that the bank has in UK accounts or assets, sell them off and take the money to help UK account holders.

Was going to say the same thing myself.

From the Beeb:

"As part of its plan the UK government has frozen all the British assets of Landsbanki until the position of savers in the UK becomes clear".

Obviously, as an affected customer, hope this is true, but even if I wasn't affected, at least it shows some (small) balls.

I remember this happening in the 90's when BCCI went bust.

The then Tory govt, did fook all to help UK depositors whereas the US authorities immediately seized the US assets to ensure US depositors were fully compensated.

Had friends who were affected and spitting blood at the Tories.

[Papa Maji wa Maji]

banks and money

http://news.bbc.co.uk/1/hi/business/7655227.stm

National bankruptcy

"We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said.

"The legislation is necessary to avoid that fate."


Before the legislation was announced, Iceland's financial supervisory authority said it had decided to temporarily suspend trading in the three biggest three banks - Kaupthing, Landsbanki and Glitnir - and three other financial groups, Straumur-Burdaras, Exista and Spron.


I don't think I'd feel safe with savings in an Icelandic bank. Anyone here got money stashed in http://www.icesave.co.uk/ or http://www.kaupthingedge.co.uk/

If my bank fails can they still chase me for mortgage payments outstanding?