Okay for them - according to Wikipedia they are refusing to pay up!
"Prime minister Gordon Brown announced that the UK government would launch legal action against Iceland, whose government announced that they had no intention of compensating any of the estimated 300,000 UK savers. Chancellor of the Exchequer Alistair Darling announced that the UK government would foot the entire bill, estimated at £4bn."
Below £50,000 you should be fine (though you may be in for a bit of a wait). Wouldn't pin your hopes on the Icelandic government paying anything above that - all the press statements from them use the word "domestic" a lot.
I think the Icelandic government is only paying up to EUR 20,000. But this is fine. Having bought a flat in the past year, my savings are not what they once were!
Glad the FSA at least has a clear message. Thanks!
Sorry - should have been clearer. UK gov will make you good up to £50K. You're quite right Iceland only go to about Eur 16K protection. However Darling guaranteed all deposits this morning even above £50K so all is well.
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The BBC reported it, I certainly haven't been contacted yet. The Icelandic government also seems to think it will be all okay, so don't panic yet.
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"Prime minister Gordon Brown announced that the UK government would launch legal action against Iceland, whose government announced that they had no intention of compensating any of the estimated 300,000 UK savers. Chancellor of the Exchequer Alistair Darling announced that the UK government would foot the entire bill, estimated at £4bn."
Crumbs.
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http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html
Below £50,000 you should be fine (though you may be in for a bit of a wait). Wouldn't pin your hopes on the Icelandic government paying anything above that - all the press statements from them use the word "domestic" a lot.
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Glad the FSA at least has a clear message. Thanks!
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