Anyone here still banking with an Icelandic bank?

[Andy2]

"Iceland will also offer an unlimited guarantee for all bank customers' savings accounts".

I think If a whole country goes under, then its curtains for everyone so am banking (no pun intended) on the Icelandic govt. sorting this sh!t out.

Iceland GDP - $20billion
Icelandic banks worth-$160billion
Who will sort out who ?

[Turion]

Any guarantee to repay money that is given by a bankrupt, whether this is a person, company or country is not worth the paper it is written on.

It does not mean that all is lost, but don't rely on getting anything back soon, or possibly ever. The fact is that £1000's billions of global wealth has 'gone'. Much of it was born from debt and therefore illusory. Our governments ar bankrupt as well, so there is no way they can repay it. Only thing we can hope is that the situation stabilises - quickly.

[Bagpuss]

So you think the FSA which has not yet had to pay out anything. Won't be able to satisfy it's obligations?

[TimberWolf]

What's behind Russia's interest in helping Iceland?

Icelandic banks in crisis, looking to Russia
http://www.reuters.com/article/ameri...49634K20081007

[DimPrawn]

What's behind Russia's interest in helping Iceland?

Iceland gets cash and Russia gets a base to install a "missile defence system".

[Turion]

So you think the FSA which has not yet had to pay out anything. Won't be able to satisfy it's obligations?

Didn't say that exactly, but these guarantee schemes are effectively insurance schemes. Insurance works if only a small % of punters claim. Otherwise there is not enough money to go round - unless they start printing it. Iceland is bankrupt, so how are they going to repay - in their worthless kronors. Could happen if there is an avalance of claims.

The UK govt, has no spare cash to pay out either. They could in theory guarantee the deposits, but could not allow withdrawals for a very long time. The money could be placed into some 10 year bond for example. Fact is, as it stands, shareholders have endured all the pain. Now as the cancer spreads to the wider economy everyone, including savers are in the dog house. No one who has any savings, property, investments, pensions should be gloating.

[DimPrawn]

The UK govt, has no spare cash to pay out either. They could in theory guarantee the deposits, but could not allow withdrawals for a very long time. The money could be placed into some 10 year bond for example. Fact is, as it stands, shareholders have endured all the pain. Now as the cancer spreads to the wider economy everyone, including savers are in the dog house. No one who has any savings, property, investments, pensions should be gloating.

Those living on state handouts, sitting in the pub all day, rent free, must be pissing themselves laughing.

The lazy workshy shall inherit the Earth.

[KentPhilip]

Iceland gets cash and Russia gets a base to install a "missile defence system".

Exactly. "Cuban" missile crisis mark 2.

[Bumfluff]

Transfered a relatives cash out on Sunday night, took over 4hrs of trying though, kept getting to the last 'confirm' transaction and it would come back with an error, finally managed to get out, would of done CHAPS payment but it kept erroring on that as well. Logged in today and even managed to get through to ICEsave on the phone, transaction was processed and has left account just hope it turns up.

[the_rangdo]

Looks like the compensation schemes are going to be tested

http://news.bbc.co.uk/1/hi/business/7656387.stm