The Masked Tulip Posted March 3, 2008 Share Posted March 3, 2008 Just caught the last few seconds of a trailer for tonight's Channel 4 news and I heard the words 'investigate UK banking crisis'! Then it was back to Richard & Judy. Might be worth watching - the news that is. Quote Link to comment Share on other sites More sharing options...
thermo Posted March 3, 2008 Share Posted March 3, 2008 (edited) Just caught the last few seconds of a trailer for tonight's Channel 4 news and I heard the words 'investigate UK banking crisis'! Then it was back to Richard & Judy. Might be worth watching - the news that is. It was something to do with Iceland's banks. Taking depositors money and making loans in Iceland considered "risky". Can't seem to find anything on C4's site yet, and Snowmail (the C4 newsletter) hasn't arrived yet. Interestingly, Icesave have a new page up boasting about their "financial strength": http://www.icesave.co.uk/financial-strength.html Snowmail just arrived: Our economics correspondent Faisal Islam has been delving into just how much British money has been poured into Iceland's banking system - and just how safe it is. We all know that when we are tempted by those attractive foreign savings rates we don't have quite the same protections as we have with a British bank - but are there any real reasons to worry about that? Well perhaps there weren't so many a year ago but in the post credit-crunch era consumers should be more attentive to the small print. Britain's money watchdog the Financial Services Authority has said some intriguing things to our correspondent and we'll be talking to the chair of the Treasury Select Committee live. Edited March 3, 2008 by thermo Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted March 3, 2008 Author Share Posted March 3, 2008 Interesting Quote Link to comment Share on other sites More sharing options...
GAL BEAR Posted March 3, 2008 Share Posted March 3, 2008 Can someone let us know what is said on the NEWS about this I won't get home in time to see it. I was just about to set up an ICESAVE Mini Isa. MARTIN LEWIS recommends them as being the best one. Wouldn't you damn well know it !!!! :angry: Quote Link to comment Share on other sites More sharing options...
Guest X-QUORK Posted March 3, 2008 Share Posted March 3, 2008 I could never save at ICESAVE, sounds too much like that terrible chav shop where that fat bint who's famous for hating her mother buys turkey twizzlers. Quote Link to comment Share on other sites More sharing options...
Fudge Posted March 3, 2008 Share Posted March 3, 2008 It was something to do with Iceland's banks. Taking depositors money and making loans in Iceland considered "risky". Can't seem to find anything on C4's site yet, and Snowmail (the C4 newsletter) hasn't arrived yet.Interestingly, Icesave have a new page up boasting about their "financial strength": http://www.icesave.co.uk/financial-strength.html Snowmail just arrived: This seems a bit strange. Why are they warning us against this? They didn't warn us about the housing market bubble or BTL or the credit crunch or anything else for the matter. Quote Link to comment Share on other sites More sharing options...
Timil Posted March 3, 2008 Share Posted March 3, 2008 If something looks too good to be true, it usually is. Quote Link to comment Share on other sites More sharing options...
Bearback Posted March 3, 2008 Share Posted March 3, 2008 (edited) This seems a bit strange. Why are they warning us against this? They didn't warn us about the housingmarket bubble or BTL or the credit crunch or anything else for the matter. Maybe it is a sponsored article paid for by a British bank who fear that Icesave will succeed in getting thousands of savers to save with them? The telegraph article about Barratts wanting stamp duty scrapped is so obviously a sponsored article. It is clear that Barratts don't want any readers to comment on it on their website too. Edited March 3, 2008 by Bearback Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted March 3, 2008 Author Share Posted March 3, 2008 I could never save at ICESAVE, sounds too much like that terrible chav shop where that fat bint who's famous for hating her mother buys turkey twizzlers. I am pleased to say that I have no idea who you are talking about. Quote Link to comment Share on other sites More sharing options...
pagaman Posted March 3, 2008 Share Posted March 3, 2008 I wanted to post this, but I don't have the correct rights...: anyway from my "snowmail" Good Afternoon. Jon is in America chasing down the Obama and Clinton road shows. So it’s me tonight and Iceland is the source of our lead story. Our economics correspondent Faisal Islam has been delving into just how much British money has been poured into Iceland's banking system - and just how safe it is. We all know that when we are tempted by those attractive foreign savings rates we don't have quite the same protections as we have with a British bank - but are there any real reasons to worry about that? Well perhaps there weren't so many a year ago but in the post credit-crunch era consumers should be more attentive to the small print. Britain's money watchdog the Financial Services Authority has said some intriguing things to our correspondent and we'll be talking to the chair of the Treasury Select Committee live. Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted March 3, 2008 Share Posted March 3, 2008 Bump on now Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted March 3, 2008 Share Posted March 3, 2008 Is this real or just trying to the get the cash back to British banks ? Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted March 3, 2008 Share Posted March 3, 2008 From the tone of the article they are warning of the dangers of banks folding .... but if they spoke about UK banks they'd end up in a heap of legal trouble so they're featuring Icelandic ones instead. I think anyone watching it should get the message that money put in a bank is NOT automatically 100% safe. Quote Link to comment Share on other sites More sharing options...
ruggedtoast Posted March 3, 2008 Share Posted March 3, 2008 (edited) This report is conveniently failing to mention that the only G8 country to produce a collapsed bank in living memory is the UK. Edited March 3, 2008 by ruggedtoast Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted March 3, 2008 Share Posted March 3, 2008 This seems a bit strange. Why are they warning us against this? They didn't warn us about the housingmarket bubble or BTL or the credit crunch or anything else for the matter. Channel 4 tend to do investigative journalism, it's what differentiates them from those who solely hang around the Westminster village repeating uncritically party political handouts. The amount of UK money on deposit in Iceland is equivalent to 1/3rd of Iceland's whole GDP. Yet more evidence of international money movement and how its volatility can cause domestic instability. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted March 3, 2008 Author Share Posted March 3, 2008 From the tone of the article they are warning of the dangers of banks folding .... but if they spoke about UK banks they'd end up in a heap of legal trouble so they're featuring Icelandic ones instead.I think anyone watching it should get the message that money put in a bank is NOT automatically 100% safe. Yes, I read it as the FSA warning us that banks are no longer safe and you should spread your money around appropriately. I have virtually all my STR fund in the Nationwide at present but I am now going to move it out and spread it around in the next 2 weeks. My gut feeling is that the FSA know something that we don't know and now, in order not to be criticised when it all goes belly up, they are saying this now so that in 3, 6 or 12 months they have a get out of gaol card and can say "Well, we told you so!" I imagine we will see increased IRs from the Icelandic banks in the coming weeks. Although, as so few people watch Channel 4 News the item might have little impact on people taking their money out. Quote Link to comment Share on other sites More sharing options...
thermo Posted March 3, 2008 Share Posted March 3, 2008 There was nothing revealing in that report, apart from the fact of how does the compensation scheme of a bank in one country apply to depositors in another. A commentator rightly said that it needed to be tackled at the EU level. Quote Link to comment Share on other sites More sharing options...
smiffy1967 Posted March 3, 2008 Share Posted March 3, 2008 From the tone of the article they are warning of the dangers of banks folding .... but if they spoke about UK banks they'd end up in a heap of legal trouble so they're featuring Icelandic ones instead.I think anyone watching it should get the message that money put in a bank is NOT automatically 100% safe. It's not safe, so buy gold and silver, they have intrinsic value and silver is used in manufacturing. Both are finite! Green and blue pieces of paper are just that PAPER and loose there face value year in year out, they are always being debased by inflation. Whats the point of holding paper money printed by bankers whom allow the supply of money to increase faster than the economy can possibly grow? We may as well just replace the paper money with magic mushrooms, at least you can laugh your way to the bank Quote Link to comment Share on other sites More sharing options...
Minos Posted March 3, 2008 Share Posted March 3, 2008 Yes, I read it as the FSA warning us that banks are no longer safe and you should spread your money around appropriately. I have virtually all my STR fund in the Nationwide at present but I am now going to move it out and spread it around in the next 2 weeks.My gut feeling is that the FSA know something that we don't know and now, in order not to be criticised when it all goes belly up, they are saying this now so that in 3, 6 or 12 months they have a get out of gaol card and can say "Well, we told you so!" I imagine we will see increased IRs from the Icelandic banks in the coming weeks. Although, as so few people watch Channel 4 News the item might have little impact on people taking their money out. Yes. Given how completely useless the FSA are you have to wonder if the warning is going to prove a little too late. Quote Link to comment Share on other sites More sharing options...
hpc-craig Posted March 3, 2008 Share Posted March 3, 2008 well, i think i'm still going to leave my ISA with them. I feel that report was unjustly aimed at foreign banks and as another poster mentions, I think the FSA can feel a storm brewing and is issuing a genral warning. They are also possibly a knarked off that the Icelandics can offer great rates and the UK banks can't. This report is conveniently failing to mention that the only G8 country to produce a collapsed bank in living memory is the UK. I thought that too. The Icesave MD should've mentioned this. Thats all he would have had to say. Bradford and Bingley looked pretty 'fruity' on the report too. Quote Link to comment Share on other sites More sharing options...
gravity Posted March 3, 2008 Share Posted March 3, 2008 Interesting point from John McFall : Foreign savings accounts, ie ICESAVE etc may not have the Governments 35K protection. Oh... Quote Link to comment Share on other sites More sharing options...
jonewer Posted March 3, 2008 Share Posted March 3, 2008 It's not safe, so buy gold and silver, they have intrinsic value and silver is used in manufacturing. No. They. Dont. Quote Link to comment Share on other sites More sharing options...
xiox Posted March 3, 2008 Share Posted March 3, 2008 I suppose if Icesave went, and the Icelandic government couldn't pay, the FSA would have to pick up the difference. How long would it take to get sorted out though? I didn't know the Icelandic government protected around 18K of the 35K limit. Quote Link to comment Share on other sites More sharing options...
Panda Posted March 3, 2008 Share Posted March 3, 2008 (edited) What a load of old tosh, i do not have an account with the ICE Save people, but this is pure and utter scaremongering by the FSA. They have caused the first run on a bank here in the UK, because Brown the clown introduced a three pronged system which does not work, and is run by clowns worse the the chief clown Brown. The FSA want you to put all you cash in the British banks because they are in the sh!t, simple as that. The British banks are broke, and the Stalanist Goverment want you to put you cash in there f@cked up banking system. This is media in the hands of the government, scare tatics, propaganda straight out of McFalls stupid dimwit of a mouth. I mean the guy is a joke. I just cannot believe i just seen what i seen, if i were ICE Save i would look at the legal position of this programme, because it could be seen as illegal, if trying to pursuade the saver away from ICE Save using this type of propaganda? Edited March 3, 2008 by Panda Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 3, 2008 Share Posted March 3, 2008 Interesting point from John McFall : Foreign savings accounts, ie ICESAVE etc may not have the Governments 35K protection. Oh... He's a %&$£. They are covered by the scheme and as far as I know any institution that takes deposits in the UK, i.e. not offshore savings, has to take part in the UK Financial Services Compensation Scheme by law. Quote Link to comment Share on other sites More sharing options...
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