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Icelandic internet bank freezes cash movements



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Published Date: 07 October 2008
Internet bank Icesave today stopped savers withdrawing their cash after its parent company was nationalised by the Icelandic government.
The Icelandic Financial Supervisory Authority issued a statement saying the country's government had taken control of Landsbanki.

It sought to reassure domestic savers that their money was fully guaranteed by the government, adding that domestic branches, call centres, cash machines and internet operations would be "open for business as usual".

But the guarantee does not extent to UK savers and people logging on to Icesave's website were greeted with a message telling them that the group was not currently processing any deposits or any withdrawal requests on its internet accounts.




The full article contains 115 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 07 October 2008 10:58 AM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

The FH Site is for Communists And Trolls,

07/10/2008 11:05:48
#1 thatscottishwoman

Troll
2

Ken S.,

Reading 07/10/2008 11:12:08
But surely as a small independent nation, freed of the tyranny of dominance by a larger nation, anything Icelandic should be immune to global influences?
3

Vote UKIP,

07/10/2008 11:44:45
You should have got into gold when Alex Jones was warning you!

Don't worry though, the EU will save you.
4

TimW1234,

Ottawa, Canada 07/10/2008 12:49:02
Blame it ALL - the worldwide financial meltdown, financial instability worldwide, etc. - on that dummie and STUPIDEST PRESIDENT OF ANY COUNTRY ANYWHERE IN THE HISTORY OF DEMOCRACIES!

And Sara (Stupid) Palin is no better. What a loudmouth, trailer-trash numptie.
5

democracy,

Scottish Borders 07/10/2008 13:12:26
#3 Ken.S,Reading ,talk sense idiot, oh I forgot, idiots cant talk sense!!
6

democracy,

Scottish Borders 07/10/2008 13:22:33
Jim Murphy's remark on Sunday's 'Politics Now', "UK and Europe are not in crisis".

Today BBC latest headline:

EU FINANCE CHIEFS IN CRISIS TALKS!

Well done the new Secretary of State for Scotland, what a total wally he is!!
7

danbob,

07/10/2008 13:22:45
Ken 3# Good dig. I think you upset democracy at 6# Dont worry though mate, you know your on to something on here when the insults start.
8

SouthernGent,

07/10/2008 13:25:16
#5
Exactly how old are you - 12 or 13?
9

Nevsky,

Moscow 07/10/2008 13:40:35
Can't believe the Hootsman's headline here, getting more and more like a tabloid every day and not a very original one.
10

democracy,

Scottish Borders 07/10/2008 13:44:25
#8 dumbob, you wouldn't know a good dig if it jumped up and slapped your face.
Here is the remark that makes #3 an idiot,
"anything Icelandic should be immune to global influences" so calling him an idiot wasn't an insult it was a fact. Also sarcasm is the LOWEST form if wit!!

NOBODY who is Pro-independent from Scotland has ever made the stupid suggestion that such a state would make us immune to global financial influences.

So his remark was total fabrication, a fantasy statement which makes him an idiot,and unable to discuss the global downturn in an intelligent manner!
11

SkeptikScot,

07/10/2008 13:47:13
I fear Iceland were just too small a country to dabble with high finance. They may well have to mortgage the future and take on that vast Russian loan; not good.

I think we can assume that it won't be long before they make an application to join the EU and adopt the Euro. Though the EU don't seem to be able to act as one - perhaps these experiences will push the Lisbon Treaty along.
12

Huntly loon,

Aberdeenshire 07/10/2008 13:47:38
The Iceland internet bank is just the first. There will come a day, not far off, when you go to the atm machine, put in your card and find that nothing comes out. You will run around like a headless chicken outside Tesco wondering how to get groceries. You will rummage trough your pockets, realising you never have musch change, but you rustle up a fiver,(change from the trip to the pub) and some coins. You buy the 40p pint of milk and the value brand loaf. Welcome to your new diet - saps!
13

democracy,

Scottish Borders 07/10/2008 13:58:28
#12 Skeptik Scot, they may be a small country but you must bear in mind that even Iceland has thousands of UK private investors and savers although their savings are safe!
14

Kerry Catona,

Snorting somewhere...... 07/10/2008 14:03:13
Does this mean I have to do my shopping in Farmfoods ??
15

Ken S.,

Reading 07/10/2008 14:05:34
#8 danbob :-)

#6 & 11 democracy :-(
Oh calm down, do.
It is not infrequent on various topics on these boards, monetary or otherwise, that the less thoughtful proponents seem to regard independence as leading to a land of milk and honey.


Scotland is suffering because it has NEVER instituted it's own fiscal policy..this is as a direct result of Westminster and the union!

Thankfully we have Mr Salmond at the tiller. If allowed, Scotland's Leader could save Scottish businesses, Scottish workers and the Scottish economy. However, to do that, we need to break free from the desperate clutches of Westminster!
16

SkeptikScot,

07/10/2008 14:06:22
I see that the Icelandic Króna has lost 40% of its value in three months. Imports are going to get very expensive. They are strong people, I'm sure they will get over these problems; but I'd say a lot of painful structural changes to their economy needed.
17

Ken S.,

Reading 07/10/2008 14:08:59
16 addendum: Last two sentences are just random current examples, even though the first one had already acknowledged that Scotland would not have been immune from current turmoil.
18

Nevsky,

Moscow 07/10/2008 14:15:03
Ken S#

No-one knows how Scotland would have performed if independent, i suggest that Scotland would be in a stronger financial position rather like that of Norway who have a considerable shield against the fallout, party due to the banking services restructuring a few years ago..someting Scotland might have forseen as well, who knows.

But as it is, being part of the UK we are all seeing what is happening,

This is not a constitutional crisis it is a banking crisis and one that is very very bad for the Icelandic people.
19

Nevsky,

Moscow 07/10/2008 14:17:59
We await to see what will happen with RBS now, does the government have the spare trillion or so to guarantee the bank?

If not then we will shortly be in the same situation as Iceland!
20

democracy,

Scottish Borders 07/10/2008 14:26:41
#16 I am glad to see you are not who I thought you were
and I must add I am also not who you think I am as I am perfectly calm at all times.

I would agree with you that some think it would be a land of milk and honey unfortunately for them, but there are also those who would not consider voting for independence because of their perceived doom and gloom and disasterous failure of their country because they believe the Unionist press in Scotland too much!

The reality would be nearer the middle somewhere and although problems would arrive in the process that would need attention like some caveats of the constitution and treaty of Union but mostly nothing much would be felt by the people of either country.
21

Shaken,

07/10/2008 14:30:18
On remarks about the global economy

Look at Aberdeen - it is the one place in the whole UK that is immune from these problems.

Scotland could be the same

Vive la SNP
22

Ken S.,

Reading 07/10/2008 15:28:23
#21 democracy,
"#16 I am glad to see you are not who I thought you were"

And I'm glad you didn't think that I was who you thought I was, whoever that may be
:-)

23

Mcsnagpile,

07/10/2008 15:41:57
It demonstrates even in cold climates like Iceland turnips grow profusely.
24

Brindo,

Dunstable 07/10/2008 15:43:26
were all doomed!
25

Geoff,

sa 07/10/2008 15:45:33
Now if the Union of Denmark and Norway had remained and if Iceland had continued as part of that Union.....
26

TimW1234,

Ottawa, Canada 07/10/2008 15:49:54
9 SouthernTart

If you can't stand the heat then get out of the kitchen.

Just because YOU cannot understand the way the world economies are going because of Bush and his band of numpties does not mean that you have to underestimate those who DO comprehend economics and the way Bush et al. have plunged the wprld into a possible recession and probable depression.

Wake up and smell the mint julep, you numptie!
27

SouthernGent,

07/10/2008 16:07:58
#28
Your simplistic view of the world underscores the fact that you really have no idea what you are talking about. You blame an individual for the mistakes of many and have the audacity to think you have a clue. There are way too many variables involved for your hypothesis to have any merit.

Cliches don't really help your case either, and in your last sentence, it would be more like "probable recession" and "possible depression" if you really had a clue.
28

SouthernGent,

07/10/2008 16:10:55
#28
John Wayne once said "The world is a tough place - but its even tougher if your an idiot"
29

SkeptikScot,

07/10/2008 17:48:10
Well it seems Iceland has a "white knight" in Russia - and a £3 billion loan. Assuming Russia don't charge any interest that's only £10,000 for every man, woman and child in the country.
30

A Friend of Fernando Poo,

07/10/2008 18:52:00
We should loan Salmond to Iceland to help them with their banking problems.
31

Robbie 2,

New Zealand 07/10/2008 20:03:06
3 Ken S
Iceland with a population of only 292,000 and situated where it is (as isolated almost as New Zealand) as once was among the poorest countries in Western Europe only to become, “…the most developed society in the world, ranked first on the United Nations’ Human Development Index. Icelanders are the second longest-living nation with a life expectancy at birth of 81.8 years. Iceland is the fourth most productive country in the world by nominal gross domestic product per capita (54,858 USD), and the fifth most productive by GDP at purchasing power parity (40,112 USD).”
This ‘Credit Crunch’ is ‘man-made’ and if banks in the World’s largest economy need bailed out and can go broke then smaller countries can be pulled in. This financial stramash has little to do with independence and size more with corporate corruption and greed. House prices rose - media showed nice thinks to buy - banks gave credit cards, mortgages and loans on inflated house values. The cards come tumbling down. Sad when some seem to take joy from the state of affairs.
32

Robbie 2,

New Zealnd 07/10/2008 20:20:14
27 Geoff, sa
“Now if the Union of Denmark and Norway had remained and if Iceland had continued as part of that Union…” Yes what?
Trouble is Geoff these countries like most prefer sovereignty, self -determination. Do you think any Kiwis want their capital to be in Australia (although they have as much if not more in common with Aussies as Scots with English or Welsh). What is very sad is certain Unionist almost hoping or taking joy in smaller nations being adversely effected by the ‘worldwide credit crunch’. One thing I’m quite sure of smaller independent nations will strive to take care of their citizen more than the USA or even the UK. Most are more egalitarian and will look to social welfare rather than corporate welfare. In my experience Geoff those living in the smaller independent western nations have a better quality of life than those in the large (who true have more extremely rich persons) and will get through this (everyone is more worried about the latest Chinese food contamination here). It the economy folks it won’t go away and it is manipulated.
33

jimmyt,

Scotland 07/10/2008 20:23:59
Nevsky (Norweigan Ambassador), where are you?

Your absence from this blog is hardly surprising. I was hoping you could teach us more about how bank guarantees are superior to injections of fresh capital. Perhaps you are researching what 'market capitalisation' is (or perhaps how to spell it). Perhaps you are dreaming (along with all the other fantasists on this blog) how Scotland would look the day after independence. Very nice I dare say, until the cr*p hits the fan and we end up like Iceland.
34

Robbie 2,

07/10/2008 20:32:31
35 jimmyt,
Why so rude????
35

Ken S.,

Reading 07/10/2008 20:58:31
#33 Robbie 2
"Sad when some seem to take joy from the state of affairs."

I take no joy whatsoever from it.

As explained, perhaps inadequately, in #16, this was intended as a mild dig as those who regard Scottish independence as a panacea for everything, as opposed to those who have a more realistic view of the challenges they will overcome after independence.

Wish I hadn't bothered with that lighthearted passing remark now!


..And perhaps not the best example to have used, anyway. Leaving aside current woes, how the hell did such a small nation get rich enough to be committed to that scale of finance?!
36

The Tin Man,

07/10/2008 21:28:20
Icelandic banks have nothing to do with Scottish independence.

(Just in case thinks it does).
37

The Tin Man,

07/10/2008 21:29:25
....Even Scottish banks don't have anything to do with Scottish independence.

(Just in case anyone thinks they do)....
38

Carolyn 1,

07/10/2008 23:07:04


I thought everything was frozen in Iceland.
Duh.


Drill Baby Drill
Get that geo-thermal up and producing!!
39

TimW1234,

Ottawa, Canada 08/10/2008 08:50:17
#29 Southern Numptie

The rot starts at the top and since when have you proclaimed yourself an expert on EVERYTHING?

Your rudeness and arrogance are breathtaking and you should really practise a bit of humility - in your case,much, MUCH humility.
40

TimW1234,

Ottawa, Canada 08/10/2008 09:12:25
#30 Southern Sissie

You can quote boring actors such as John Wayne but the fact remains that, for some reason, you have it "in" for me which is curious since I see NO evidence in your postings of a superior intellect OR grasp of the English language.

FYI I have friends that I attended school with at university in England and they are economists and have explained to me the current financial crisis in the world.

I may not know that much about the intricacies of economic theory but at least I know where to go to get the "lowdown" on just EXACTLY what is happening and what are the implications for the economies of all nations.

 

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