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| Version 4 | Version 5 |
|---|---|
| Savers' frustration over Icesave freeze | Savers' frustration over Icesave freeze |
| (1 day later) | |
| Icesave announces freezing of customer accounts | Icesave announces freezing of customer accounts |
| The Icelandic internet bank Icesave is expected to go into insolvency. | The Icelandic internet bank Icesave is expected to go into insolvency. |
| UK customers have around £4bn invested in the company. They have been warned they will probably have to claim their savings back through compensation schemes. | UK customers have around £4bn invested in the company. They have been warned they will probably have to claim their savings back through compensation schemes. |
| Some of the bank's customers have been telling BBC News about their fears. | Some of the bank's customers have been telling BBC News about their fears. |
| Q&A: deposit protection plans | Q&A: deposit protection plans |
| EMMA DURNFORD, 40, CAREER BREAK | |
| "I am not a banker or high earner and I worked hard for my savings. I have around £100,000 in bonds with Icesave that according to my terms and conditions I can't withdraw for another two years." | "I am not a banker or high earner and I worked hard for my savings. I have around £100,000 in bonds with Icesave that according to my terms and conditions I can't withdraw for another two years." |
| Emma Durnford says she is worried about what will happen to her savings if the bank goes into insolvency because the UK government is only guaranteeing savings up to £50,000. | Emma Durnford says she is worried about what will happen to her savings if the bank goes into insolvency because the UK government is only guaranteeing savings up to £50,000. |
| "I have logged on to the website and I can view my account and the transactions but I can't move or withdraw any money...I did a lot of research before choosing Icesave and in September 2007 their credit rating was high and they looked very secure." | "I have logged on to the website and I can view my account and the transactions but I can't move or withdraw any money...I did a lot of research before choosing Icesave and in September 2007 their credit rating was high and they looked very secure." |
| Mrs Durnford said the obvious thing for everyone now was to make sure they didn't have more than £50,000 in any account. | Mrs Durnford said the obvious thing for everyone now was to make sure they didn't have more than £50,000 in any account. |
| "I don't feel very good at the moment especially since the line from the Icelandic Prime Minister keeps changing. | "I don't feel very good at the moment especially since the line from the Icelandic Prime Minister keeps changing. |
| "I will worry until I hear something hard and fast about what will happen. | "I will worry until I hear something hard and fast about what will happen. |
| "Icesave hasn't handled the situation very well. I found out on the BBC website that it was in trouble. | "Icesave hasn't handled the situation very well. I found out on the BBC website that it was in trouble. |
| "I think they need to start communicating and reassuring people about the situation." | "I think they need to start communicating and reassuring people about the situation." |
| JOHN CLARKE, 53, BUSINESS PLANNER | JOHN CLARKE, 53, BUSINESS PLANNER |
| John Clarke has money in various Icesave accounts. He has an instant access savings account and an ISA. | John Clarke has money in various Icesave accounts. He has an instant access savings account and an ISA. |
| "Before the weekend I started looking into moving money from the Icelandic bank. I was particularly concerned about the situation in Iceland, with the news coming from there that their bank system was failing. | "Before the weekend I started looking into moving money from the Icelandic bank. I was particularly concerned about the situation in Iceland, with the news coming from there that their bank system was failing. |
| "Secondly, I was worried about how long it would take to get my money back if the bank failed - and thirdly, if that would mean that interests would be suspended. | "Secondly, I was worried about how long it would take to get my money back if the bank failed - and thirdly, if that would mean that interests would be suspended. |
| "I feel a lot more comfortable with my money in UK institutions." | "I feel a lot more comfortable with my money in UK institutions." |
| Mr Clarke had managed to move most of his money before the website started reporting technical glitches. | Mr Clarke had managed to move most of his money before the website started reporting technical glitches. |
| "I had about £5,000 left in the instant savings account, but I think I have managed to move that money now after finding a loophole on the net. | "I had about £5,000 left in the instant savings account, but I think I have managed to move that money now after finding a loophole on the net. |
| "I'm leaving a minimal amount in the account still just so that we don't lose any interests before we close the account down fully." | "I'm leaving a minimal amount in the account still just so that we don't lose any interests before we close the account down fully." |
| Mr Clarke says he still has to look into moving his father's ISA to another provider. | Mr Clarke says he still has to look into moving his father's ISA to another provider. |
| MARTIN SCULLY, 32, CHILDREN'S ENTERTAINER | MARTIN SCULLY, 32, CHILDREN'S ENTERTAINER |
| "I first found out about the problems at Icesave when I switched on BBC News this morning. | "I first found out about the problems at Icesave when I switched on BBC News this morning. |
| "I have since then logged on and seen the message on the website and I've not been able to withdraw any money" | "I have since then logged on and seen the message on the website and I've not been able to withdraw any money" |
| Martin Scully has around £2,000 in a savings account which he uses to pay his tax bill at the end of the year. | Martin Scully has around £2,000 in a savings account which he uses to pay his tax bill at the end of the year. |
| "If I don't get my money back by the time I have to pay my bill, I will struggle to find the money to cover it." | "If I don't get my money back by the time I have to pay my bill, I will struggle to find the money to cover it." |
| Mr Scully said he had not received any communication from the bank and that he has already cancelled his direct debit. | Mr Scully said he had not received any communication from the bank and that he has already cancelled his direct debit. |
| "I want to close the account down and move the money from it to a UK-based bank." | "I want to close the account down and move the money from it to a UK-based bank." |
| DAVID, WEST YORKSHIRE, VIA E-MAIL | DAVID, WEST YORKSHIRE, VIA E-MAIL |
| "This is looking bleaker by the day. With rumours that Iceland is on the brink of bankruptcy, many UK depositors - myself included - face losing vast sums of money. | "This is looking bleaker by the day. With rumours that Iceland is on the brink of bankruptcy, many UK depositors - myself included - face losing vast sums of money. |
| "Governments have encouraged people to save rather than borrow, but even this seems an unsafe option now. | "Governments have encouraged people to save rather than borrow, but even this seems an unsafe option now. |
| "The end result can only be shattered confidence in the financial markets with future borrowing being on strict terms - perhaps £2,000 credit card limits secured on your home? - and a return to the habits of the 1930s/40s with people saving cash in biscuit tins in the airing cupboard. | "The end result can only be shattered confidence in the financial markets with future borrowing being on strict terms - perhaps £2,000 credit card limits secured on your home? - and a return to the habits of the 1930s/40s with people saving cash in biscuit tins in the airing cupboard. |
| "Governments need to stop 'talking' and start 'doing' to avert a complete meltdown." | "Governments need to stop 'talking' and start 'doing' to avert a complete meltdown." |
| DAVID BELL, MILTON KEYNES, VIA E-MAIL | DAVID BELL, MILTON KEYNES, VIA E-MAIL |
| "I have the bulk of my family's savings with Icesave, having moved from ING . | "I have the bulk of my family's savings with Icesave, having moved from ING . |
| "I have £50,000 in a fixed-rate, one year deal which I can't touch till January, so everything in my easy access account is vulnerable. | "I have £50,000 in a fixed-rate, one year deal which I can't touch till January, so everything in my easy access account is vulnerable. |
| "The bulk of this is required to pay large bills for work on my house over the next month or two. | "The bulk of this is required to pay large bills for work on my house over the next month or two. |
| "I withdrew £37k on Friday at 4 pm and will require large sums in instalments over the next few weeks. | "I withdrew £37k on Friday at 4 pm and will require large sums in instalments over the next few weeks. |
| "I made a conscious decision to leave my money with Icesave and not add to the panic, but I will lose out whatever the eventual security of my deposits if I can't withdraw money for legitimate reasons to pay bills. | "I made a conscious decision to leave my money with Icesave and not add to the panic, but I will lose out whatever the eventual security of my deposits if I can't withdraw money for legitimate reasons to pay bills. |
| "I find that though the first money has left my Icesave account, it hasn't turned up in my bank account, which incidentally leaves me perilously close to being overdrawn. | "I find that though the first money has left my Icesave account, it hasn't turned up in my bank account, which incidentally leaves me perilously close to being overdrawn. |
| "I can understand Icesave and/or the Icelandic government wanting to stop withdrawals because of panic, but it leaves someone like myself in a lose/lose situation. What happens if I can't pay my builder? | "I can understand Icesave and/or the Icelandic government wanting to stop withdrawals because of panic, but it leaves someone like myself in a lose/lose situation. What happens if I can't pay my builder? |
| "I find it frustrating that Icesave is in this position when it hasn't lent recklessly like Northern Rock, hasn't betrayed its customers, but I guess we did know in terms of the size of the Icelandic economy that Icesave and Kaupthing were punching above their weight." | "I find it frustrating that Icesave is in this position when it hasn't lent recklessly like Northern Rock, hasn't betrayed its customers, but I guess we did know in terms of the size of the Icelandic economy that Icesave and Kaupthing were punching above their weight." |