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ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!!
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Anonymous Coward
User ID: 519571
10/7/2008 6:47 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland has grass and trees. Greenland has ice and glaciers. |
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Anonymous Coward
User ID: 4151
10/7/2008 6:49 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
WRONG - I'm in Iceland and it is trading with the banks' stocks that is suspended - but the banks are functioing as normal and no accounts are frozen here. Typical of how news gets misunderstood or distorted.
then wat is this?
[ link to www.icesave.co.uk]
Icesave is a UK affiliate of Icelandic bank Landsbanki, it is not operating in Iceland. I repeat, the banks in Iceland are operating as normal. |
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Anonymous Coward
User ID: 459297
10/7/2008 6:50 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
'Iceland has undergone a remarkable transformation in the past couple of decades, from an economy largely based on fishing to one of the richest in Europe, driven by its biggest banks after deregulation of the banking system. The banks grew rapidly on borrowing and have assets eight times Iceland's GDP. But the party has come to an end, with the krona losing more than half its value against the euro in the past 12 months, inflation at 12% and interest rates at 15.5%.'
[link to www.guardian.co.uk] |
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Anonymous Coward
User ID: 275333
10/7/2008 6:53 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland has grass and trees. Greenland has ice and glaciers. Quoting: Anonymous Coward 519571
A very profound observation there.....Lol |
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Anonymous Coward
User ID: 487959
10/7/2008 6:59 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
The root cause of the implosion is that the Icelandic commercial banks overextended aggressive investments and were over leveraged, so when the world economy went bad they got squeezed. The proximate cause of the collapse is that their primary line of credit was with Lehmans and when it vanished shortly before they needed to renew it, they were blindsided and hadn't lined up alternative lines of credit. After the fact, of course, no one wanted to lend to them, and they were about to get calls on their bills with no cash - so they were nationalized.
The government of Iceland is acting - there is bailout plan and looking for a large loan to provide liquidity or capital to the surviving banks. There was open discussion in the Icelandic media today that there might have to be a "bank holiday" - that all banks might close over the weekend, remain closed while exposure to foreign loan and credit was unwound, and the bankrupt institutions nationalized and the remained allowed to reopen. Don't know that it will go that far now or any time soon, but the mere fact that it is under serious discussion is eye opening. I suspect this will depend a lot on whether the other Scandinavian central banks will help intervene, the Norwegian central bank maybe the only institution with that kind of money and the interest in helping.
We're talking about $50 billion, for an economy that is 1/1000th the size of the US.
A more interesting, and somewhat more panicked discussion, was contemplation of the possibility that the government would have to use their foreign currency reserves to secure food supplies for the winter.
Now, Iceland is a major importer/exporter, and a net exporter of food, primarily fish. A lot staples are imported, especially grain and fruit. It is also fashion central, if non-essential imports are constrained by currency shortages there will be a major worldwide consumer crunch - I know it is only 300,000 people, but man we buy a lot of crap. So, if the currency is going to collapse and loans are unavailable, for a while, then currency reserves should be held back for essentials - ie grain and fruit and other essentials not available internally. Temporarily, unless our export markets collapse and stop buying.
[link to sacrealstats.blogspot.com] |
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acolye nli
User ID: 308272
10/7/2008 6:59 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Its no joking matter but I find the title so ironic/funny.
ICEland banks accounts FROZEN, that's what you get when you live in a cold country. |
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Anonymous Coward
User ID: 518991
10/7/2008 6:59 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
As the great mighty Iceland goes, so goes the world. |
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Anonymous Coward
User ID: 375101
10/7/2008 7:00 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
eh you hosers. i live in iceland! |
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Anonymous Coward
User ID: 519121
10/7/2008 7:00 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
I can't find any breaking news. As it stands right now this is false. |
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Anonymous Coward
User ID: 519121
10/7/2008 7:02 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false. |
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Anonymous Coward
User ID: 519559
10/7/2008 7:02 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland Central Bank Receives 4 Billion Euro Loan From Russia Quoting: Anonymous Coward 519471
guess what, Iceland will now tow the Russian line on foreign policy, wonder who will be next |
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Anonymous Coward
User ID: 275333
10/7/2008 7:02 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
WRONG - I'm in Iceland and it is trading with the banks' stocks that is suspended - but the banks are functioing as normal and no accounts are frozen here. Typical of how news gets misunderstood or distorted. Quoting: Anonymous Coward 4151
BBC just reporting that customers here in England CAN'T withdraw their money.
On right now! |
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Anonymous Coward
User ID: 519471
10/7/2008 7:04 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
'Iceland has undergone a remarkable transformation in the past couple of decades, from an economy largely based on fishing to one of the richest in Europe, driven by its biggest banks after deregulation of the banking system. The banks grew rapidly on borrowing and have assets eight times Iceland's GDP. But the party has come to an end, with the krona losing more than half its value against the euro in the past 12 months, inflation at 12% and interest rates at 15.5%.'
[ link to www.guardian.co.uk]
That's the problem there, they were sold out. Should have just kept fishin. |
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<> <>
User ID: 519561 (OP)
10/7/2008 7:04 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false. Quoting: Anonymous Coward 519121
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;) |
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Anonymous Coward
User ID: 519121
10/7/2008 7:06 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;) Quoting: <> <> 519561
And I wonder why there is nothing on their website ;) |
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Me114 
aka ladynada
User ID: 323570
10/7/2008 7:07 AM
 | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland Central Bank Receives 4 Billion Euro Loan From Russia
Oct. 7 (Bloomberg) -- Russia agreed to lend Iceland's central bank 4 billion euros ($5.43 billion) to inject liquidity into the financial system, the bank said.
The loan will run over three to four years and cost as much as 50 basis points, or 0.5 of a percentage point, more than Libor.
Russia's central bank declined to comment immediately.
[ link to www.bloomberg.com]
Russia is kind
help a small nation?
why we have to believe anything different?
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
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Anonymous Coward
User ID: 519121
10/7/2008 7:09 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland Central Bank Receives 4 Billion Euro Loan From Russia
Oct. 7 (Bloomberg) -- Russia agreed to lend Iceland's central bank 4 billion euros ($5.43 billion) to inject liquidity into the financial system, the bank said.
The loan will run over three to four years and cost as much as 50 basis points, or 0.5 of a percentage point, more than Libor.
Russia's central bank declined to comment immediately.
[ link to www.bloomberg.com]
Russia is kind
help a small nation?
why we have to believe anything different?
Iceland is one of the important trading partner of Russia to my understanding. If Iceland id in trouble, obviously it will have an effect on Russia too. |
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Me114
aka ladynada
User ID: 323570
10/7/2008 7:10 AM
| | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
I'm from Iceland and this is horrible, especially for people who have over 3 million ISKR in the bank. Because we are only insured up to 3 million ISKR. I did have half million ISKR in one bank, and I haven't been able to take one penny out, it's been locked since monday.
So much for our currency! Quoting: RA 29735
intercessors been praying for your country
=+=+=+=
The TWO Witnesses are Mom and Dad & they're coming to give YOU a SPANKING
[link to heartdaughter.com]
Official Elijah Blog
[link to heartdaughter.com] |
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<> <>
User ID: 519561 (OP)
10/7/2008 7:11 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
AT 12:05 PM BBC CHANGED THE STORY TO UK CUSTOMERS ARE NOT ABLE TO ACCESS THEIR ACCOUNTS AT ICESAVE...THEY ARE BACKTRACKING;) |
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<> <>
User ID: 519561 (OP)
10/7/2008 7:12 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
AT 12:05 PM BBC CHANGED THE STORY TO UK CUSTOMERS ARE NOT ABLE TO ACCESS THEIR ACCOUNTS AT ICESAVE...THEY ARE BACKTRACKING;) Quoting: <> <> 519561
MORE THAN 4 BILLION POUNDS IN UK ACCTS. |
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Nothing Is True
User ID: 518787
10/7/2008 7:15 AM
 | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
AT 12:05 PM BBC CHANGED THE STORY TO UK CUSTOMERS ARE NOT ABLE TO ACCESS THEIR ACCOUNTS AT ICESAVE...THEY ARE BACKTRACKING;) Quoting: <> <> 519561
Still, it's kind of worrying, seeing that many of our banks are owned by other countries. eg. Santander/Abbey.
What's to stop these banks doing the same in the future if eg. Spain tanks?
Everything is permitted.. |
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Anonymous Coward
User ID: 275333
10/7/2008 7:15 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;)
And I wonder why there is nothing on their website ;) Quoting: Anonymous Coward 519121
It is:
Icesave announces it is freezing it's customer's accounts.
[link to news.bbc.co.uk] |
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Anonymous Coward
User ID: 459297
10/7/2008 7:16 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
I don't see how it can go bust just in the UK ...
'Landsbanki is a leading Icelandic financial institution. Landsbanki offers full range financial services and is the market leader in all major segments of the Icelandic financial service sector. Landsbanki and its subsidiaries have offices operating in all major financial centres of Europe, as well as North American representation in New York, Halifax and Winnipeg.'
[link to www.landsbanki.is] |
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Anonymous Coward
User ID: 519121
10/7/2008 7:20 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;)
And I wonder why there is nothing on their website ;)
It is:
Icesave announces it is freezing it's customer's accounts.
[ link to news.bbc.co.uk]
It's Icesave, one bank and not whole Iceland as the title states. BBC is backtracking as was stated by the OP.
When I saw the title I thought whole Iceland has collapsed. |
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Anonymous Coward
User ID: 459297
10/7/2008 7:22 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
AT 12:05 PM BBC CHANGED THE STORY TO UK CUSTOMERS ARE NOT ABLE TO ACCESS THEIR ACCOUNTS AT ICESAVE...THEY ARE BACKTRACKING;)
Still, it's kind of worrying, seeing that many of our banks are owned by other countries. eg. Santander/Abbey.
What's to stop these banks doing the same in the future if eg. Spain tanks? Quoting: Nothing Is True
A lot of people are putting their money in Northern Rock because its starting to look like the safer bet. |
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Anonymous Coward
User ID: 459297
10/7/2008 7:23 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Spain doesn't seem to be having problems at the moment. It's hard to know where you are safe. |
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<> <>
User ID: 519561 (OP)
10/7/2008 7:23 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;)
And I wonder why there is nothing on their website ;)
It is:
Icesave announces it is freezing it's customer's accounts.
[ link to news.bbc.co.uk]
It's Icesave, one bank and not whole Iceland as the title states. BBC is backtracking as was stated by the OP.
When I saw the title I thought whole Iceland has collapsed.
ACCOUNTS FROZEN DOESN'T IMPLY THE SKY IS FALLING;) |
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Anonymous Coward
User ID: 275333
10/7/2008 7:24 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;)
And I wonder why there is nothing on their website ;)
It is:
Icesave announces it is freezing it's customer's accounts.
[ link to news.bbc.co.uk]
It's Icesave, one bank and not whole Iceland as the title states. BBC is backtracking as was stated by the OP.
When I saw the title I thought whole Iceland has collapsed.
One bank,yes........in a long line of banks to go under recently.
Thing is, all of this undermines confidence in the markets.
Where will this end? |
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Anonymous Coward
User ID: 519121
10/7/2008 7:25 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;)
And I wonder why there is nothing on their website ;)
It is:
Icesave announces it is freezing it's customer's accounts.
[ link to news.bbc.co.uk]
It's Icesave, one bank and not whole Iceland as the title states. BBC is backtracking as was stated by the OP.
When I saw the title I thought whole Iceland has collapsed.
ACCOUNTS FROZEN DOESN'T IMPLY THE SKY IS FALLING;)
No of course not. Implying all accounts have been frozen in Iceland is one big party for you doom wishers ;) |
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Anonymous Coward
User ID: 519121
10/7/2008 7:26 AM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
It's already almost an hour since OP posted. Nothing on Skynews, BBC, CNN - and people from Iceland are saying this is false.
FUNNY ITS ALL OVER THE BBC NEWS HERE IN LONDON...TURN ON BBC WORLD NEWS;)
And I wonder why there is nothing on their website ;)
It is:
Icesave announces it is freezing it's customer's accounts.
[ link to news.bbc.co.uk]
It's Icesave, one bank and not whole Iceland as the title states. BBC is backtracking as was stated by the OP.
When I saw the title I thought whole Iceland has collapsed.
One bank,yes........in a long line of banks to go under recently.
Thing is, all of this undermines confidence in the markets.
Where will this end?
I don't know. Tell me when that happens and article has been posted. Then we'll know. |
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