Monday, October 6, 2008

meltdown continues

Savers frozen out as Icesave website collapses

Sceptics have questioned how well placed the Icelandic scheme would be to pay out because it has only £88 million in the kitty to cover deposits totalling £13 billion, or 154 times as much. The Icesave spokeswoman added: “The Icelandic Government has made clear it would step in to fund any shortfall.” But sceptics have again questioned whether an already beleaguered Icelandic Government would be in a position to guarantee deposits totalling about twice the country’s entire GDP.

Posted by sold out @ 03:04 PM (1171 views)
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12 thoughts on “meltdown continues

  • Seems to be working fine.

    What’s the hidden agenda? Forced repatriation of readers’ savings back to UK banks?

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  • http://www.icesave.co.uk/login.html

    You are now entering the Icesave log in area.

    We have been experiencing intermittent faults with our website over the last 12 hours. These were intermittent faults randomly affecting different groups of customers at random intervals. Our IT team has now resolved the issue.

    We apologise for any inconvenience these faults may have caused.

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  • i have not been able to transfer money out of HSBC using website for over a week………..

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  • Must admit I didn’t have any trouble moving out the remaining contents of my icesave account a couple of days ago.

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  • None of my friends and colleagues have been able to pay money from the HSBC for a week either.

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  • tyrellcorporation says:

    Panic stations!

    I kind of agree Paul but crushing Icelandic banks would be pretty bad for the UK economy too as they own large swathes of the UK high-street. There is something intrinsically unnerving about Iceland though as it doesn’t really make anything or do very much – what supports these spurious guarantees?. Although GB has done as much as possible in the last decade to wreck our economy, at least the sheer size of it should cushion us from a full-scale meltdown.

    … I hope

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  • I must admit when I sold my house I thought about putting the proceeds into icesave but I remember what happened to BCCI in the 80’s and decided against it….. They must have been taking risks to be able to offer much higher rates of interest than everyone else..

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  • But the fact is that the headline is not true – the website works fine.

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  • I used to have an Icesave account as well. I closed it a few months ago. The problem as I understand it is that although it is backed by the FSA guarantee the first 17K have to be claimed from the Icelandic equivalent only the balance is covered by the UK banking authorities. So assuming that you can get the Icelandic bit back it still looks like too much hassle and too many things that can go wrong.

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  • The govt is expected to make an announcement tomorrow re. savings guarantees. They MIGHT change the rules to exclude foreign banks. If you’ve got money in Iceland, get it out NOW

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  • Whostolemyendowment says:

    Online banking – regardless of its ‘national’ location has always worried me…..if there is a run on a banks online service, it is all too easy for the banks to lock you out!

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  • just cleared my account out, don’t like the situation Iceland is in. No probs with the website.

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