Icesave collapse

[smiley]

Hi All

Is anyone else with Icesave?

I recently just transfered 2 cash Isa's to them. 1. hubbies 2. daughters.

I understand we will get our money back but, these are isa's.

I've just sent an email to the FSCS asking them if anyone has considered the implication of reinvesting the Isa's.

If they just give us a cheque how do we get all the money back in an Isa? or do we have to open a new Isa so it can be paid directly so we don't loose our benefits?

We don't have £50,000. But it has taken a long time with the little that is their and its above the annual limit for a one year deposit.

 

[Guest]

Evidently Brown and Darling have guaranteed these accounts using the taxpayer as banker.

Just where they are getting all this money from is a mystery and one I suspect will haunt us for generations to come.

On an aside matter, just how the pair of them think that stealing the shareholders money will do themselves favours at the ballot box is another of our current mysteries. Between B&B and HBOS and now RBS there are more than 2 million voters whose investments have been stolen. Does he think they all have no memories?? Here were Companies downgraded as a result of his incompetence and dithering and so his buddies have made money. Yes, the Banks were stupid but they do not lose that amount of money in one day unless someone is manipulating the market.

 

[TrevorM]

Smiley, my wife and I also have Icesave accounts and we, like a lot of others have cause to be grateful for yesterday's announcement regarding compensation.

We believed that depositing cash with a regulated bank with a

 

[Dustydog]

Why is it that the idiot fat cats who mismanaged us into this mess are still on their seats of power creaming it in??

Sack them all.

Cheers

Alan

 

[Thorpedo]

I don't wish to seem hard hearted, and I'm pleased in a way that our government is supporting British people by guaranteeing your savings. But....

Why on earth is the British Government (tax payer) bailing out savers in an Icelandic bank?

I hope we are not also bailing out Icelandic savers in British banks.

I hope our government will be pursuing compensation from the Iceland government and the fund managers and bank executives who probably pocketed small fortunes in bonuses and salaries whilst setting up and running this high risk internet bank all run on a wing and a prayer.

And another thing before I go into my ANGER MANAGEMENT!!! session.

You can bet your bottom dollar that the same fund managers, executives and traders who got the banks into this hole are at this very moment buying up shares at rock bottom prices using their ill gotten fortunes and by this time next week will have sold the shares at a tidy old profit thus further profiting from the mayhem they caused.

Bit of good old fashioned persecution is in order I reckon, lock em up as financial terrorists for a few months.

Impound the Porche and let a family from Toxteth run riot in thier holiday home in the South of France for 2 weeks.

Damn good larching wouldn't go amiss.

 

[Guest]

Just to interject a little bit of humour in these dark days.

Have a look at the 'Alex' cartoon strip in today's Telegraph and you will se what the bankers are thinking of doing.

 

[Guest]

By the way it is online at

http://www.telegraph.co.uk/money/Alex/pAlexTemplate.jhtml

 

[colin(bridgend)]

How can the local authorities invest public money and then turn around and say they are desperate for money for continuation of supplying their services. Neath Port Talbot Council have lost

 

[Guest]

Does nobody remember that not so long ago, a Council lost a fortune investing in BCCI.

They never learn.

 

[Lord Braykewynde]

If you are interested in saving Iceland start bidding now, lots of people interested from the amount of questions .........

http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=320308801162

 

[Royston]

In the uncertain times that we are living in, I had to smile at a news nibbet , property magnets are offering buy 1 flat and get 1 free somewhere in the midlands.

Royston

 

[Dustydog]

Hi Colin

Wiltshire CC and North Wilts District Council have lost

 

[rob_jax]

Hi Alan,

Council officers have a duty to protect the funds they are entrusted with - and that normally means placing any surplus in a bank high interest savings account - that's hardly gambling...

And if they hadn't placed the money in a bank savings account, but stuffed in under a mattress somewhere - would you have criticised them for not earning interest on the money?

Robert

 

[Dustydog]

Hi Robert

I don't entirely disagree. However when I was a Pension Fund Trustee we always erred on the side of caution with our investment philosophy. Also a very strict eye was kept on the liquidity of any given bank, shares etc. Was such an investment of council tax payers hard earned money really worth an extra one quarter of one percent interest?

What's happened here is just like winning the lottery only to be told the prize money has been lost for good!

Cheers

Alan

 

[Thorpedo]

Spot on Alan, people and organisations investing in non high st names were taking a gamble to make a small profit and they have been caught out.

I don't see the situation a lot different from gambling on shares except no one will bail ou out with shares.

Nice to see the British Government showing a bit of Britishness and helping to recover the situation.

I hope investors and the nation do get thier cash back.

 

[Chrisbee]

What's the capital of Iceland?

about

 

[smiley]

When switching the Isa's to Icesave I only did it for the following reasons

1 recommended

2 could operate online

3 has branches in uk

4 Is on FSA.

It wasn't the highest paid interest at the time but a consistant steady earner.

 

[Rodone]

Smiley mentioned the FSA. What an earth good is the FSA. They should have been disbanded at the point when Northern Rock went pop. My pension adviser ( I use the word adviser with my tongue in my cheek ) kept wittering on about how his organisation was overseen by the FSA..... a bit like saying that the Titanic was designed by thorough professionals. Sack the lot of them !

 

[colin(bridgend)]

The Welsh Assembley has made an offer to the Welsh local authorities for next year's budget which has included an allowance for inflation. The local authorities have replied by saying it is not enough and either services will have to be cut or council tax will rise considerabley to cover the extra projected costs. Fair enough if the authorities were strapped for cash but when they ask for extra monies from either the government or tax payer and have a hefty sum tucked away for goodness knows what they should be horse whipped. After all it is our money so that money should be used for the services which they are obliged to provide and not cut services. If they are so short of cash the councillors who are a hefty financial drain on the coffers should forfeit their money and go back to being a councillor for the love of it and not for the money they can make.

 

[RobE]

What do Icelandic banks and Icelandic nudists have in common??

They all have frozen assets!!

Apologies to oall those with lost investments, but amid all the doom gloom we still need a bit of humour now and then.

Rob E