tag:blogger.com,1999:blog-2948538160252327076.post5647673394035989205..comments2023-11-02T15:48:50.381+00:00Comments on UK Bubble UK Economy: It looks like Icesave is dead.....Alice Cookhttp://www.blogger.com/profile/05753570123987780947noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2948538160252327076.post-43154548205061806872008-10-08T18:24:00.000+01:002008-10-08T18:24:00.000+01:00"Nick... How did you know this yesterday?"Not sure..."Nick... How did you know this yesterday?"<BR/><BR/>Not sure I know what you mean by "this". I am, however, Captain Future :)<BR/><BR/>NickNick von Miseshttps://www.blogger.com/profile/03985951853422897135noreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-12615409256950816282008-10-08T10:01:00.000+01:002008-10-08T10:01:00.000+01:00Nick... How did you know this yesterday?I agree, h...Nick... How did you know this yesterday?<BR/><BR/>I agree, however, after Darling announced this morning that the FSCS will underwrite 100% of all deposits and strongly hinted that this would be done whenever necessary for any bank. With the caveat that we don't know how long that reimbursement might take, surely, this is an inducement for savers to pick the maximum interest rate rather than the safest run bank.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-48499545509585318472008-10-08T00:10:00.000+01:002008-10-08T00:10:00.000+01:00All those people selling bank shares today - what ...All those people selling bank shares today - what do they do with their cash once they receive it?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-76024476843144866112008-10-07T22:09:00.000+01:002008-10-07T22:09:00.000+01:00Big moral hazard problem with the FSCS on the hook...Big moral hazard problem with the FSCS on the hook for stupid greedy people chasing the yield in stupid greedy banks.<BR/><BR/>NickAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-78836187145691800812008-10-07T20:08:00.000+01:002008-10-07T20:08:00.000+01:00I only have 250 quid in the bank which was suffici...I only have 250 quid in the bank which was sufficient to keep the account open. <BR/><BR/>I withdrew most money in February after I saw articles on the ‘timesonline’ website which scared me. I send my heartiest thanks to those guys :)mikehttps://www.blogger.com/profile/05772374031938763566noreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-55198773744252968822008-10-07T18:02:00.000+01:002008-10-07T18:02:00.000+01:00Thanks asteveThanks asteveAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-49154944091772505182008-10-07T17:57:00.000+01:002008-10-07T17:57:00.000+01:00There are a lot of uncertainties.It is not yet cle...There are a lot of uncertainties.<BR/><BR/>It is not yet clear that Iceland won't return all deposits - only that, by existing treaty, they are not obliged to do so. The FSCS scheme will likely be next hit - at some point - with the costs passed on to surviving banks. The big thing, I think, is that if Iceland doesn't return all deposits... this will be the first occasion on which savers with a mainstream bank (that advertised heavily to the average-jo) will loose all money over £50K.<BR/><BR/>The upshot of this is likely to be interesting. This could easily lead to a run on banks which are not domiciled in the UK. This is contagion - and it can't easily be addressed. Even if - eventually - all deposits are returned... the uncertainty remains for the public.Anonymousnoreply@blogger.com