News - Tuesday, October 14, 2008 5:55 PM
Statement to customers of ICESAVE
On 7 October 2008, the Icelandic Financial Supervisory Authority (FME) took control of Landsbanki Islands hf, the parent bank of Icesave. Landsbanki has been put into administration and as a result Icesave is not processing any deposits or any withdrawal requests through Icesave internet accounts.
Icesave UK
In a statement on 9 October 2008, HM Treasury stated that the chancellor has put in place arrangements that all retail depositors in Icesave will receive their money in full. HM Treasury and the Financial Services Compensation Scheme are working with the Icelandic Authorities to clarify the position of Icesave. Delegations of Iceland and the UK met over the weekend of 11-12 October. Arrangements were agreed in principle for an accelerated payout to depositors. At this time it is, however, unclear how long that will take or what immediate steps Icesave customers should take. Customers are advised to follow all updates that will be posted on relevant websites, in particular
www.moneymadeclear.fsa.gov.uk and
www.fscs.org.ukFurther information
Statement to Icesave customers (
www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html)HM Treasury statement on 9 October 2008 (
www.hm-treasury.gov.uk)Joint declaration of the delegations of Iceland and the UK on 11 October 2008 (
www.government.is)The UK Financial Services Authority (
www.moneymadeclear.fsa.gov.uk)The UK Financial Services Compensation Scheme (
www.fscs.org.uk)Icesave customers are also advised to keep an eye on
www.icesave.co.uk.Icesave Netherlands
On 11 October, the Dutch and Icelandic governments agreed on a solution regarding the Dutch depositors of Landsbanki Icesave savings accounts. The agreement states that the Icelandic government will compensate each Dutch depositor up to a maximum of EUR 20,887. Furthermore, the Dutch Minister for Finance had previously declared that savings on deposit accounts in the Netherlands will be guaranteed up to EUR 100,000 per person per institution, a new decision valid for one year only.
The Dutch Central Bank and the Dutch Ministry of Finance have decided that the Dutch Central Bank will arrange for the payout.
This week (starting 13 October) DNB will send out forms to all account holders. The forms shall be returned to DNB, PO Box 98 1000 AB, Amsterdam. If you have not received the form before October 22nd please send a letter addressed to DNB, PO Box 98 1000 AB, Amsterdam, marked Icesave.Further information
De Nederlandsche Bank (DNB)
www.dnb.nl or contact DNB by the free telephone number: 0800-0201068 or email
info@dnb.nl. Statement by the Icelandic Prime Minister's Office regarding Icesave in the Netherlands:
http://eng.forsaetisraduneyti.is/news-a ... 049Icesave customers are also advised to keep an eye on
www.icesave.nl.
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