Just been on the IceSave site and there is the following notice:

Following the recent turmoil in the global financial markets, Icesave wants to reassure our savers about the financial strength of Landsbanki.

Landsbanki has no significant exposure to Lehman Brothers and there will be no significant impact to profit. It also has no exposure to the US mortgage market and no loss is anticipated from lending to XL Leisure.


Does anyone know what sort of shape they are in?


I've got a 6mth fixed term deposit account with them holding £31,000.

http://www.icenews.is/index.php/2008/09/29...k-finance-deal/

The government asked them if they required any funding to which they declined. I also have a couple of fixed rate bonds due to expire at the end of Ocotber.

Also the Nordic countrys have offered funding should the other 2 banks need it.

What a nightmare, no saver has lost any money as yet hoping im not the first.............

Bad news about the bail out, that might have calmed things for a while.

They also have 5 billion locked away in fixed rate bonds,

I never read the small print about bonds, and the fact you cant withdrawl them early. If only we knew what lay head last year lol

http://www.landsbanki.is/english/investorr...equityinvestors

You should be alright for the short term - but then get them out ...

Hello Young 'un.
Nationwide fixed rate bonds allow early closure with a loss of 3 months interest.

I think you are all panicking (which is what causes runs on banks!). Look at Landisbanks shares over 5 years....they are now double of what they were five years ago. In any case in the most unlikely situation that the bank was in trouble the Nordic banking system would never let it fail. Norwegian banks and Danish banks are in a very strong position.

nice one

(You were being sarcastic, weren't you?)

I see they got downgraded again today. http://www.landsbanki.is/english/aboutland...s/?NewsID=13200

Milkeymadmad
nice one
(You were being sarcastic, weren't you?)
I see they got downgraded again today. http://www.landsbanki.is/english/aboutland...s/?NewsID=13200





Milkeymadman - NO I'm not kidding. Look at BudoBear's link with shares etc! Look at 4 year and 5 year chart. The shares are a lot higher now than they were then.

Well, TBH I think they are as safe as anyone else so I'll not be too worried about my savings with them. It's easy to be a profit of doom in times like this, but I don't see any reason as yet to remove money from them.

After moving my money out earlier on in the week, I got an answer phone message to call them. I was quite surprised when I heard what it was about. They were apologising for taking too long over the CHAPS payment so were refunding my £30! The blurb at the time said it may take till next day if after 1pm, so I wasn't surprised to see it go out next day so I wouldn't have complained.

They are the best bank I've used, shame about the circumstances - still keeping my money out.

http://business.timesonline.co.uk/tol/busi...icle4863901.ece

Interesting article in The Times

Basically today, Landsbanki have sold off a part of their business for £300 Million in repsonce to the government buying a 75% stake in Glitnir, the smallest of the Icelandic banks. Its good they are restructuring and taking action in responce.

I just hope the USA vote yes on Friday to get the money markets moving again. Prior to Lehmans going down, banks had started lending to each other, the interest rate between banks had dropped. Before shooting back up again.

I'll admit everything about them was operated smoothly and well They replied to e-mails, and phones were answered by human beings that spoke English. I liked them.

My replacement account was with Newcastle Building Society, who are the people who also manage Icesave and First Bank of Nigeria's accounts. Everything has been equally smooth.

No it wasnt a bright Idea to invest any kind of money what so ever in an icelandic company and now leave it in the UK. They have frozen all of the accounts and everyone knows what the weather is like in iceland its bound to freeze. maybe in summer it will unfreeze.

Anyone heard anymore about what FSCS are upto? There was a communique on the 9-Oct saying they were working with the Icelandic Govt, but it's all gone quiet.....

Perhaps the UK Govt are hoping it'll stay like that?

Regards to all


Frank

I emailed the FSCS and had an automated response. I went on to Icesave site when I heard the news and got into my account and printed out my Statement so I knew how much I had in there. I am pleased I did that as since then the site has gone down. The latest I heard was that the FSCS would be contacting all Icesave savers with details of their claims etc. I have not heard anything yet but fingers crossed.

supposed to be a statement again today, from FSA website....

When will I get it back?

As quickly as possible. HM Treasury, the FSA and FSCS are working closely together on the practical arrangements for paying back customers and the FSCS website will be updated with further information on Friday.