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Icelandic internet bank stops British customers making withdrawals after it admits: ‘We can’t safeguard your cash’
UK Daily Mail
Tuesday, Oct 7, 2008
More than 200,000 British investors in the Icelandic internet bank Icesave were today unable to make any deposits or withdrawals from their accounts.
Customers hoping to access their account were met with a message on the bank’s website this morning which said that Icesave was not ‘currently processing any deposits or withdrawal requests’.
There was no explanation for the move but it comes as Iceland’s government grappled with a major crisis in its banking sector.
The notice said: “We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts.
(Article continues below)
“We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.”
This morning Iceland’s Financial Supervisory Authority announced that it was stepping in and taking control of Landesbanki, the bank that owns Icesave.
“Based on new legislation, the Icelandic Financial Supervisory Authority (IFSA) proceeds to take control of Landsbanki to ensure continued commercial bank operations in Iceland,” the authority said in a statement.
But heads of Landsbanki last night admitted that Icesave’s UK-based savers would not get the same protection for their £4.5billion investments should it go bust.
Instead, from today their savings are protected to a maximum of £50,000 per head, the same as customers of UK banks.
Of this, they would have to claim the first £16,000 from the Icelandic government, with the UK compensation scheme topping up the rest.
Even so, there are concerns that the tiny Icelandic economy would never be able to refund billions.
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8 Responses to “Icelandic internet bank stops British customers making withdrawals after it admits: ‘We can’t safeguard your cash’”
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October 7th, 2008 at 4:16 am
new video
http://ca.youtube.com/watch?v=SWkNG0FqHqI
October 7th, 2008 at 4:56 am
Take all your money out of your bank right now before its too late.
Screw over the banks, if they go bust, guess what we dont have to pay them anything, or any debts cause they wont be allowed to be in business. SIMPLE!
October 7th, 2008 at 6:37 am
let this be a warning to the rest of the world. withdraw everything NOW !!!!!!!!!!!!
http://www.youtube.com/watch?v=-V9nKNjrj2g
October 7th, 2008 at 6:52 am
Sounds like a bank holiday “hoax” to me.
October 7th, 2008 at 6:57 am
i concur with all who say:’take your money out of the bank! today…
…only two days in the FAIL-OUT and the ICEMAN COMETH’
Don’t get left out in the Cold; or Frozen out of your cash…
October 7th, 2008 at 9:11 am
dude, your debt will not disappear when your bank is gone.
October 7th, 2008 at 10:05 am
“our dept in this life; is ONLY TO LIVE…
one breath; one prayer: One LIFE..
..this is all we get! down here on planet earth!
is it not?
STOP! LOOK! and LISTEN!
We all know:
‘that this is the END!’
(our dept is NOT TO THE GOVERNMENT! our dept is to eachother..One for all; all for One!)
October 7th, 2008 at 10:54 am
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