ICESAVE has gone into administration....
Discussion
http://business.timesonline.co.uk/tol/business/ind...
And it looks like it will take some time to get your cash out...
And it looks like it will take some time to get your cash out...
Swillsy said:
www.icesave.co.uk - has stopped taking monies!
More to the point - you can't take any out right now either !yep
- Landsbanki (Icesave is just a brand name) is in administration having been seized by the Icelandic FSA. In the UK their operation is a branch and therefore Icesave deposits are in the first instance covered by the Icelandic protection scheme, whereas Kaupthing Edge is covered by the UK FSCS scheme, the UK operation being a UK subsidiary rather than a branch. They are still in business.
- The icelandic krona has been fixed
- A loan of EUR4bn by Russia to Iceland is being discussed
- UK FSCS scheme increased to £50k as of today, I believe
- Landsbanki (Icesave is just a brand name) is in administration having been seized by the Icelandic FSA. In the UK their operation is a branch and therefore Icesave deposits are in the first instance covered by the Icelandic protection scheme, whereas Kaupthing Edge is covered by the UK FSCS scheme, the UK operation being a UK subsidiary rather than a branch. They are still in business.
- The icelandic krona has been fixed
- A loan of EUR4bn by Russia to Iceland is being discussed
- UK FSCS scheme increased to £50k as of today, I believe
I put in a request to move £1000 out on Sunday (so yesterday in business terms) which is currently in transit 
Icesave has gone into administration; so has this thread...
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
Nicking 4.5bn from UK citizens to prop up its own system.scotal said:
smack said:
Chris_H said:
So I guess as it's today, you'll still get back up to £50K. If it had happened yesterday it would have only been up to £35K!! That's a coincidence!!
Icesave are not part of the FCSC (Financial Services Compensation Scheme).The Independent on 26th March said:
In both cases, savers with less than 35,000 in their accounts would be fully covered in the unlikely event of the banks going under, just as they would be were a British bank to collapse. But while Kaupthing is a fully fledged member of the UK's Financial Services Compensation Scheme (FSCS), Landsbanki customers are protected through the passport system under which many European Economic Area banks operate in this country.
In practice, this means that if Kaupthing were to go under, savers could claim directly from the FSCS, while victims of a Landsbanki collapse would first have to apply to the equivalent scheme in Iceland, which has a maximum pay-out of 16,300. Additional losses would then be claimed from the FSCS.
In practice, this means that if Kaupthing were to go under, savers could claim directly from the FSCS, while victims of a Landsbanki collapse would first have to apply to the equivalent scheme in Iceland, which has a maximum pay-out of 16,300. Additional losses would then be claimed from the FSCS.
Edited by munky on Tuesday 7th October 12:00
anonymous said:
[redacted]
Am rather glad this is the final payment for the garage otherwise I'd have had a five figure balance in there. Its only a two figure balance now after logging in to check.Would have been rather ironic, banks of Ice being on fire should they have had branches here
Seriously though, the figure of £4.5 billion of UK funds being frozen is very very bad and could cause very serious panic as the average person won't distinguish between what Icesave is vs a full UK based institutions.
toppstuff said:
A fair number of banks had credit default swaps in play with the Icelandics...that'll be a fun thing to sort out then !
The Icelandic banks have been priced as very risky in the market since Mandy was in office for the first time. I would be very surprised if any bank has been caught out by this. smack said:
Chris_H said:
So I guess as it's today, you'll still get back up to £50K. If it had happened yesterday it would have only been up to £35K!! That's a coincidence!!
Icesave are not part of the FCSC (Financial Services Compensation Scheme).NoelWatson said:
toppstuff said:
A fair number of banks had credit default swaps in play with the Icelandics...that'll be a fun thing to sort out then !
The Icelandic banks have been priced as very risky in the market since Mandy was in office for the first time. I would be very surprised if any bank has been caught out by this. munky said:
scotal said:
smack said:
Chris_H said:
So I guess as it's today, you'll still get back up to £50K. If it had happened yesterday it would have only been up to £35K!! That's a coincidence!!
Icesave are not part of the FCSC (Financial Services Compensation Scheme).The Independent on 26th March said:
In both cases, savers with less than 35,000 in their accounts would be fully covered in the unlikely event of the banks going under, just as they would be were a British bank to collapse. But while Kaupthing is a fully fledged member of the UK's Financial Services Compensation Scheme (FSCS), Landsbanki customers are protected through the passport system under which many European Economic Area banks operate in this country.
In practice, this means that if Kaupthing were to go under, savers could claim directly from the FSCS, while victims of a Landsbanki collapse would first have to apply to the equivalent scheme in Iceland, which has a maximum pay-out of 16,300. Additional losses would then be claimed from the FSCS.
In practice, this means that if Kaupthing were to go under, savers could claim directly from the FSCS, while victims of a Landsbanki collapse would first have to apply to the equivalent scheme in Iceland, which has a maximum pay-out of 16,300. Additional losses would then be claimed from the FSCS.
Edited by munky on Tuesday 7th October 12:00
Guess who'll be paying fo rthat then......
"According to the FSCS, deposit-taking firms are to face a combined £450m levy bill next year as a result of the government's rescue deal. Not what you'd call pocket change, especially compared to the £5m deposit-taking firms contributed to the FSCS this year.
And by 'deposit taking' they mean building societies and IFAs, as well as banks.
The cause for all the kerfuffle is the fact the FSCS borrowed £14bn from the Bank of England to transfer B&B's retail deposits to Abbey following its nationalisation."
Yep, it's all going to be passed on to the consumer folks.
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