Tuesday, October 7, 2008

A warning shot

Crisis spreads as Iceland's Landsbanki goes bust

British savers have been blocked from withdrawing funds from Icesave, the internet savings bank that is owned by Landsbank, after Iceland’s financial regulator took control of the country's second largest bank .

Posted by matt_the_hat @ 10:23 AM (803 views)
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8 thoughts on “A warning shot

  • cat & pidgeons comes to mind

    what will darling do now?

    (before 12 noon)

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  • The financial system is panic stricken, Baird’s have just suspended sales of all Gold coins due to overdemand and non existent supply. Watch the Gold price go to $2000.00 quicker than anyone expects!

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  • The Icelandic people are supposed to cough the first 20,000 euros for each depositor, before the UK protection system kicks in – but there’s only 300,000 people in Iceland – I think it’s too much…

    Expect Iceland to formally default on its sovereign debt – you’ve not heeded the warnings, that first 20,000 is almost certainly lost.

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  • .IF you’ve not heeded the warnings..

    (why can’t we edit posts here..!)

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  • Yeah, but the FSA scheme will pick up the tab for any short fall….. or I’ll find out soon!

    Managed to xfer £10K yesterday but not sure when I’ll get it?!

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  • Heritable Bank’s parent group is Landsbanki – UK savers are reported to have around £4.5bn invested with Icesave which is also managed by Heritable’s head Mark Sismey-Durrant. Heritable Bank is currently unavailable for comment.

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  • There was someone on the main page yesterday who said that they had £150,000 in 3 deposits with Icesave, but was not too concerned becaused it is only a “savings bank” and so no risky.

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  • It also depends on whether they went bust before or after midnight uk time, as that is when the compensation scheme changed to £50,000.

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