That Icelandic bank looks like a good place to invest in an ISA...

Don't worry, Big Brother has just utilised anti terror legislation to sieze icelandic assets. But don't worry, there'll never be any function creep resultant from all this anti terror legislation....

Originally Posted by MiniMatt

Don't worry, Big Brother has just utilised anti terror legislation to sieze icelandic assets. But don't worry, there'll never be any function creep resultant from all this anti terror legislation....

I think that they did the right thing to grab the assets, under whatever laws. I'm sure that FS and Sudoxe would rather have safe cash than an abuse of anti terror laws. Wouldn't you, FS/S?

[Viney]

People that have savings either earn too much or dont spend enough

Not jealous at all

Originally Posted by Ed

I think that they did the right thing to grab the assets, under whatever laws. I'm sure that FS and Sudoxe would rather have safe cash than an abuse of anti terror laws. Wouldn't you, FS/S?

Hmmm. Why does it have to be anti-terror laws that needed to be abused though? Aren't they just doing the corperate equivilant of sending the balifs round?

Originally Posted by Ed

I think that they did the right thing to grab the assets, under whatever laws. I'm sure that FS and Sudoxe would rather have safe cash than an abuse of anti terror laws. Wouldn't you, FS/S?

I'd argue that the rights or wrongs of actually siezing icelandic assets are a seperate issue to the method employed to sieze those assets. Whilst I'd agree that a degree of pragmatism is needed, and it's apparent there is limited legislation available to safeguard the assets of UK individuals invested in overseas financial institutions, I just find it worrying that we have function creep already in anti terror legislation. Don't worry, if you've done nothing wrong you've nothing to hide.... Today to that list we can add "unless you're a perfectly legal overseas financial institution who's fallen on hard times."

Back on the rights or wrongs of actually siezing icelandic assets in the first place, I'm by no means a financial or legal expert, but the one thought I had was - wouldn't this be akin to, say, France, siezing the french assets of Northern Rock as it went under? The Daily Mail headline would "Cheese eating surrender monkeys steal British assets with Orwellian Anti Terror laws".

On another thought... as an individual, is there now any risk to your money regardless of where or with who it's invested? If that is indeed the situation, then why were Fairpack customers effectively told "tough"? The impression given is that Fairpack customers are poor (they were poor, now they're even poorer) and hence don't really matter. But when it comes to protecting the ISAs of middle England we'll do whatever it takes? That's going to sound really harsh to FS & Sud and doubtless thousands of others who are protected by this move, I'm really not saying that what has been done is wrong but I do take issue with how it's been done.

[Stu]

Originally Posted by Dappa D

last nights news says £805m of uk councils money is frozen in these banks....108 councils throughout the uk have money invested with them.......

Originally Posted by MiniMatt

On another thought... as an individual, is there now any risk to your money regardless of where or with who it's invested? If that is indeed the situation, then why were Fairpack customers effectively told "tough"? .

I really don't like the central govt running up a huge national debt - All our taxes have to go on paying the interest. But equally I hate the fact that local councils have been fleecing us for council tax so that they can amass £1bn in cash and then struggle to find somewhere to invest it And they completely fail to comprehend the fact that the Icelandic savings accounts were offering higher rates of interest because it was a higher risk investment! I would be glad if they lost their money if it wasn't for the fact that it was mine (potentially, I don't know if SCC or GBC are involved).

MM There's a helluva difference between a bank and farepak. It would be reasonable to expect that your money is safe in a bank & for the govt to bail you out if it wasn't. But if you invest in shares, or invest in a savings scheme with a company you can't expect the same. It would be like getting a raw deal on ebay & expecting the govt to bail you out

Originally Posted by MiniMatt

That's going to sound really harsh to FS & Sud and doubtless thousands of others who are protected by this move, I'm really not saying that what has been done is wrong but I do take issue with how it's been done.

I'd agree. Also, although we'd never expect a big bank to fold, savings are essentially an investment which as much as we'd like think otherwise will never be 100% safe. Easy for me to say though, I don't have that much money saved, and I'm expecting to get it back anyway.