Guest harrison family Posted October 7, 2008 Posted October 7, 2008 What a day !!! just heard that the Icelandic bank i have been saving in has gone into recievership today and are savings for OZ are in it. Very very down at mo :cry: Has anyone got any advice ?
Guest earlswood Posted October 7, 2008 Posted October 7, 2008 What a day !!! just heard that the Icelandic bank i have been saving in has gone into recievership today and are savings for OZ are in it. Very very down at mo :cry: Has anyone got any advice ? You are protected up to £50,000 anyway and no one has lost a penny out of a bank up to now, will be OK I am sure.
lizg Posted October 7, 2008 Posted October 7, 2008 I'm in same position. Unfortunately Earlswood that's not strictly true in this case. The first £16,000 is covered by Iceland who are only prepared at this time to guarantee the domestic market - no guarantees for the rest of us. Looks like they don't have enought for the 300,000 UK savers and they are in dire financial straits. When I hear more I'll keep you posted. Sorry I can't be more cheerful Harrison Family but fingers crossed for you and me! Liz x
nikci Posted October 7, 2008 Posted October 7, 2008 Agree with Earlswood (yes I did say that) protected up to £50k so u should be fine unless you have more than £50k in savings of course. These are terrible times and to be honest my dream of moving to Oz is slowly slipping away as each day brings more bad news. Lets keep our fingers crossed that things start to get better for us all. Sending you lots of luck!! ALl the best, Nikci xxx PS: Just saw previous post - sorry to hear that - I really hope it works out
Guest earlswood Posted October 7, 2008 Posted October 7, 2008 I'm in same position. Unfortunately Earlswood that's not strictly true in this case. The first £16,000 is covered by Iceland who are only prepared at this time to guarantee the domestic market - no guarantees for the rest of us. Looks like they don't have enought for the 300,000 UK savers and they are in dire financial straits.When I hear more I'll keep you posted. Sorry I can't be more cheerful Harrison Family but fingers crossed for you and me! Liz x It is true Liz.... Under the depositor protection arrangements in Iceland and the UK, the Icelandic authorities will be liable for the first 20,887 euros (£16,300) of compensation. The UK's FSCS will pay out the rest of the claims, up to the newly introduced ceiling of £50,000 per person. BBC NEWS | Business | Icesave savers warned on accounts
TheBrammies Posted October 7, 2008 Posted October 7, 2008 the bank hasn't gone into receivership it has been nationalised i cant remember if iceland are part of the eu(been a long day) if it is the european union said they wouldnt let any bank go under so you will get all your money back just pay attention to there web site and announcements by the goverment and ignore any rumours worrying times i know but you will get all your money probably before a visa lol
Guest Posted October 7, 2008 Posted October 7, 2008 Liz, my heart was breaking for you but it looks like Earlswood has brought you the good news you need. I'm sure you'll have some stress ahead on this but you will get up to £50K back in the end - enough to get to Oz (I hope I've got far less!) Jules
jewatt Posted October 7, 2008 Posted October 7, 2008 Agree with Earlswood (yes I did say that) protected up to £50k so u should be fine unless you have more than £50k in savings of course. These are terrible times and to be honest my dream of moving to Oz is slowly slipping away as each day brings more bad news. Lets keep our fingers crossed that things start to get better for us all. Sending you lots of luck!! ALl the best, Nikci xxx PS: Just saw previous post - sorry to hear that - I really hope it works out Hi Nikci, I feel just the same as if its all been for nothing we got our Visa a few weeks ago and can't do a thing as we still haven't sold the house we have a buyer and they have a buyer but their buyer still has to sell and the way things are going it feels like its going to take for ever, We have also spent the last 2yrs saving like mad and for what its all going to be worthless everyone says not to worry it wil lbe fine but thats not easy still at least we are having a holiday in Aus in Nov to validate knowing may as well spend some of our money , at least we are not alone a lot of us in the same boat, Hope it all picks up soon Evelyn
Guest harrison family Posted October 7, 2008 Posted October 7, 2008 Thanks everyone for your reply's i have been trying to get through to icesave all day !!! not only have they closed internet site they seem to have blocked phone calls aswell. I have just had a look on the FSCS website and Earlswood is right i should get my money back (everything crossed ) how long it takes is another question but it will be interesting to see wether it is my visa or money first !! does anyone fancy a sweep stake ?
TheBrammies Posted October 7, 2008 Posted October 7, 2008 Earlswoods is spot on i'm wrong the bank looks like its being wound up but you will get your money back
lizg Posted October 7, 2008 Posted October 7, 2008 It is true Liz....Under the depositor protection arrangements in Iceland and the UK, the Icelandic authorities will be liable for the first 20,887 euros (£16,300) of compensation. The UK's FSCS will pay out the rest of the claims, up to the newly introduced ceiling of £50,000 per person. BBC NEWS | Business | Icesave savers warned on accounts Sorry but it's not that simple. The guarantee apparently only applies to domestic savings and not UK. I've been on various websites all night trying to get updates. The Icelandic government have so far only said they think they can cover compensation for all but can only assure it for domestic customers. The brits could be left high and dry for savings up to £16,000. Iceland heading for bankruptcy and doubful that they will have enough money. Trying to borrow money from Russia to prop up their economy (not for Icesave customers!!) I thought I had transferred funds out this morning (didn't even know there was a problem till an hour later) but apparently they are in limbo and will go back to Icesave but as they've closed my account I can't get access to see if funds have came back in (to a closed account!) Can't get through on phone and have no evidence re savings that were there. All my savings. Been crying my eyes out all night. Appreciate all the positive thoughts and posts and no need for suicide watch till we know for sure! Liz x
lizg Posted October 7, 2008 Posted October 7, 2008 Please see info below re getting money from Iceland. Praying that a buyer steps in - that would solve it! And what about British money in Icelandic banks? "Internet bank Icesave has suspended all deposits and withdrawals from customers' accounts after the Icelandic authorities stepped in to rescue its parent company Landsbanki," says The Guardian. The move "hit more than 300,000 UK savers who joined the bank, attracted by its high interest rates on savings accounts and Isas. Although Landsbanki is set to continue trading as normal in Iceland, it is not clear what will happen to Icesave". Icesave's website said: "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers and hope to provide more information shortly." The Icelandic Financial Supervisory Authority (IFSA) today announced that domestic deposits were fully guaranteed by the government, and that "Landsbanki's domestic branches, call centres, cash machines and internet operations will be open for business as usual". But this doesn't extend to UK savers as yet. Landsbanki is not bust as yet, so as Mark Atherton points out in The Times, "savers cannot make any claim on either the UK or the Icelandic deposit guarantee scheme." If Icesave did collapse, savers would have to apply for compensation both in Iceland and the UK, and would only be able to get back up to £50,000. The first €20,000 (£15,500) is protected under the Icelandic government's scheme, and the remainder, up to £50,000, by the UK Financial Services Compensation Scheme (FSCS). As for Kaupthing, the bank says that "Kaupthing has not been nationalised and is still trading normally. There is no reason to move your money, or to panic". However, in the event that something similar happened, Kaupthing Edge savers are in a better position than those with Icesave. Because of Kaupthing's link to Singer & Friedlander, it qualifies in full for the UK's £50,000 deposit guarantee scheme and doesn't have to get any of the money from Iceland. Can the Icelandic scheme afford to pay compensation? This is not clear. The Icelandic Financial Supervisory Authority currently has £88m in the scheme. If Landsbanki does declare itself bankrupt, it would need to pay 300,000 customers £16,214 each, a total of about £4.86bn. The IFSA would then go to the Icelandic central bank for further funding but whether it would be able to secure the full amount is not known at this stage.
Guest Scardycat Posted October 7, 2008 Posted October 7, 2008 Liz and Harrisions how awful for you, as if moving to Oz isn't stressful enough I really hope you get your money back. It really is worrying times, let us know how you get on, really hope it works out ok for you. Cat
geegriff Posted October 8, 2008 Posted October 8, 2008 hope everything works out for you. Take a look at the Martin money saving website. http://www.moneysavingexpert.com/savings/safe-savings#icelandMartinsMoneyTips@moneysavingexpert.com; hope these help Liz
Guest The Pom Queen Posted October 8, 2008 Posted October 8, 2008 Oh my oh my. I am so sorry, even if you do get your money back it has been such a worrying time for you all. They say that applying for your visa is a rollercoaster of emotions without all this as well. I will keep my fingers crossed for you and hopefully you will hear some positive news soon. Kate
Guest sjs Posted October 8, 2008 Posted October 8, 2008 alistair darling was on gmtv this morning trying to reassure such customers and i think there are announcements from him later today as someone else pointed out gmtv website may have some advice from martin lewis who looked fuming this morning - i did not catch all of the interview. i really really hope later today brings all involved the good news they deserve - these banks are just in one big mess it is shocking GOOD LUCK sjs
Guest harrison family Posted October 8, 2008 Posted October 8, 2008 I have just found out that Iceland will not guarantee UK savers but our government will so a little bit happier but still very nervy !!!!!
Guest dnex721 Posted October 8, 2008 Posted October 8, 2008 I'm in same position. Unfortunately Earlswood that's not strictly true in this case. The first £16,000 is covered by Iceland who are only prepared at this time to guarantee the domestic market - no guarantees for the rest of us. Looks like they don't have enought for the 300,000 UK savers and they are in dire financial straits.When I hear more I'll keep you posted. Sorry I can't be more cheerful Harrison Family but fingers crossed for you and me! Liz x Hi Frightening times but It was on television this morning that the UK will cover the 50K as if it was a UK bank so protected up to 50k it may take a few months to come through IF it comes to it all the customers with money in the bank will soon recieve a form to complete regarding this and at this moment nothing is lost I hope this helps Bev
lizg Posted October 8, 2008 Posted October 8, 2008 Many thanks for all the support. Latest news looking good: Treasury: no British savers will lose cash from Icesave collapse The Treasury today guaranteed that no British customers of Icesave would lose their savings after the Icelandic online bank collapsed yesterday. The Prime Minister issued a blanket guarantee that the 300,000 UK customers would get all their money back – and he threatened legal action against the Icelandic authorities to force it to honour its duty to compensate savers. Treasury officials went further, making clear that it will ensure that Icesave customers recover all their cash, up to and above the £50,000 limit. It hopes to be able to clarify later how, and when, Icesave customers will get their money back. Officials indicated that it is likely that savers will be able to make a single application to Britain's Financial Services Compensation Scheme for the return of all their money. Related Links Q&A: Government protection for Icesave depositors PM to sue Icesave to get savers' money How to protect your savings Icesave, the online British arm of Landsbanki, Iceland’s second biggest bank, announced yesterday that its customers could no longer withdraw or deposit money. Landsbanki was taken into receivership by the Icelandic authorities and its board of directors was fired. Yesterday the Icelandic prime minister indicated that Landsbanki was still operational and would be able to repay the money deposited by British savers, but the financial turmoil in the tiny Nordic country appeared to have worsened overnight. "The Icelandic government have told me, believe it or not, they have no intention of honouring their obligations there," Alistair Darling, the Chancellor, told BBC radio this morning. Citing "exceptional circumstances" he said: "We have decided we will stand behind those savers." Mr Brown later told a No 10 news conference that Britain stood ready to sue Iceland to honour its responsibilities. "We are taking legal action against the Icelandic authorities, to recover the money lost to people who deposited in UK branches of its banks," he said. More than 300,000 British customers had around £4 billion deposited in Icesave accounts, with the average saver having about £15,000 with the bank. Some had much more than this, though. One saver, Peter Amodio, has told The Times that he had £180,000 on deposit with Icesave. Another saver had her £200,000 life savings there. Icesave was one of a handful of banks to claim the so-called passport exemption - meaning that savers are supposed to apply to the Icelandic authorities for the first €20,887 (£16,170 pounds) they have lost, with the British compensation scheme topping up the rest. Today’s developments seem to suggest that this will no longer be necessary for British savers as the Government would do it on their behalf. Mr Darling made plain today that he would pursue the Icelandic authorities, if necessary through the courts, to recoup the money. "We are pursuing Iceland and we will pursue it vigorously to make sure that we get the money due to us back," the Chancellor told GMTV television. "But in the meantime I am going to be able to help those savers who would otherwise have to look to Iceland to get their money back. I am prepared to stand behind them and to stand behind the depositors. "It demonstrates my commitment to help people who have put money into banks in these exceptional circumstances." The online bank’s website remained frozen today. "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers," read a message on the site. "We hope to provide you with more information shortly." Now all I need is for money I thought transferred to find it's way back into my account from cyber space and I'm happy! Cheers, Liz x
Guest Sam&Si Posted October 8, 2008 Posted October 8, 2008 Hello, I've just had a worrying conversation with the Halifax who are holding my savings. The account which the money is in is one whereby you have to give 3 months notice in order to withdraw funds, which i duly did earlier this year. Having been tracking the exchange rate I decided to hedge my bets and make the transfer next week. Just spoken to Halifax and they have told me that as I didn't withdraw the money on the day that my 3 months notice expired (even though they never actually wrote to me explaining which day that would be) then I cannot access the money without giving a further 3 months notice. We leave the UK in 10 weeks time. The person I spoke to sounded very cagey and said that for large withdrawls everything now has to go to the Head Office and they are going to call me....the amount I need to withdraw is in excess of the £50k government protected limit....something sounds fishy and I'm starting to fear the worst!! I'm sure I'll get the money but the question is when??
lizg Posted October 8, 2008 Posted October 8, 2008 Hi Sam & Si No wonder you are worried. Can you get lesser amounts out and somehow get it down to the £50,000 guaranteed amount? This may be current policy which may change soon given the funding provided to banks today. I never knew you had to withdraw on the day or go through it all again. Understand your concern but I would keep chasing for verification. Let us know if you get any news. Big Hug to keep you going through this worrying time, Liz x
Guest Scardycat Posted October 8, 2008 Posted October 8, 2008 Hi Sam & Si, that might just be standard procedure, I gave 3 months notice to Nationwide and received a letter back giving me a date to withdraw they gave ten days from that date that I could make the withdrawal, then after that I would have to give 3 months notice again. Hopefully yours is a similar thing and should be no problem. I have some with Halifax so am really hoping there isn't a problem there regards Cat
Guest Scardycat Posted October 8, 2008 Posted October 8, 2008 p.s. Liz glad yours is sounding more hopeful now.
lizg Posted October 8, 2008 Posted October 8, 2008 Sam & Si, I'm with Scardycat on that. Does sound like normal procedure but maybe you could push for early release given that they failed to notify you. Surely they have some obligations to advise you funds are ready for collection? Yes Scardycat - looking better for us! Liz x
Guest Sam&Si Posted October 10, 2008 Posted October 10, 2008 Hi Liz and Cat, Thanks for your help with this one. Am pleased to say that after a fraught few days I eventually got the money out of Halifax - so Cat I don't think your money is at risk. I had to argue my point to no less than 4 'business mangers' at various 'head offices' around the UK but eventually they conceded that as they had failed to notify me of when my funds could be withdrawn so therefore my original 90 day notice period was honoured. So, thats one less thing to worry about. Did the exchange via Hifx today as well, so fingers crossed my new bank Westpac don't go bust! Thanks again girls, x
Recommended Posts
Archived
This topic is now archived and is closed to further replies.