Saturday, February 9, 2008

MPC authority continues to wane

Icelandic bank begins savings battle

The newest entrant to the UK savings market has decided to throw down the gauntlet to its rivals by keeping its savings rate static at 6.5%, despite the Bank of England rate reduction today. Its closest rival is Indian-owned ICICI bank's HiSAVE account at 6.41%. It is unclear whether ICICI, which held its position at the top of the tables for several months until Kaupthing's arrival, will be forced to retain its rate also.

Posted by uncle chris @ 09:06 AM (625 views)
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3 thoughts on “MPC authority continues to wane

  • Between them, Kaupthing and Landsbanki must have at least £10bn of UK savers money – in cash.

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  • I read a worrying report about the Icelandic banks – something about too much interelationship due to small population – so keep to the £35k limit…

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  • If you’re referring to the recent Telegraph article, then forget it.

    Read more closely what they say there. The trues underlying picture is that as cash-rich banks they are very safe. The Telegraph claims that “according to analysts” Icelandic banks “may not be safe”. That’s just BS dressed up as fact, after all who are these analysts and

    Q. Why haven’t they put their names to their claims?
    A. Because they don’t actually exist.

    Always be wary when media sources claim “according to anonymous sources” or “according to members of the public” or “mainstream opinion is that … “. Usually it’s simply the editor’s own opinion appealing to public approval.

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