I dont see how it can, it is an empty promise. We will end up with a eruo wide scheme of 100,000 euros I should think.

You're right Pete, it is an empty promise. The chance of every bank going under is impossible, so they'd never need to act on it.

However it would put the people minds at rest knowing that their money was safe. Ending people trying to move money around into different banks. Or into Irish banks.

Yeah I guess so - I think what's needed is a jioned up approach across Europe, so everywhere has the same guarantees, and those guarantees can be met - I mean the fact that Iceland can't meet its promises doesn't help.

So are suggesting that it is ok for anyone worldwide to sell products in the uk, from uk based premises to uk citizens that are not covered by uk law and legislation?

would that not be a precident set for rogue trading?

Yes I see your point.

Mrs Leslie would snap your hand off for the carrots!

Les :)

£50k as of yesterday.

Darling's promise. I wonder if that extends to lost interest, and compensation for not having access to your money for 3 months while the claims are processed? Thought not.

I think that would be asking for the moon on a stick to be honest.

to be fair i would just be happy to have access to my money again. I had an ISA and there is the potential that it may not be ported so I would lose the ISA protection when moving banks. This is the last thing I am worrying about.

According to the BBC, "The Treasury said that arrangements were being put in place to ensure that all ISA customers of Icesave would continue to benefit from the tax-free status of their accounts."

Quote:
Originally Posted by alcazar https://www.scoobynet.com/images/buttons/viewpost.gif
OK, can someone enlighten me?

UK nationals choose to put their money in an Icelandic bank in order to get higher rates than UK banks offer, (I assume this is the reason?).

The Icelandic bank gets into difficulties.

Suddenly, those savers expect us, the UK taxpayer, to underwrite their losses?

How the fek does THAT work, then?

Alcazar

No mate, but it LOOKED as though it was people putting money into a foreign based bank, whether trading in the UK or not, and getting extra interest for so doing, then asking the UK governemnet to bale them out when their bank went tits up

Alcazar

I personally don't care about interest, I just want my money back!

Ok, I understand that but perhaps I was naive when it came to my savings. I went online and looked at the different deals and found theirs to be the best. It never occured to me that this would happen. In fact when I researched it before putting my savings there they were about the only ones that had not invested in the subprime market.

I am not sure if you are a homeowner but ask yourself this. If you were shopping around for a cheaper mortgage and went with a bank that you believed was safe as it was based in the uk that had a 1% better rate would you have chosen it. I guess most would say yes.

Now, if that bank went tits up and the overseas government took over a seized the assets (ie your house) would you be going to the fsa for help. Probably.

this is only the equivalent of what icesave customers in the uk are doing.

Also, abbey is owned by an overseas company, if santander went bust would you expect the company to say tough to all the savers and mortgage customers? this is no different.