What's going on with the Icelandic banks?

chipperhead said:
I've got £7000 in icesave, tried to draw it out this morning and they are not releasing any money oh ****!

I've done some research and it seems that people are ok up to £50,000


The Icelandic Depositors’ and Investors’ Guarantee fund provides the first level of protection, which covers up to 100% of the first €20,887 (or the sterling equivalent) of your savings.
The UK Financial Services Compensation Scheme tops up your protection so that protection under both schemes is equal to 100% of the first £35,000 of your savings deposits held with Icesave.

However the first opportunity I get I am getting my money out.
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Why are you pulling it out? it's protected, pulling it out only makes the situation worse
 
Icesave says that it is not currently allowing customers to take money out of their accounts or to put in deposits.

Prime Minister Geir Haarde said the new laws would help the island avoid "national bankruptcy".

"Domestic deposits are fully guaranteed, as declared by the government.

"Landsbanki's domestic branches, call centres, cash machines and internet operations will be open for business as usual," it added.

Iceland the nation itself has had to borrow 4Billion Euro from Rassia to attempt to save their banks.

Get you money out of all Iceland banks, thier GDP is only 20Billion Euro, the banks are far more extended than that.
 
chipperhead said:
I've got £7000 in icesave, tried to draw it out this morning and they are not releasing any money oh ****!

I've done some research and it seems that people are ok up to £50,000


The Icelandic Depositors’ and Investors’ Guarantee fund provides the first level of protection, which covers up to 100% of the first €20,887 (or the sterling equivalent) of your savings.
The UK Financial Services Compensation Scheme tops up your protection so that protection under both schemes is equal to 100% of the first £35,000 of your savings deposits held with Icesave.

However the first opportunity I get I am getting my money out.
Click to expand...

Seems that Landabanki has gone into receivership
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article4897712.ece
 
Abraham said:
Why are you pulling it out? it's protected, pulling it out only makes the situation worse
Click to expand...

It's all very well them saying my money is safe but with what's going on at the moment I can see them turning round and saying actually were not going to cover your money now so you've lost everything.

I should think my money will be safe but I'm not 100% sure it will be and I'm not willing to gamble my money on this.
 
With Russia's inconsistent economy, I am very surprised they have let go of that much cash tbh.

It must be all the migrant workers that helped.
 
My savings are with Icesave :(

Anyone with under £50k shouldn't worry it's protected, the only problem is how long it takes to get that back and whatever inconvenience that will cause.
 
It looks like they have gone into Administration, Just being announced on BBC, depending what time they went into administration before midnight you are only entitled to up to 35K , statement to be made by Icelandic Prime Minister at 12 noon.
 
Well, I spoke to my friend again earlier, and he told me he has 200k in a bank over there, which is well above the 50k limit. :eek: I forgot the extra zero. :o H e told me he won't be able to with draw it until november, as he put it in last november, I guess it's a high interest saver thing... I just hope he is able to get it back!
 
MikeHunt79 said:
Well, I spoke to my friend again earlier, and he told me he has 200k in a bank over there, which is well above the 50k limit. :eek: I forgot the extra zero. :o H e told me he won't be able to with draw it until november, as he put it in last november, I guess it's a high interest saver thing... I just hope he is able to get it back!
Click to expand...


He should withdraw as soon as he can and lose the interest, it is very likely the uk arm is going into adminstration due to Iceland not having the money to bail it out, news is they wanted 20bilion Euro but russia would only give 4billion and no other country wanted to lend to them.
 
British savers have been blocked from withdrawing funds from Icesave, the internet savings bank that is owned by Landsbanki, after Iceland’s financial regulator took control of the country's second largest bank .

The Icelandic Government has dismissed the bank's board and put the institution into receivership.

Confirmation of the move came from Iceland's Banking Minister this morning, as the Icesave bank, controlled by Landsbanki, said that 300,000 British savers with the bank would not be able to withdraw their money.

British savers may now face a difficult struggle to extract their money from Icesave.

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article4897712.ece
 
KaupthingEdge is one of the safer banks in Iceland at the moment. An awful lot of their business is international and they are set up in a lot of european countries now.

Add to the fact that we will be covered up to £50k if they do go under... I'm not moving my money. It just makes things worse.
 
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