Government stick up for councils over Iceland cash

Following the collapse of Icelandic banks earlier this month it was revealed that over one hundred councils across the country had lost millions of pounds, which they had invested in the Icelandic banks, which then went bust. There was outrage amongst consumers, who wanted to know why the council had been putting money into these banks, and the government was unable to provide any guarantee that the councils would receive back their money. Read more

Tags: Politics, case basis, compensation scheme guarantees, Local government in England, iceland banks, work, right, honour

Did Darling know about the Icelandic bank collapse?

Earlier this month UK consumers were shocked after the collapse of Icelandic bank Landsbanki left many fearing for the savings that they had placed in UK branches of the bank. Many had been persuaded to put their cash in Icelandic accounts such as Icesave over the past couple of years due to the high rates of interest that were being offered. In fact Icesave spent a considerable amount of time at the top of the best buy tables because of the interest rates offered. Read more

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Icesave customers get 100% guarantee

Amidst all of the financial chaos that has been taking place over recent days, the Chancellor of the Exchequer, Alistair Darling, has issued some good news to consumers that had money saved with the collapsed Icelandic Internet bank, Icesave. Darling has announced that savers with money with Icesave will receive a 100% guarantee on all of their savings, so those with more than the £50,000 threshold will not lose any of their money as a result of the collapse. Read more

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Warning about Iceland banks was ignored by UK

According to a recent report warnings that were issued about Icelandic banks were ignored by the UK government, resulting in officials being accused of complacency. It is alleges that warnings over the possible collapse of Icelandic banks were given as far back as July, but the government paid no heed to these warnings. The issue was raised with government ministers on two separate occasions according to reports, and this was by Lib Dem peer Lord Oakeshott and Tory MP Michael Fallon. Read more

Tags: europe, Kaupthing Bank, iceland banks, Michael Fallon, lib, MP Michael Fallon, retail depositors, government

What will happen to charity cash invested in Icelandic banks?

Following the collapse of Icelandic banks a number of charities that had money invested in these banks because of the high rates of interest being offered have come forward with concerns that they may have lost millions of pounds. The UK government has given a 100% guarantee on UK consumer savings in these banks after the Icelandic government failed to do so, but there was no indication given with regards to whether this guarantee would be given to charities and authorities with money in the banks. Read more

Tags: banking crisis, cat, voluntary organisations, banks, Politics, KSF, charity, iceland banks

The collapse of the Icelandic banks – how it’s affected us

Earlier this month the already chaotic financial markets were thrown into even more turmoil with the Icelandic banking collapse. Consumers, businesses, and charities were horrified to learn about the collapse, and many feared that they would lose their money. In some cases it seems that they may have been right to think that. Over the past couple of years many businesses, authorities, charities, and consumers have been rushing to Icelandic banks to invest their savings, with accounts such as Icesave and Kaupthing Edge offering high interest rates on savings in order to attract new customers.

However, the joy of these savers, who thought that they were making huge returns on their money, was to be short lived. Read more

Tags: period, Icelandic banks, UK branches, The government, savings