Bruce Banner Posted January 12, 2011 Share Posted January 12, 2011 I must admit that, having not risked my money in suspect Icelandic banks, I was annoyed when Brown promised to pay account holders the interest as well as the sum invested :angry:. Did they ever get paid, or are they still waiting and earning 8% interest at the taxpayers expense? Quote Link to comment Share on other sites More sharing options...
General Congreve Posted January 12, 2011 Share Posted January 12, 2011 I must admit that, having not risked my money in suspect Icelandic banks, I was annoyed when Brown promised to pay account holders the interest as well as the sum invested :angry:. Did they ever get paid, or are they still waiting and earning 8% interest at the taxpayers expense? Got all my money out two days before the collapse, also advised my family to do the same and they got all their money out on the last day it was possible (as it turned out). The icing on the cake was that Gordo (sorry, the taxpayer) gave us all our owed interest within a month of two as well. I've paid my taxes, so guess it was just a refund really. Quote Link to comment Share on other sites More sharing options...
HPC=dream Posted January 12, 2011 Share Posted January 12, 2011 My mum only had a relatively small amount which I think was about £5k. She did get it back. Quote Link to comment Share on other sites More sharing options...
ydbc Posted January 12, 2011 Share Posted January 12, 2011 We didn't "invest" in the Icelandic banks. We had a deposit with Derbyshire Building Society which got taken over by one of them. We had no say in the matter. Luckily, our bond matured and was paid out just a few days before the collapse. Quote Link to comment Share on other sites More sharing options...
TheOverLord Posted January 12, 2011 Share Posted January 12, 2011 Icesave savers got their money back quickly. I got back all my easy access money in 6 weeks with Interest paid up to the default date (so lost 6 weeks interest). I also had £ 30000 in a one year bond at 6.25 %. I was offered a choice of getting my money back straight away or leaving it with the FSA until the maturity date of the bond and getting the Interest. I chose the latter and was repaid in full with all the interest on the day the bond matured. So quids in ! Sorry. Quote Link to comment Share on other sites More sharing options...
jonb Posted January 12, 2011 Share Posted January 12, 2011 I must admit that, having not risked my money in suspect Icelandic banks, I was annoyed when Brown promised to pay account holders the interest as well as the sum invested :angry:. Did they ever get paid, or are they still waiting and earning 8% interest at the taxpayers expense? Yes, but only personal savers in the UK branches. Corporate savers didn't get any money back, and those who invested in Isle of Man branches are still waiting for the Manx authorities to pay up. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted January 12, 2011 Author Share Posted January 12, 2011 Yes, but only personal savers in the UK branches. Corporate savers didn't get any money back, and those who invested in Isle of Man branches are still waiting for the Manx authorities to pay up. Maximum number of voters for the taxpayers' buck then, typical Brown . Did the local authorities get their money? Quote Link to comment Share on other sites More sharing options...
jonb Posted January 12, 2011 Share Posted January 12, 2011 Maximum number of voters for the taxpayers' buck then, typical Brown . Did the local authorities get their money? No. They might get something from the liquidators eventually in the same way that they will with BCCI in the next year or so. Quote Link to comment Share on other sites More sharing options...
fellow Posted January 13, 2011 Share Posted January 13, 2011 I had £20k in there on monthly interest. Got it all back in just over a month but no interest was added during the waiting period. The money which was in an ISA kept its tax free status by being given a certificate to give to my next ISA provider. Quote Link to comment Share on other sites More sharing options...
abroad Posted February 11, 2011 Share Posted February 11, 2011 They were all entitled by FSA rules to repayment of all amounts up to 50K as they were UK branches. Its nothing at all to do about handouts. Anyway the taxpayer is being paid back by the Icelandic government as was agreed. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 21, 2011 Author Share Posted February 21, 2011 They were all entitled by FSA rules to repayment of all amounts up to 50K as they were UK branches. Its nothing at all to do about handouts. Anyway the taxpayer is being paid back by the Icelandic government as was agreed. And those with more than £50K, did they lose it? Quote Link to comment Share on other sites More sharing options...
quine Posted February 21, 2011 Share Posted February 21, 2011 And those with more than £50K, did they lose it? I had over £50k in a fixed bond - was due to expire in Dec and SHTF in Oct(?). I got the full amount out with all interest paid up to the date I closed the account (there was an option to keep it in 'till the end of the term of the bond) It was very professionally done. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 21, 2011 Author Share Posted February 21, 2011 I had over £50k in a fixed bond - was due to expire in Dec and SHTF in Oct(?). I got the full amount out with all interest paid up to the date I closed the account (there was an option to keep it in 'till the end of the term of the bond) It was very professionally done. So there was a handout of public money. They were all entitled by FSA rules to repayment of all amounts up to 50K as they were UK branches. Its nothing at all to do about handouts. Anyway the taxpayer is being paid back by the Icelandic government as was agreed. Quote Link to comment Share on other sites More sharing options...
sleepless Posted February 22, 2011 Share Posted February 22, 2011 Icesave savers got their money back quickly. I got back all my easy access money in 6 weeks with Interest paid up to the default date (so lost 6 weeks interest). I also had £ 30000 in a one year bond at 6.25 %. I was offered a choice of getting my money back straight away or leaving it with the FSA until the maturity date of the bond and getting the Interest. I chose the latter and was repaid in full with all the interest on the day the bond matured. So quids in ! Sorry. Myself & wife too. ~£100k and full interest at about 7% whilst other uk accounts were about 4%. Once FSA got involved money was as safe as any other UK account. Also it gave me a good wedge to invest in funds as the account matured just after stock market crashed. Probably doubled my money. Be lucky PS if you believe this you'll believe anything Quote Link to comment Share on other sites More sharing options...
abroad Posted February 24, 2011 Share Posted February 24, 2011 So there was a handout of public money. Only in the same way there was a handout for RBS,NR and BOS..In that the government guaranteed all UK bank deposits. The Icelandic government had a referendum this week on how to pay back the money to the UK. Just sounds like you are pissed off at missing out on that 7% interest Contractually the FSA are committed to paying back 50K unless of course you think that doesn't apply when the SHTF. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted February 25, 2011 Author Share Posted February 25, 2011 Only in the same way there was a handout for RBS,NR and BOS..In that the government guaranteed all UK bank deposits. The Icelandic government had a referendum this week on how to pay back the money to the UK. Just sounds like you are pissed off at missing out on that 7% interest Contractually the FSA are committed to paying back 50K unless of course you think that doesn't apply when the SHTF. The Government was wrong to pay out on amounts over £50K and four wrongs don't make a right. They were also wrong to pay the interest, why should the prudent underwrite the risk takers? No offence meant to individuals, good luck to you, but the principle was wrong. Brown was, as usual, buying votes with public money. Quote Link to comment Share on other sites More sharing options...
fellow Posted February 28, 2011 Share Posted February 28, 2011 The Government was wrong to pay out on amounts over £50K and four wrongs don't make a right. They were also wrong to pay the interest, why should the prudent underwrite the risk takers? No offence meant to individuals, good luck to you, but the principle was wrong. Brown was, as usual, buying votes with public money. Most were not risk takers, as it was just a standard savings account, and they had no idea that an FSA approved bank would fail. How would the average saver be expected to assess the risk of depositing their money with a particular bank? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 1, 2011 Author Share Posted March 1, 2011 Most were not risk takers, as it was just a standard savings account, and they had no idea that an FSA approved bank would fail. How would the average saver be expected to assess the risk of depositing their money with a particular bank? Many here didn't put their money in them because they looked too good to be true, and proved to be so. There were numerous threads about them here. Fortunately, for the not so prudent, Brown bailed them out with our money . Quote Link to comment Share on other sites More sharing options...
surfcat Posted June 12, 2011 Share Posted June 12, 2011 Many here didn't put their money in them because they looked too good to be true, and proved to be so. There were numerous threads about them here. Fortunately, for the not so prudent, Brown bailed them out with our money . Although big name UK banks (with too bad to tempt anyone interest rates) also failed, so your argument fails. Halifax, BOS, RBS, Llloyds, Bradford and Bingley... Quote Link to comment Share on other sites More sharing options...
RDW Posted June 12, 2011 Share Posted June 12, 2011 Although big name UK banks (with too bad to tempt anyone interest rates) also failed, so your argument fails. Halifax, BOS, RBS, Llloyds, Bradford and Bingley... I took all my money out a couple of weeks before it went tits up, apart from £8.08, which I now have as a cheque that I have not cashed, alond with the accompanying letter etc. Give all this 20 years or so, and that little piece of history maybe worth something. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted June 12, 2011 Author Share Posted June 12, 2011 Although big name UK banks (with too bad to tempt anyone interest rates) also failed, so your argument fails. Halifax, BOS, RBS, Llloyds, Bradford and Bingley... My argument does not fail, the same should have applied to the above UK banks who were too heavily exposed to toxic debt.... and you forgot Northern Rock , with the possible exception of "Llloyds"[sic], who were royally shafted by Brown and his idiotic government. Quote Link to comment Share on other sites More sharing options...
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