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View Full Version : Smart bankers go to Iceland



DimPrawn
29th September 2008, 12:02
http://news.bbc.co.uk/1/hi/business/7641753.stm

The Icelandic government has taken control of the country's third largest bank, Glitnir, after it faced short-term funding problems.

The government has bought a 75% stake in the bank for 600m euros ($860m £478m) to ensure stability of the bank during the current financial turmoil.

Glitner is expected to operate as normal and the government said it did not intend to hold the stake for long.

It is the first major Icelandic banking nationalisation of the current crisis.

expat
29th September 2008, 12:14
http://news.bbc.co.uk/1/hi/business/7641753.stm

The Icelandic government has taken control of the country's third largest bank, Glitnir, after it faced short-term funding problems.

The government has bought a 75% stake in the bank for 600m euros ($860m £478m) to ensure stability of the bank during the current financial turmoil.

Glitner is expected to operate as normal and the government said it did not intend to hold the stake for long.

It is the first major Icelandic banking nationalisation of the current crisis.Happiest country in the world apparently.

rootsnall
29th September 2008, 12:22
I saw some debt insurance figures for all the banks a few days back. I didn't really understand what they meant but all the Icelandic banks were top of the league with a high number. The other banks with high numbers were already bust or teetering on the edge. I'm not sure the Iceland government is big enough to be bailing out banks !?

TimberWolf
29th September 2008, 12:23
We need a league table of countries most affected by recent events. Also, who's cleaning up. France, Spain?

BlasterBates
29th September 2008, 12:34
Apparently in Spain banks are not allowed to set up "special purpose" companies to hide dodgy loans. Hence they are unaffected.

BrilloPad
29th September 2008, 12:39
Apparently in Spain banks are not allowed to set up "special purpose" companies to hide dodgy loans. Hence they are unaffected.

Shame about their property market :rolleyes:

Bumfluff
29th September 2008, 12:44
Ive got a relative with a lot of £ in ICE save and he asked me what I think he should do (give it to me :laugh). But on a serious note if you had a 6 figure sum in ICE save would you take it out and put it some where else ? I thought ICE save was primarly a savings with little exposure to mortgage markets etc and therefore would be a safe bet. :eyes

rootsnall
29th September 2008, 13:12
Ive got a relative with a lot of £ in ICE save and he asked me what I think he should do (give it to me :laugh). But on a serious note if you had a 6 figure sum in ICE save would you take it out and put it some where else ? I thought ICE save was primarly a savings with little exposure to mortgage markets etc and therefore would be a safe bet. :eyes

I've got some in Icesave and they are part of the 35K scheme but it is a bit complicated by claiming on the Iceland scheme first if it goes under. But 35K SHOULD be ok. The parent bank Lansbanki are up to their neck in it. A 6 figure sum :eek: is asking for it.

Bumfluff
29th September 2008, 13:35
I've got some in Icesave and they are part of the 35K scheme but it is a bit complicated by claiming on the Iceland scheme first if it goes under. But 35K SHOULD be ok. The parent bank Lansbanki are up to their neck in it. A 6 figure sum :eek: is asking for it.

Cheers, he is going to take his £ out and stick it in a saving account with Natwest, they are going an e-savings account with intro bonus for 12months the rate is 6.50% gross and thats actually better than ICE save. I cant see Natwest going under :eyes

rootsnall
29th September 2008, 13:40
Cheers, he is going to take his £ out and stick it in a saving account with Natwest, they are going an e-savings account with intro bonus for 12months the rate is 6.50% gross and thats actually better than ICE save. I cant see Natwest going under :eyes

Spread it around in 35K chunks, the 'I cant see ??? going under' is no longer applicable.

The first rumours about RBS are starting :eek:

OwlHoot
29th September 2008, 15:02
Apparently in Spain banks are not allowed to set up "special purpose" companies to hide dodgy loans. Hence they are unaffected.

That might make them *more* vulnerable surely? Half the problem with these dodgy loans is that they're mixed up with the sounder ones, and it's hard to distinguish them.

So if the banks kept them at arm's length within "loanshark" subsidiaries, wouldn't that have helped?

ContractIn
30th September 2008, 09:05
I woke up today and thought how safe is my money in ICESAVE, so thought I'd scan the forum to see if anyone else has similar concerns after yesterdays news that Iceland had bailed out a bank.

I am pleased to say I have just opend up the natwest e-save and bringing it back onshore! So thanks for pointing this out.

I did raise a question on another thread, what are the likes of prem footballers, gordon ramsey's and other millionaires with millions of surplus cash doing with their money when the FSA only covers upto 35k?

rootsnall
30th September 2008, 09:12
I woke up today and thought how safe is my money in ICESAVE, so thought I'd scan the forum to see if anyone else has similar concerns after yesterdays news that Iceland had bailed out a bank.

I am pleased to say I have just opend up the natwest e-save and bringing it back onshore! So thanks for pointing this out.

I did raise a question on another thread, what are the likes of prem footballers, gordon ramsey's and other millionaires with millions of surplus cash doing with their money when the FSA only covers upto 35k?

I just opened an AA 1 yr fixed, 7+%, went to Icesave to clear it out and can't remember my Favourite Name :eek:

It is covered by the FSA scheme but I think it'll be interesting if it went under, probably agood move.

ContractIn
30th September 2008, 09:15
I just opened an AA 1 yr fixed, 7+%, went to Icesave to clear it out and can't remember my Favourite Name :eek:

It is covered by the FSA scheme but I think it'll be interesting if it went under, probably agood move.

I had that problem until I wrote it all down, defeats the object a little!

Can't clear mine out until I get home!

rootsnall
30th September 2008, 09:21
I had that problem until I wrote it all down, defeats the object a little!

Can't clear mine out until I get home!

Same here. I have a standard set of passwords but after a couple of failures I didn't want to risk getting locked out. It's in the wife's name which means I can't ring them up.

What's the odds of them going down today !? :happy

Probably quite high :eek:

ContractIn
30th September 2008, 09:47
Same here. I have a standard set of passwords but after a couple of failures I didn't want to risk getting locked out. It's in the wife's name which means I can't ring them up.

What's the odds of them going down today !? :happy

Probably quite high :eek:

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3104717/Iceland-economic-miracle-thaws-causing-ructions-along-UK-high-street.html

Oh sh!T can I get home quick enough to make the transaction :bluelight

Bumfluff
30th September 2008, 10:09
When you withdraw your cash from ICEsave how long did it take to hit your account, someone mentioned 2 weeks ! :frown

rootsnall
30th September 2008, 10:33
When you withdraw your cash from ICEsave how long did it take to hit your account, someone mentioned 2 weeks ! :frown

3 working days in normal times.

ContractIn
6th October 2008, 15:12
3 working days in normal times.

got my all my cash within 3 working days.

And looking at this thank god!

http://news.bbc.co.uk/1/hi/business/7654257.stm