Tuesday, October 7, 2008

Icy climate: Are your savings safe?

Icy climate: Are your savings safe?

Icesave has collapsed - and it holds £5bn of your money. How much of it is protected, and when can you hope to get it back?

Posted by mark @ 04:56 PM (908 views)
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7 thoughts on “Icy climate: Are your savings safe?

  • The worst case scenario is that the Icelandic government doesn’t even have the money to pay out the £16,100. I don’t think this is a likely scenario, but in the current climate, you can’t rule anything out .

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  • ” know that many Fools have opened accounts with Kaupthing and Icesave” Quite!

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  • matt_the_hat says:

    “I know that many Fools have opened accounts with Kaupthing and Icesave via our site. At least one TMF staff member is in the same boat too. This is a very worrying time for all of these people.”

    Says it all about future advice from that site

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  • Michael Davies, icesave customer bbc24. Had a large sum (£100k) maturing on 24th October. Basically sh!tting bricks.

    1. Hope he has great kids!

    2. Smartprice Shopping at Asda for the foreeable future.

    3. 300,000 british savers involved. “kerplunked”

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  • maybe the icelandic government pay these individuals back in cod. pardon the pun C.O.D.

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  • The_pessimest says:

    UK Savers will not get a penny back.

    The Icelandic government will not declare the bank bankrupt so will not pay out.

    This suits the British government as the backs VIA the FSA will not have to pay out.

    It encourages people to save with UK banks.

    The saving guarantee int his case is worth Nothing.

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  • I’ve just run a few numbers (but without enough details to be very accurate) and it looks as though the compensation liability falling on the Icelandic people could be in the order of £10k per household there – and that’s from Icesave alone.

    Adjusting for population difference, It’s as though a British bank went down and the UK government had to pay foreigners £250bn to sort things out.

    With all the other banking antics that have been going on there, a sovereign debt default (or deliberate hyper-inflation, if they can get away with denominating the compensation in Krona) – seems inevitable now.

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