internet bank stops British customers making withdrawals

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
07/10/2008 13:06

Icelandic internet bank stops British customers making withdrawals after it admits: 'We can't safeguard your cash'



http://www.dailymail.co.uk/money/article-1069715/Icelandic-internet-bank-stops-British-customers-making-withdrawals-admits-We-safeguard-cash.htm

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
07/10/2008 13:49

Up to 200,000 British Account holders. They must be worried.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
07/10/2008 13:54

Good reason, the Iclandic finance sector is in meltdown. A figure of 30% loss this week was mentioned earlier.



The have done the right thing by freezing assets to prevent disaster and give the government there some breathing space to try to sort out.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
07/10/2008 14:11

hi all ..on tv this morning Russia has loaned the Icelandic goverment 4billion euros to help them out. Now we see why XL couldnt get the financing it needed the country was broke as well as the banks. there is even talk about whether the Icelandic currency can be tradeble quantity...

Laptalocal


Joined: 28/02/2008
Posts: 99

Message Posted:
07/10/2008 16:40

As a customer of Icesave I am a bit concerned to say the least! There is limited info available but from what I can gather, as Landsbanki are part of the FSA Passport Exemption scheme, foreign investors are only offered compensation up to 20,000 Euros which has to be applied for and paid by the Icelandic government and additional amounts over this, then have to be recovered from the FSCS (UK scheme). Apparently under EU law, compensation has to be paid within 3 months, but some are expressing concern as to whether the Icelandic Government can even make these payments...

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
07/10/2008 16:42

Laptalocal, give them a call on the 'phone. You might get a frosty reception however!

PtePike



Joined: 20/05/2008
Posts: 2334

Message Posted:
07/10/2008 16:44

Does this affect customers of Iceland?

Laptalocal


Joined: 28/02/2008
Posts: 99

Message Posted:
07/10/2008 16:58

msg. 6 Ha! Yes, it in theory affects the Icelandic Nationals, but domestic customers are covered and their banks etc are operating in Iceland as normal today. It is only the foreign branches that appear to have been suspended at the moment. The website is not allowing any withdrawls or deposits and although they have branches in foreign countries (UK, NL etc), due to the Passport Exemption, foreign investors are not quite so well covered. It will be interesting to see what transpires! The government has suspended trading of 3 banks and the list of companies that these banks invest in, is quite surprising (Debenhams, West Ham FC and even Gordon Ramsay)..!

greenman


Joined: 16/02/2008
Posts: 526

Message Posted:
07/10/2008 17:33

Protection for UK investors in IceSave will be through the Financial Services Compensation Scheme (FSCS) The latest details can be found here: http://www.fscs.org.uk/consumer/



The FSCS have indicated that they will deal with the claims rather than having to claim from Iceland's scheme and then top up claim through the FSCS.



New FSCS guarantee now at £50,000

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
07/10/2008 17:53

Message 3



The Icelandic government is "freezing assets".



Who would have believed it!



Lem

come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
07/10/2008 18:03

Don't know PtePike but buying up lots of pies just in case.....

DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
07/10/2008 18:09

On the 5 o'clock news, Dutch radio: "Dutch customers (± 25.000) of the Icelandic Internet bank Icesave (5.25% interest) could still withdraw their money in full today - with they did en masse."

Nastynipper


Joined: 08/06/2008
Posts: 171

Message Posted:
07/10/2008 18:40

yet again RASICAM AGAINT BRITS

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
07/10/2008 18:59

hi all .. last thing I saw on Bloomberg was the statement from there parent bank ,was that investors would have to seek compensation as the bank was virtually insolvent...

DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
07/10/2008 19:19

Sorry, stupid typo: On the 5 o'clock news, Dutch radio: "Dutch customers (± 25.000) of the Icelandic Internet bank Icesave (5.25% interest) could still withdraw their money in full today - with they did en masse."



- which they did en masse.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
07/10/2008 19:40

Dutch who is stupid typo?



Is he a character from your homeland's literature... only we see a lot of him here and in another place.... not from you mind...

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/10/2008 20:41

Doyen1 and Lemtech,



Love your opinions. Too sharp for me, left me out in the cold!



wyn

ebbern5


Joined: 03/06/2008
Posts: 79

Message Posted:
07/10/2008 20:18

I just had a cheque returned by the bank "insufficient funds" I dont know if this refers to my funds or the banks.





lou

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
08/10/2008 00:07

how did a tiny country with the population of twenty english villages

become a multibillion player?



their retail acquisitions in uk and the mountains of finance capital,

much of it is from foreign banks and individuals who saw iceland

as a refuge banker, as a sort of straightlaced offshore auntie



yes there are lots of brits with savings there...

but I wonder why russia is suddenly so keen to prop up these banks

with 4 billion euros?



can it be their investors are also in up to their necks?



you better stop thinking of russia as old ladies queing in the snow for bread,

times are changing:



drive a car?

use natural gas?



geddit?



andre

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
08/10/2008 00:09

Erh........no.



Lem

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/10/2008 00:25

Littlenige,



Has the Pope been advised that no withdrawls are allowed.



Saints alive!



wyn

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/10/2008 00:27

Andre, Could they have offshore deposits?



I don't mean bank deposits!



wyn

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
08/10/2008 00:44

lemtich post 20:



russia is the worlds largest producer and exporter of oil and gas



andre

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
08/10/2008 21:13

hi all ..The news today stating all100% of savings in Icelandic and UK banks will beguaranteed by government.

Andre514..Russia has had to bail out one of its big banks,which shouldnt be much of aproblem for them considering the vast wealth they now have....

greenman


Joined: 16/02/2008
Posts: 526

Message Posted:
08/10/2008 22:18

For those of you with savings in Icesave, here is the latest information on the FSA site:



"Is my money with Icesave safe?

Yes. The Chancellor of the Exchequer has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave.





Will I get all of it back or just the first £50,000?

No retail depositor will lose any money as a result of the closure of Icesave.





When will I get it back?

As quickly as possible. HM Treasury, the FSA and FSCS are working closely together on the practical arrangements for paying back customers and the FSCS website will be updated with further information on Friday."







http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
09/10/2008 11:09

we looked at investing with this bank a few years ago because they were offering very good interest. the reason we didn't was because they were only covering the first 20k euros.

anyone who has money in jersey and gurnsey is also not covered by the comp scheme and needs to move their money asap!

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
09/10/2008 15:40

hi all ..I see the owner of West Ham Utd. has lost 260Million pounds with the collapse ot the Icelandic bank.He turned down 3 offers to buy the club only 3 days before the collapse,bet he wished had taken up the offer...

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/10/2008 16:35

I heard that one offer was from Gary Glitter,1 was from the old CEO of Lehman Brothers and the other one was from the Millwall supporters club!

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
09/10/2008 18:27

No1 Doyen.. I would sooner see it "nationalised" by Brown&Co .....

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
10/10/2008 12:23

but can brown and co add up?

ataturk


Joined: 09/09/2008
Posts: 712

Message Posted:
10/10/2008 20:38

will this affect the price of frozen peas cos tempos seems to be selling lots of their products

PtePike



Joined: 20/05/2008
Posts: 2334

Message Posted:
11/10/2008 22:57

Banking must be like sex. Apparently as soon as you withdraw you start to lose interest.